Top tips for all first time buyers

Richard Franklin, Edward Gallimore and RICS West Midlands spokesperson offers a list of his top tips for buyers whose first property purchase is beckoning:

1. Manage your own expectations. For most people, taking their first step onto the property ladder will be the biggest financial commitment in their life so far, therefore it is important to have a realistic outlook on what is affordable.

2. Save, save, save. Demonstrating that you have saved a deposit for your property purchase and showing that you can save regularly, could mean that you are more favourably considered when applying for a mortgage.

3. Think smart - be financially savvy. It is useful to have a positive credit record, so if you have missed credit card repayments or outstanding County Court Judgments, try and pay off these debts. Also, make sure that you are registered on the electoral roll. Remember that if you are buying the property with a partner or friend, they will need to consider their credit track record too.

4. Get the right advice - talk to a surveyor before you buy. Purchasing a home is a huge commitment, so it is important to be as knowledgeable as possible on the state of the property that you are considering buying. Surveys such as the RICS homebuyer report are there to ensure that you are fully informed on all important issues surrounding the property, so make sure you have access to all the right information before you buy and read it thoroughly. Ultimately, this could prevent any nasty shocks following completion of the sale.

5. Know your limits and find out how much you can borrow. Before you even start looking for a property, it can be wise to establish how much capital you will be able to borrow. This ensures that important financial boundaries are set in place from the start.

Organised

6. Don't forget all the extra fees. Buying a property involves far more financial costs than just the property itself. Stamp duty is an important consideration. Legal fees and, where appropriate, mortgage brokers' fees will also need to be considered.

7. Be organised and think ahead. A buyer who is well organised with their finances and is ready to proceed with a lawyer in place will find that they are far better positioned over someone who still has yet to arrange their mortgage and has no solicitor. Seek advice from friends and acquaintances who have recently experienced the purchasing process.

8. Give yourself the advantage over others. When looking for properties, make sure the estate agent has seen your decision in principle document from the mortgage lender as this could work in your favour if you are in competition with another buyer for the same property.