Chris Wood, president elect at the National Association of Estate Agents tells you how...

It's been a difficult time for the property market recently. This especially applies to first time buyers who are trying to get their feet on the property ladder. However, for those of you looking for your first home there are a number of factors to consider which will help you take to buy a house.

Finance

This is the first and most important element to consider. Affordability is king and it is as essential to research the market before buying as it is crucial to assess your personal budget and make sure that you are able to get a mortgage first. So, make sure you have the adequate funds in place and can obtain a mortgage. Bear in mind that the mortgage market is competitive, so be sure to shop around and find a lender that has the best option to suit you. An independent financial advisor is hard to beat in this respect and most NAEA members will be able to help point you in the right direction.

Take Advantage of the Market

The current climate is one where the first time buyer has the advantage to operate as an opportunist and take advantage of the market, the properties and prices currently available, particularly if you have your finances in place. As a first time buyer you are in a position to negotiate deals especially on new build homes.

Look to the Future

Something that is often forgotten is that buying a property should be seen as investing into a home, a future, a place that you are happy to live in for the foreseeable future. While we would recommend that the majority of buyers view their home as just that; a home, the market has traditionally been very generous to those who have been able to ride the highs and lows of the property cycle for the medium to long term and delivered high returns, often into triple digits, over a typical ten year period.

Location

Another important factor to consider when buying a property is the location. A great deal of research can be done on the internet and there are many property sites to choose from, but there is no substitute for walking around an area to get a feel for it and for good local knowledge. Speak to people who live in the area you want to move to and, whilst you should always bear in mind that agents work for the seller – good agents know that today’s buyer is tomorrow’s seller and any estate agent should be happy to provide you with plenty of helpful information.

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