ISSUE 7/05

Getting on the property ladder should be approached with military precision

Heather Hilder MD. RW Hilder & Co Ltd

"Getting on the property ladder should be approached with military precision", says Heather Hilder, MD of R W Hilder & Co Ltd.

"Don't try and take on too much of a loan, look for properties that offer value for money - and don't expect to move straight away into a four bed detached property!"

If you are looking to purchase in 2005, it is time to ignore all the hype about house prices booming and busting. Interest rates will go up and go down and you should build the fluctuations into your monthly budget

At what point do you step on the property ladder? At the point where you can afford to repay the mortgage, along with all the bills and expenses relating to owning a house, irrespective of purchase prices, interest rates - the sky could fall down at any moment and don't put off until tomorrow what you can do today.

What will house prices do?

According to Heather Hilder, "The same as interest rates - and there's the rub - buy what you can afford with a built-in contingency for emergencies and you can't go wrong but it does make sense to get specialist help when thinking about buying a home."

Developers of brand new homes are wising up to the need to meet brand new home-buyers expectations. As a buyer consider the opportunities offered by buying a brand new home, economical, NHBC guarantees, deals to be done with stamp duty paid, carpets and curtains included in the sale price, discounts, etc. offered on certain plots.

Consider buying off-plan to fix the price and then get all the finance sorted out in due course. You may have to move several times to eventually settle in the home of your dreams - that's normal - people move on average every 5 years. Ask the developer if he offers loyalty schemes.

Concluded Heather, "Above all, resist the temptation to move too quickly - do your homework on values in your area, special offers and opening weekend offers and find the home of your dreams."