Buying a home is possibly the biggest single investment you will make in a lifetime. It is therefore imperative that vital groundwork is done before you take this significant step. Careful consideration needs to be addressed in relation to all aspects of the transaction, to include, engaging reputable firms who are members of recognised organisations. Educate yourself about the buying process. Understand local market conditions and have realistic expectations of your requirements relative to the amount you can afford to spend. Understanding how the process works will avoid wasting time and possibly becoming frustrated and disappointed. Quinn Property recognise that buying your first home can be a daunting task, however, we will guide you along the way, offering our expert advice and tips to ensure that the process will have a happy outcome. The following steps are important to remember: Mortgage Approval:  The first thing to do is to obtain mortgage approval. Ascertain your budget/ceiling level at the outset. Be aware of the Stamp Duty situation, if applicable. Be realistic and allow for changes in your financial circumstances, in the event of loss or reduction in income level. Requirements: Choosing the right location is vital - size and type of property – nice area, small vs. big, old vs. new. Make sure the amenities and local services you require are convenient and available. At Quinn Property we have an exciting range of new and second hand residential properties with many affordable starter homes covering the South East. B.E.R.:  From January 2009 a BER (Building Energy Rating) Certificate will be required in respect of properties sold or leased so it is important to ensure that such a certificate is available from a reputable source. Stamp Duty Rates:  Be informed about up-to-date stamp duty rates. There are two main bands of rates which can apply to second time buyers/investors, however, first time buyer's are exempt under current legislation. Make An Offer:  Having viewed the house you would like to buy and are happy to proceed, make an offer and, if accepted, you will need to have funds to allow for a booking deposit. You will also need your Solicitor's details. Following this, you will receive confirmation of receipt of deposit and terms and conditions will be outlined in what is referred to as a Sales Advice Note which will be furnished to all the parties to the transaction. Employ a Surveyor:   In most cases financial institutions will require their own survey of a property for loan approval. The cost of this varies so make sure to negotiate a fee before inspection and, if using an independent surveyor, ensure his or her reputation. Employ a reputable Solicitor:  Negotiate a fee at the outset and be confident that your purchase will be treated with the utmost speed and attention. When you have agreed to purchase a property a booking deposit will be required by the Auctioneer in order to 'hold' the property for you. When contacts are entered into, the balance of 10% of the purchase price will then become payable (less whatever amount has already been paid to the Auctioneer by way of the booking deposit). The normal timescale expected for a conveyancing transaction is 6-8 weeks providing there are no complications.  Keeping in close touch with your agent is the best protection to make sure everything runs as smoothly as possible. Good Luck!