Buying a new home is a daunting task. For Northern Ireland first time buyers it’s especially daunting when you are faced with the current economic conditions. These five steps are basic advice before you start house hunting.

Identify your area of interest

Identifying where you want to live is common sense advice, yet many people begin looking for a new home online with no idea of the public amenities and facilities close by.  If you are interested in living in more rural areas for peace and relaxation, you probably have a better chance of owning a garden and a larger home for less money.  The downside of this is that your daily commute may be longer, and your home will require more maintenance. If however you are content with living the city slicker lifestyle, you may potentially be closer to your place of work, schools and hospitals – but face the challenges that city life can pose including increased noise at night and proximity to neighbours. It all comes down to personal choice and what suits you as a person. Many people find that whatever they have grown up around is what they prefer in adult life.

Identify your budget

There are few people looking to buy a new home that have the luxury of buying property out right. Taking stock of what you earn in the month (including a partner’s earnings if it’s a love-nest you are after), and working out expenses is the first step.  Keeping a spreadsheet of figures for a couple of months– (Google spreadsheet is a great option for sharing with another party) before approaching a bank, will show that you are committed and organised before you visit a bank manager.  Mortgages and lending has been tightened up on significantly recently so you are going to have to pull the stops out to prove you’ve got things well worked out on what you can afford to pay back per month.

Understand the types of mortgage available

Mortgages. Not the sexiest of topics, but one that almost everyone has to deal with at some point in their lives.

There are a bucket load of different types of mortgages on the market available, which are notoriously difficult to tell apart, and confusing for all but the veteran.  We’ve demystified them so you don’t have to read a shed load of boring banking geek talk.  Lovingly brought to you from the team at Propertypal.

Meet with a Financial Advisor

Everyone’s situation is different, and we recommend meeting with your Bank Manager or an independent financial / mortgage advisor in your area.  There are a wide variety of qualified mortgage advisors in Northern Ireland which can discuss some of the above options and more with you in detail.  Give us a shout on Twitter to put you in contact with some of them. They will look over your personal situation and advise you on the best options.

Consult your better half

Most (but not all) of the time, a purchasing decision is made by two parties, and as it can be a stressful time, and as we say here in Norn’ Iron you should ‘talk the bit out’. Recent research suggests that moving house is considered to be one of the most stressful things we can do, often ranking just below divorce in surveys. Make sure that your move doesn’t end in just that by discussing every fine detail with your other half – guys – that doesn’t just mean letting her see the bathroom and trimmings.

Overall there are a few things you can do before you get going on the property market. We are here to make that the easiest journey possible. Have a hunt over here for some of the best properties in Northern Ireland.