First-time Property buyers Guide

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First-time buyers face a difficult balancing act, waiting for property prices to drop as low as they will go before interest rates start creeping up again and make mortgages less affordable. Much depends on the size of your deposit. If it is sizeable, then it makes sense to secure a fixed-rate mortgage while interest rates remain low. If you are struggling to save, carry on for say, six months, and then reassess
When potential properties are found, arrange viewings, preferably in daylight. See as many properties as possible that fit the specification. Take someone along for a second opinion. Get a feel for the property and on arriving home make a list of the pros and cons. If it still seems viable, go back for a second viewing at a different time of day, and use the opportunity to view the property in practical terms. Will the property suit its new owner's needs? What might need changing? What works? What doesn’t?
Don’t get carried away buying a property you cannot afford. Remember to add on approximately 10-15% to the asking price to cover taxes, fees and other costs. Make sure that at the stage of searching for your property abroad, you have enough money available for a deposit payment in order to secure it immediately.