FISCUS MORTGAGES - INFORMATION AND ADVICE

Guide to buying your first home

We’ll get down to the specifics lower down, but to begin with you want to decide on the major factors and requirements of your new home. You should start by considering the following points:

- Location
- Type of property (Detached, Semi-Detached, Terraced, Apartment)
- Size of property (Number of bedrooms, garden, etc)
- Age of property

LOCATION

As the cliché goes, the three most important things to consider when buying a house are location, location, location. Factors to consider when looking at an area are:

Local facilities
- Local shops. Convenience store nearby? Nice, long opening hours? And what about your nearest pharmacy?

- Transport, both public transport (nearest bus stop, tube stop and train station) and road infrastructure. Are there are restrictive one-way traffic systems near the property? It is worth considering you daily commute, as you do not want to spend a substantial time getting to and from work.

- Local doctor (GP) and dentist? It may be worth ensuring that the dentist, in particular, is an NHS dentist.

- Local schools (primary, secondary, sixth form colleges). Are they near and are they any good? If you know the postcode of the property, Up My Street provides details on local schools and other useful information.

- Any other facilities or infrastructure of relevance to you, such as a local gym? If you are looking at a house that is on the outskirts of town or in a village, you may not be have access to cable or broadband (in the near future) so if you work from home this could cause major headaches.

Neighbourhood ambience and Crime
- Is the area considered “run down”, affluent or at an acceptable level in between? We recommend that you take a drive around the area that you are considering at various times of the week and day. You may want to look out for youths that are loitering in gangs and the parking situation on streets during the day and at night, as you may have a problem parking – many deteriorating relationships with neighbours stem from small problems such as informal parking “rights” outside homes.

- Are there any large developments occurring to the area? This could either improve or hinder the local house price. In a London suburb, a new Underground station may improve prices, while a local recycling centre may adversely affect local property values.

- What is the condition of surrounding properties? Neighbours, the rest of the road and local streets need to be considered. Are there lots of elderly people locally? In general you find that this improves the sense of community and ambience in the area.

- What is the local crime level like? – To get an idea, we suggest you put the postcode of the property in question into the Home Check database. Again, if you live in an elderly community with retired residents, they will be at home during the day and will normally keep an eye out for trouble.

- Has the property you are considering purchasing ever been burgled, vandalised or subject to any other problems? It is also worth finding out if the property has a burglar alarm and if it has, the last time it was serviced.

Pollution
- What is the local air pollution level? If you are near an industrial area, motorway or other traffic hotspots, it may affect the quality of air. Up My Street provides information on local pollution levels.

- Are there any local businesses (particularly nightclubs and bars) that would create a lot of noise? This could be a particular annoyance if the noise occurs late at night.

- Staying with noise pollution, are the neighbours particularly loud or disruptive?

THE ESTATE AGENT

Once you have come to a decision on location, it is time to find out what properties are available. It is best to speak to and sign up with the estate agents in your target area. Home sellers will be tied into exclusive deals with one particular agent, so it is best to contact all the local estate agents to ensure you are fully aware of all available properties.

There are also many national agents that can also provide information on properties and websites such as Foxtons, which specialise on the Surrey and London regions.

One thing to be wary of with estate agents is that they may push financial products (such as mortgage and insurance) of one company that they have a deal with. This is particularly prevalent with first-time buyers, so if this is happening, ensure that the mortgage provider being offered is independent. Alternatively, fill out our quick online form, and we’ll have an IFA contact you within 24 hours.

You will also find that some estate agents won’t help you look for a house unless you have a “mortgage promise”. You do not have to get one from the estate agent - a mortgage promise just gives an idea of what you can and cannot afford to buy. Don’t be pushed around by the estate agent, as quite often the deal that they try to get you to sign may not be the best for you, but is instead the easiest or most profitable one for them.

THE PROPERTY

There are numerous factors relating to the house, so we’ve split them up into things to consider on the outside of the house and inside:

External
- Are the windows and doors double-glazed? This is very important, as it could cost a significant amount to have them replaced. If they have been recently replaced, they should come with a FENSA certificate, which demonstrates that the new windows meet new industry standards.

- Parking. If the house does not have a drive or garage, you should consider the ease of street parking and whether you will need to pay for a local resident’s parking permit.

- Is there a garden? If so, find out if any features will be removed by the current occupiers. It is also very important to find out the exact boundary of the garden land.

- Are there any roofing problems, such as missing roof tiles or issues with the chimney?

- Look for any cracks in the walls, as this may indicate subsidence.

- Any other obvious external repairs or work needed, and if so, how much will they cost?

Internal
- What fixtures and fittings are included? This includes enquiring about carpets, curtains, kitchen appliances and other moveable products such as a satellite dish and decoder box.

- Consider the space available in each room and think about whether there is enough room for all of your furniture.

- Look for signs of damp. Is there any mould? Is the wallpaper peeling or paint bubbling? Can you smell any damp? If the room has recently been redecorated, it may suggest that there are underlying problems. Why has a room been recently redecorated (at cost), if the current homeowner is leaving? You should also look behind any large pictures or mirrors, as they may be concealing damp patches.

- Check for adequate power points and telephone and television sockets. Try to ascertain how old the wiring in the house is (you may be able to form an initial judgement by looking at the age of power points). It can be costly to replace the wiring in a property.

- Is there adequate water pressure? You should turn on taps fully to gauge this.

- Does the property come with a fitted bathroom? Does it have an electrical power shower?

- If there is a coal or gas fire, when was the last time the chimney was swept?

- Does the property have central heating? Have there been any major problems with it and will it require an overhaul or replacing in the near future?

- What type of boiler does the property come with? Is it a combination boiler (i.e. used for hot water and central heating)? Is it electrical or gas? When was it last serviced by an engineer (Corgi approved if gas boiler)?

- Insulation. Is there loft insulation? Does the building have cavity wall insulation? Depending on your circumstances, you may be eligible for grants to help with insulation of the property.