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
- First-time buy
- Holiday
- Buy to let
- Retirement
- Relocation
Property type
- New build
- On plan
- Re-sale
Preferred property types
- Maisonette
- Flat
Property state
- Finished, modern, traditional
- Shell or partly finished
Location type
- Town
- Village
- Rural
Street type
This will vary according to your needs
- Number of bedrooms required
- Number of bathrooms required
Size of living area required
- Open plan layout
- Independent kitchen
- Sitting/dining
- Living room
Size of outside area required
- Back yard
- BBQ area
- Garden
- Swimming pool
Size and type of garage
- Lock up
- Car space
- Underlying basement garage
- Garage with workshop area
Type of views
- Seafront
- Sea views
- Country views
- Open views
Amenities required within the area
- Close to shops
- On a bus route
- Close to restaurants
- Close to sea
- Close to beach
Accessibility of location – short drive to:
- Work
- Family
- Friends
Special considerations – e.g.
- Wheelchair accessible
- Health considerations – No hills etc.
Towns considered
Other considerations
Amount of investment being considered
Financial considerations – e.g.
- Cash purchase
- Bank financing
- Purchase dependent on sale of present property
- Re-mortgage
Purchase within –
- Three months
- Six months
- 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).
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