Pick and choose the right home or house where do you want to live

Whether you're a house-buying novice taking your first tentative step on to the property ladder or an old hand seeking the perfect home for your retirement, the same principles apply. The golden rule is that you need to achieve the right balance between affordability, availability and suitability. rnAffordability rnAs a rule of thumb, traditional mortgage lending principles allowed borrowing up to three times your gross annual income. Couples could generally borrow three times the larger salary plus one times the smaller or two-and-a-half times their joint salary. You may be able to borrow more but there's no point buying the house of your dreams if it's going to turn into a financial nightmare. Your repayments should not be more than 35-40% of your net monthly income. Use our mortgage affordability calculator to work out the monthly cost of your home loan. It will tell you if you are in danger of borrowing too much. rnAvailability rnHaving worked out what you can afford - remembering any costs for improving the property - you need to find out whether the sort of property you want is available in the area that you want it. It's likely that you will have to compromise on some of your likes and dislikes so be prepared to be flexible. rnThe best way to conduct your search is to attack on many fronts using estate agents, local paper property pull-outs and looking on the internet. If you're keen on a particular street, put flyers through doors asking if they want to sell. If you get a personal introduction to a seller they can avoid estate agency fees and you may get the property cheaper than would otherwise be possible. Estate agents websites such as sirohiestates.com can help which indexes all properties for sale, plots them on a map and includes local details. Currently Zoom only covers London, but should soon spread to the rest of the UK. rnSuitability rnYou've found somewhere you like the look of and it's in your price range. You need to weigh up a number of factors: • Are your family and friends nearby? • It convenient for work? • Is it handy for shops, restaurants, parks and the cinema? Can you park easily? • Noise. Are you likely to have juggernauts rumbling past your bedroom at 3am? • Schools. Is the local one any good? Is the home within its catchment area? Check with the school itself. • Space. If you are buying a home you want to live in for a while, make sure there is space for the family to grow. • Crime. Find out from the police what the area is like. Have a look at the local paper for a flavor rnTry specialist websites, such as sirohiestates.com for more information on crime or schools in a particular area. rnAlways follow the motto 'caveat emptor' - buyer bewares. Suspicion is good. Ask why the seller is moving? What's wrong with the area? rnLocation, location, location rnThere are many factors affecting your choice of home but location should be your number one consideration. You can improve the property but you can't move it. rnThink not just about the attractiveness of the neighborhood, but how it might change in the future. rnThe price could be affected by: • New developments. If developers are building in the area it is probably a sign that the location is becoming more popular. But common sense applies - a meat processing plant does not have quite the same appeal as a luxury leisure centre. Your lawyer will check for any plans but it's also wise to have a look round the area yourself. • Transport links. A new rail or tube station or road may mean easier access to the centre of town and can have a big effect on the value of a property. • Restaurants, bars and shops. New restaurants and bars open and close all the time but they can be a good indicator of the direction in which an area is heading. A fashionable High Street with trendy shops adds to the appeal of a location while shabby stores detract from it. rnCheck the price rnYou can obviously get a good idea of how much a property is worth by comparing with others. However, information on various websites could also help out. For instance, the Land Registry has detailed information on completion prices; Home track has information from estate agents. You can also see get an idea of whether prices are rising or falling in the local area.