Before looking for a new home

When you have set it on yourself to invest in a new home you must first stop to think. Bear in mind, purchasing property is a very emotional experience apart from a very significant investment. Therefore, I strongly advise that you should always follow five criteria before taking the issue further:

• Qualify yourself: Create a detailed list of your requirements.
• Contact your preferred bank and check on the loan value you will qualify for.
• Calculate the total investment involved – including stamp duty and notary’s fees.
• Browse property search engines to see what is available within your budget and requirements.
• Contact a reputable estate agent and start your property search.

This is the first and most important step in the cycle; since you will be able to obtain a very clear idea as to what you and your partner are looking for, however, always keep in mind the amount you would like to invest. Remember a property that fits in 100 per cent to your requirements is impossible to find and you will have do what we normally do in life: "compromise".

Below I have included a list to help you achieve this:

Use of property

1. First-time buy
2. Holiday
3. Buy to let
4. Retirement
5. Relocation

Property type

1. New build
2. On plan
3. Re-sale

Preferred property types

1. Maisonette
2. Flat

Property state

1. Finished, modern, traditional
2. Shell or partly finished

Location type

1. Town
2. Village
3. Rural

Street type

This will vary according to your needs

• Number of bedrooms required
• Number of bathrooms required

Size of living area required

1. Open plan layout
2. Independent kitchen
3. Sitting/dining
4. Living room

Size of outside area required

1. Back yard
2. BBQ area
3. Garden
4. Swimming pool

Size and type of garage

1. Lock up
2. Car space
3. Underlying basement garage
4. Garage with workshop area

Type of views

1. Seafront
2. Sea views
3. Country views
4. Open views

Amenities required within the area

1. Close to shops
2. On a bus route
3. Close to restaurants
4. Close to sea
5. Close to beach

Accessibility of location – short drive to:

1. Work
2. Family
3. Friends

Special considerations – e.g.

1. Wheelchair accessible
2. Health considerations – No hills etc.

Towns considered

Other considerations

Amount of investment being considered

Financial considerations – e.g.

1. Cash purchase
2. Bank financing
3. Purchase dependent on sale of present property
4. Re-mortgage

Purchase within –

1. Three months
2. Six months
3. Twelve months

Once this table is complete one should have a clear idea of what the requirements are.

Tomorrow: Getting a house loan

Mr Busuttil is the managing director of Propertyline International and the President of the Federation of Estate Agents (FEA).