Buying a property when you're a first time buyer can be a daunting prospect particularly because your choice of property can have a major influence on how far and how fast you can climb up the property ladder in future years.

Therefore there are two golden rules that all first time buyers should follow when buying their first home:

1) Never pay the full asking price for a property.

Always try and strike a bargain by placing an offer significantly below the asking price to start with and increasing it slightly if it's rejected. The price you buy at is absolutely critical in determining how much profit you make when you come to sell the property.

Remember that as a first time buyer you're in a great position because you're not part of a chain, and you can use the fact that you're finances are tight to negotiate a good deal.

2) Always buy a property you can add value to.

If you're serious about climbing the property ladder in future years then it's always advisable to buy a property you can add value to. Even if it only needs a lick of paint you can still increase it's value, whereas if you buy a perfect property that doesn't need any work doing to it, then you're solely dependent on the wider property market going up.

If you follow these two simple rules as a first time buyer then you can climb the property ladder a lot faster in future years. Indeed if you follow these rules at every rung of the property ladder then you will reach the top a lot quicker.