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Mortgage guide

Choosing a property

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There are a number of factors to consider when it comes to choosing a home to buy - some of them practical and some are more subjective than that. You need to be able to trust both your head and your heart. It is after all the biggest purchase that most people make in their lifetime.

Affordability

The main factor is affordability. You may be able to borrow more - particularly in these low interest times but there is no point in buying the house of your dreams if you overstretch yourselves. If the market collapses you may find yourself in the situation that you have a property that you can't afford and no-one wants to buy.

Location, location, location

There is an estate agent's maxim which should guide you when buying a home. "Q What are the three most important factors when choosing a home? A. Location, location, location."

As can be seen from recent property booms and busts property in certain areas will always retain its value head and shoulders above that in other locations, for example, Mayfair in London. When it is a buyer's market properties in less desirable areas lose their value faster and quicker generally.

Once you have decided your budget, based on the value of your own home plus the mortgage you can afford, you may find that you cannot afford to buy the type of property you want in the area of your choice. You will have to work out your first priority - do you want more space, or a garden, for example, or could you sacrifice this for location?

You may already know the area you want to look in, but if not, make a list of the things that matter to you most. These might include how close it is to work, whether there a good schools nearby, how good are the local transport facilities, shops, restaurants, cinemas and whether there are parks nearby for children to play in or for you to jog in.

When it comes to the kind of property to buy, you will have to decide on things like how many bedrooms and bathrooms you want, whether you need a garden and whether you want a house or a flat. Bear in mind that the bigger a property is, the higher are costs of maintaining it. Your Council Tax will be higher, and it will take more time, effort and money to keep it decorated and in good repair. It may also cost a lot more to heat. You may prefer to buy a newly-built home that requires less upkeep in the first few years.

Finding a property

Once you have decided what you are looking for, you will need to start viewing properties. Look for property for sale in local papers as well as estate agents' windows, and ask as many agents in the area to send you property details as possible.

Sometimes you will need to keep contacting estate agents every week to see if you can catch new properties as soon as they come up for sale. Make sure the estate agent realises how serious you are about buying - they will be more inclined to offer you a property first if they realise you are serious - a chance to earn their commission quickly.

It is also a good idea to walk around your chosen area regularly to see when any new 'For Sale' boards are put up. Some people have even been known to put notes through the doors of houses in streets they are interested in with the hope that anyone interested in selling would contact them first. It has worked for some.

Once you get started, it is easy to lose track, so keep a note of all the properties you see, and mark them according to how well they fit your requirements.

When looking at a property try not to fall in love with the lifestyle of the present inhabitants. Don't so much look at the furniture as imagine your own in there.

Does it have the right number of rooms in the right kind of layout?

Can you live with the kitchen and the bathroom as these are the most expensive rooms to refurbish? Or if not will your budget stretch to remodelling them?

Weigh up price against the amount of building work and redecoration work required.

Accessibilty - are the transport facilities good? Is it handy for work.

Parking - in many areas parking is now a problem. Will you find yourself walking back late at night from several streets away the closest place you have found to park.

Crime - You can ask the local police station what the local levels of crime are like and check the local papers to see what they are reporting.

Schools - if this is an issue for you, then check with the school itself that the property is within its catchment area. Do not take the vendor or the estate agent's word for it.

Once you have your heart set on a property go back several times, preferably at different times of the day. This will help you discover if the neighbours are noisy, how dark the rooms are and whether it is as big as you remember. Perhaps take a trusted friend to get a second opinion.

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