NOW is a great time to get on the property ladder- and there are some fantastic options available on your doorstep.
The country is slowly emerging from lockdown and the Chancellor has announced a stamp duty exemption for all properties less than £500,000 until March 2021.
However, one of the most confusing aspects of buying a house is choosing which homes you can realistically afford on your salary.
David Ross is the Managing Director at Hometrack (leading provider of insight and intelligence to the mortgage market) said many factors can impact the size of the mortgage you can borrow, including deposit, interest rates and repayment terms.
He said: “Generally, lenders will lend up to 2.5x your gross annual salary but this can vary.
“Some good advice is to try and keep your mortgage to less than 28% of your gross monthly income. That way you should have plenty of money left for the essentials or to put away for a rainy day.”
The salary you will need to afford Darlington houses
According to latest data from Plumplot (data visualisation site), the average annual salary for people in Darlington is £33,000.
With this figure in mind, you will realistically be able to afford properties that are around £204,000 or less, if you want to live comfortably.
Our calculations are also based on David Ross’ advice that a mortgage should be around 28% of your total income.
Here are five Darlington homes you can buy for this price or less- including the estimated salary you should be earning if you want to buy the properties
Yiewsley Drive
Cost of house: £200,000
Total annual salary when mortgage accounts for 28%: £32,657
If you earn the average Darlington wage, they you could comfortably afford.
However, remember to also taking running costs into consideration, which Zoopla estimates to be around £1043 per month.
This “spacious” property is said to be ideal for families, as it is a catchment area for some top schools in the area.
The property itself is beautifully presented, with three bedrooms and two reception rooms.
The lounge has an open plan design and the property also benefits from its very own conservatory.
Lytham Road
Cost of house: £194,000
Total annual salary when mortgage accounts for 28%: £31,714
There is plenty of space in this impressive four bedroom home.
The property has recently been extended and updated to suit the preferences of a modern buyer.
You will be fighting over the master bedroom which has its own glazed bow window and a feature fireplace.
The bathroom is a focal point of the house as it hosts a p shape bath and has a sleek, modern design.
Externally, there is a low maintenance garden with its own pond.
Yarm Road
Cost of house: £185,000
Total annual salary when mortgage accounts for 28%: £30,214
This three bedroom home is on the market for £185K.
It was first listed for sale in June, but its price has been slashed by £2,950 since then.
The present owners have put a lot of time, love and efforts into renovating and restoring the home so that it is ready to move straight into.
The kitchen/breakfast room is described as “stunning” and two of the bedrooms can accommodate double beds.
The garden is laid to lawn, with plenty of shrubs and flowers to maintain.
Holmlands Road
Cost of house: £179,950
Total annual salary when mortgage accounts for 28%: £29,400
On the market for a three bedroom family home?
If you earn just less than £30,000 a year and can only afford a 10% deposit, then you can afford the repayments on this property.
The house itself is “immaculately presented”, with smart home controlled gas hearing and Karndean flooring.
The focal point of the house has the be the kitchen, with has a stylish and modern aesthetic.
If this wasn’t enough, the home also has its own conservatory.
Wildair Close
Cost of house: £177,995
Total annual salary when mortgage accounts for 28%: £29,057
This Wildair Close property is in a great location, just minutes from the city centre.
Ideal for growing families, the property has three bedrooms and two bathrooms.
The lounge/dining area has an open plan design and the kitchen has a modern aesthetic.
The kitchen is also incredibly spacious; it has both a decked and grass area, with enough room for a pool.
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