1. Work out how much you can afford. It is one of the first questions any estate agent will ask. Most mortgage providers have repayment calculators to help you work out what your mortgage repayments might be but don’t forget to include items such as legal costs, stamp duty, the costs of moving and furnishing for your new home.
2. Shop around for the best mortgage deal. Mortgages come in all shapes and sizes. To ensure you get best deal on a mortgage, it is always best to use an independent mortgage broker. Alternatively use a price comparison web site to obtain a better understanding of the market overall.
3. Work out what kind of home you want. Do you want a flat or a house? How many bedrooms? Obvious though this may seem, may first time buyers struggle to understand the implications of the different forms of accommodation, with variances in costs between locations in many cases bringing all types into the equation.
4. Location, location, location. Think about where you want to buy. You will need to consider transport links and schools and remember that even if you don’t need schools now, property in a popular school catchment area makes property far more saleable.
5. Look at as many properties as possible. Get in touch with local estate agents, look in local newspapers and search for properties online. This will give you an idea as to what’s out there; will help you find out what you like and how prices compare.
6. Take an experienced home buyer with you. Someone who has bought before will help you pick up things you might miss and make sure you ask the right questions.
7. View more than once. Viewing a property at a different time on a different day will help you ensure that you see your new home in all possible lights and that you don’t miss anything such as traffic noise or other factors which might spoil your enjoyment of the property.
8. Negotiate hard. When you have found the place you want to buy, be ready to negotiate hard. As a first time buyer you are in a strong position. No chain. Use this to your advantage to offer lower than the asking price.
9. Check the property is sound. You will need a valuation but it is always wise to pay a little extra for a more detailed survey to highlight any minor or indeed major problems with the structure. You can use any negatives identified to negotiate a better price.
10. Always use a solicitor. It will cost but you can shop around. Remember that this is the biggest purchase you are likely to ever make and it is important to make sure it is handled correctly so that you end up properly owning the home you want.
The road to buying a property rarely goes according to plan but by following these tips should make the journey less troublesome and a little less stressed. Good luck.
This article was written by Michael R Browne, for property search engine Gartoo. For more of Gartoo’s writing please visit the Gartoo blog.
