What to do before saying 'I Do'...

Published 09th Feb 2010

With plenty of Romeos & Juliettes expected to pop the question on Valentine's Day, the next step for many couples could well be to buy a property together - so just what should you consider before taking that next step together?...

Here are some essential tips for ensuring the most important purchase of your life goes smoothly from the start.

Steve Lees, Head of Marketing at Email4Property.co.uk, said, "Buying your first home together is a big step but should also be an exciting one.

"The biggest obstacle is finance but by following our ten tips and ensuring you have a good estate agent on hand anyone taking the plunge on Valentine's Day will be set for a rosy property future," he added.

1. Check you can get a mortgage

A good credit rating and healthy deposit are vital when looking to secure a competitive mortgage offer with a high street lender or through an independent mortgage broker. Beware of making repeated online applications as this could affect your credit rating.

2. Make sure you can afford the extras

Take into consideration any additional costs such as legal fees, stamp duty and survey charges as this could reduce the size of your deposit and consequently the price bracket you can search for a house within.

3. Investigate shared ownership

If you have a joint income up to £60,000 you could qualify for shared ownership or shared equity schemes. Shared ownership schemes allow you to increase your share of the property as your finances improve while shared equity schemes involve a percentage of a property being co-funded by a developer or the Government. Visit the Communities and Local Government Advice website to find out more.

4. Take into account any existing property

If buying a new home is dependent on an existing property being sold factor in the time it will take to sell it and how much its sale will contribute to the new purchase. Contact your local estate agent through Email4Property.co.uk who can talk you through the process and get things moving.

5. Know what you both want

Are you hankering after a newly built apartment while your partner dreams of investing in a period conversion? Discuss the range of options available to you and be prepared to compromise.

6. List your priorities

Make a list of local amenities you want your new home to have, this could include local parkland, a gym or bars and restaurants. If you're not familiar with an area do some research or ask an estate agent who should be able to tell you what there is within the vicinity.

7. Consider the commute

Make sure you are within a reasonable distance of work. If this isn't possible, ensure the area has good transport connections and verify the time it will take to travel in rush hour - the last thing you want is to spend what could be valuable time together on a tube or train. However, it's also worth remembering that research shows a good train service can add up to 30% to the price of a house.

8. Find a location close to friends and family

Check that any property you view is within easy reach of friends and family so neither of you feel isolated in your new home.

9. Home furnishings

If you're both leaving home for the first time, consider the cost of essential home furnishings, such as a washing machine, refrigerator and bed. Ask friends and family if they are upgrading appliances or have any unwanted furniture. Also visit community websites such as ‘Free Stuff' where you may find a perfectly decent bargain.

10. Protect your investment

Your relationship may be rosy now but once you own a property you should consider protecting your investment in the long term. Decide whether you are joint tenants - you own the property equally - or tenants in common - you each have a definitive share in the property - and complete the necessary legal paperwork through a solicitor.

Source: ' TMC '

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