Three massive first-time buyer mistakes - Video script

what is the best way to negotiate a good deal when moving up to a new build property? By how much is it reasonable to expect the developer to drop the price?

Agree with all points made by charles125, I made a good few of these! I'd also add, make sure you save up a decent deposit if you might want to move in a few years, small deposits make negative equity a higher risk and can make moving an impossibility. Don't buy the most expensive house on a mediocre street as it'll be much harder to sell and much harder to add value. Don't be lured to pay extra for a recently refurbished or a new build property. After a few years, wear and tear will mean you have to repaint, recarpet, etc anyway and you can do this to your taste yourself if you but a house that needs it doing. Obviously having to replace the roof or electrics are exceptions, I'm talking of cosmetic stuff. The most important things to consider (in my opinion) are location (neighbourhood, schools, shops, transport etc) and size. 

Mistake 1 Check out the neighbourhood, be sure there aren't serious local problems! Is the area plagued by burglars? Upmarket areas are often targeted. Mistake 2 Check out the neighbours, ask a few doors away. Bad neighbours are a nightmare, as are noisy or nosey neighbours. Mistake 3 Buying a smaller property with a young family. It costs a fortune to move and upsize. Consider buying a larger, perhaps older house in a less expensive area. Some terraced houses are spacious and well-built! Mistake 4 Ask if the area has ever been flooded! If it has, a) probably will flood again, b) insurance may be difficult/ expensive/ impossible Mistake 5 With children, check which schools are included in the catchment area. Mistake 6 Not checking how far it is to supermarket, shops, schools etc. Car costs are astronomical if you live out of town. Mistake 7 Not visiting enough properties. When you've seen a good few houses, you'll learn what you like and what you don't. You'll also appreciate (and act fast!) if you find a house you really want. Mistake 8 (Linked to mistake 7) The same amount of money can buy really different features. If you can do without a view, make do with a smaller garden or buy a house that needs upgrading, you can often get much more space in the house. A patio is relatively easy to fit if there isn't one already. Don't be put off if the outside (or inside!) of the house need painting. Think layout and convenience, but if rooms are just to small or there are offbeat features you really don't like, try elsewhere! Given house prices and job insecurity, you may be staying there a long time! Mistake 9 If you like sitting outside, a garden that catches the afternoon sun can really make a difference, ie faces W, S or somewhere in between. Mistake 10 Overstretching your budget. Even if it looks like interest rates will stay low for now on mortgages, in the longer term 5 - 10 years on, they may rise causing negative equity and unaffordable repayments.