More potholes to fill

While the road agencies at last appear to be taking the pothole issue seriously, there are some pitfalls on the road to home ownership that first-time buyers have to fix themselves.

“These include a belief that the area in which you buy is not really important because you will most likely be moving again soon. On the contrary, you should take care to buy in the best area and the best position you can possibly afford, with a view to the future,” says Berry Everitt, MD of the Chas Everitt International property group

“Area will greatly affect the price you can realise for your first home when you decide to sell it, and that will affect the price you can afford for a new one, and so on as you go up the property ladder.

“Secondly, you should always avoid buying in a rush or under pressure, and rather take the time to do thorough research on the neighbourhoods you like and how their property markets are performing.

“You should also check out the local schools, shopping centres, medical facilities and crime rate – because even if you don’t think these will affect your own lifestyle, they could, once again, affect the resale potential of your home.”

Writing in the Property Signposts newsletter, he says the third pitfall to avoid is going into the market financially unprepared. “Rather take the time to work with an originator or your bank to pre-qualify properly for the home financing you will require.

“This will enable you to focus on homes you can afford, and enable you to make an offer to purchase with confidence when you find the right one.”

And finally, Everitt says, you should not put all your cash into your home purchase. “It is true that lenders like big deposits, but it is also prudent for buyers to keep some cash in reserve for unexpected moving expenses and emergencies.

“Once you are settled, you can always pay any spare cash into your home loan account to reduce the capital and get your home paid off faster.”