Top ten tips for first time buyers

Buying your first home is a huge decision and can seem a daunting prospect. At Thomas Morris, we have helped thousands of customers take the first step onto the property ladder and will be delighted to help you do the same. Our staff are fully trained to help you at each stage of the process and will provide with free, friendly and detailed advice. If you would like to take advantage of this, simply contact your local branch. For a few general tips, please read on...

1. Knowledge is power! First time buyers need to know as much as they can about the market. Research the area where you are considering buying. What are the facilities like? What about transport links? Check on the internet or visit the area in person to get a real idea of what it might be like to live there.
2. How much can I spend? Traditionally mortgage lenders have offered 3 to 3½ times borrower's salary, or 2½ times joint earnings. But wages are not the only factor in affording mortgage repayments – it is critical to get the right advice and we can help. Our sister company, Partners Financial, can provide free advice on how much you can borrow, what deposit you will need and how much to allow for all the costs. It is best to take this step before you start viewing to ensure you are looking at appropriately priced properties.
3. Talk to Mum and Dad. Parents can be a very useful source of advice and guidance and often point out issues that you may not have considered. They may also be prepared to assist you financially in getting onto the property ladder.
4. Don't stretch too far. Remember that it is not simply the mortgage to pay each month. First time buyers, particularly those who have been living at home with parents, are sometimes taken by surprise by the other costs that need to be taken into account when you own your own place – heat, light, telephone, council tax...calculate the likely ongoing costs of these items before finalising the maximum price you will pay for your first home.
5. Look at a selection before making a decision. Ensure you have a good look round at a number of potential properties and list the pros and cons of the ones you see. Don't be dazzled by a new bathroom or kitchen...the position of the property is the first thing to focus on as it is the one thing that can't be changed. Secondly, consider the size and layout...will this suit you? Finally, assess the general state of repair and decor of the property...these can be changed, but there will be a cost attached.
6. Once you have pinpointed one or two suitable options, arrange to have another look at them. Make a list of any questions and ask the estate agent or owner for the answers – for example, how much is the average monthly electricity bill or what are the neighbours like?
7. Having made a decision which property is top of your list, you need to approach the estate agent, express your interest and put an offer forward. You do not have to offer the asking price, however if you don't, the property will continue to be shown to other potential buyers until you have agreed a price. The estate agent is legally obliged to put the offer forward to the seller and will then report back to you, as to whether they have accepted it or not.
8. If your offer is rejected, you will need to decide whether to increase it or not. This decision should be based on whether the property is definitely the one for you and still represents a fair price at a higher figure. A small increase should not make a big difference to your monthly outgoings, and if prices rise over the time you own the property (not guaranteed of course), the small increase you pay will soon be swallowed up by that increase. If you do not want to increase your offer, explain that to the agent and move on to negotiations on another suitable property or start viewing others.
9. Once you have an offer accepted and your purchase is agreed, you need to appoint somebody to handle the legal process ("conveyancing"). We recommend Thomas Morris Conveyancing who have an excellent track record in handling the sale and purchase of residential properties. To arrange a free conveyancing quote, contact the Thomas Morris team.
10. The process between agreeing your purchase and moving in can take several months, and it is important that you respond to correspondence swiftly and accurately. Your conveyancer will advise you as the process unfolds as to what you need to do and when. Any questions you have can be directed to your conveyance or to any member of the Thomas Morris team. Before you know it, you will be collecting the keys for your new home and moving in!

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