Why rent when you can invest?
CHAP Homes has announced prices start at £183,000 for the first phase of its city centre two and three-bedroom apartments at Marchstone Point.
And the good news for first time buyers, young professionals, or parents looking to invest in bricks and mortar on their kids’ behalf, is that there’s plenty of choice out there to help finance the move.
Well-connected city centre living
With construction underway, the first phase is set for completion later this year, with a show apartment available to view from March.
The spacious, energy efficient apartments give purchasers, including professionals and first-time buyers, a rare chance to own their very own relaxing space in the heart of the city: a stone’s throw away from all the world-class amenities the granite city has to offer.
With audio entry security systems, each apartment effortlessly combines low maintenance, urban sophistication with home comforts including superfast broadband and satellite TV, private parking, a secure cycle store and fully-maintained, landscaped gardens — so you can relax in the outdoors without having to lift a finger.
Quality fitted Spanish bathrooms and en-suites — featuring Porcelanosa’s contemporary tile range — complement open-plan German kitchens with integrated modern appliances that lead on to living areas beautifully combining light and space.
The Nobilia kitchens include co-ordinating worktops and splashbacks, combined with feature glass panels behind every hob; while Roca’s sanitaryware’s stunning modern lines mean every bathroom is a haven of peace and tranquillity.
CHAP’s sales supervisor, Karen Davidson said: “It seems parents are playing an increasingly important role in helping their children in the property market, from helping pay rent during the university years, to lending them money for a deposit when they’ve graduated.
“And that’s where Marchstone Point offers something rather special: buying an apartment on the development means investing in a home that’s close to universities and medical centres as well as the established business hubs of Altens, Dyce, Westhill and Kingswells.
“Aberdeen is a global commercial hub that’s also home to world-renowned medical expertise and pioneering universities, existing hand-in-hand with a vibrant cultural, leisure and social scene. And here at Marchstone Point, you’re right in the middle of everything that’s going on.”
Funding your move
Some of the properties at the development will be available under Help to Buy: the Scottish Government-backed initiative offering purchasers 15% of the property’s value on a shared equity basis, paid back when the home is sold.
You contribute a 5% deposit and will need to secure a minimum 80% mortgage from one of the scheme’s qualified lenders, plus you’ll need to pay a reservation fee. The scheme runs until March 2021.
Plus, if you’re a parent looking to help a child get on the property ladder, several options exist on top of loans or financial gifts.
These include a joint mortgage between parents and children, which could bring a share of the profit when the property is sold. That said, this option does bring with it the liability for meeting mortgage payments and other relevant expenses.
An offset mortgage is another option with either a repayment plan or lump sum repayment plan, and here funds can be released at a later date if needed.
And last but not least, guarantor mortgages give parents the chance to include their own income in a child’s mortgage calculations — which means a higher amount can be borrowed on better mortgage terms.
Of course, with all of these options, it’s important to seek legal and financial advice.
For financial and mortgage queries, contact CHAP Homes’ recommended independent financial advisor, Paul Gregory on firstname.lastname@example.org or 01224 560736.