Purchasing your first home in a recession

The director at regulated property buyers Good Move, Nima Ghasri, offers these tips on things to consider if you’re looking to buy your first home during the recession.

■ Save, then save more. Establish how much money you can put towards the cost of a new home. Usually the bigger your deposit, the better mortgage rate you’ll be offered. Plus, your monthly repayments will be lower. I advise saving a minimum of 10 per cent of the cost of the property to obtain a mortgage. But a deposit of 25 per cent will allow you to get a better deal.

■ Speak with a mortgage adviser. Their expertise will ensure you get the best possible mortgage for your circumstances at the best possible rate. They’ll also help you to navigate the market.

■ Recessions lead to job and income losses and there are fewer people looking to invest in something as expensive as a new home. It means the lowestpriced homes may require many repairs that will cost buyers in the long run, so be wary of this when looking to buy a cheaper home as you may end up spending thousands on big repairs.

■ Make a checklist before you view a property. Your first house viewing can be exciting and it is likely that you’ve already been won over by pictures of the property you’ve seen online or at an estate agent’s. But it’s important to never to take a home you’re interested in on face value. For example, check if the doors and windows are secure and efficient, if the current owners have experienced disputes with neighbours, if there is any damp and if the electrics and plumbing are up to standard or whether there are there structural issues. Have a checklist prior to your viewing and get a good survey if you plan to buy.

■ Be patient. It may take your several months to find your ideal property, and that’s okay.