Buying your first house or flat is very exciting – but there’s so much you need to consider that you might also find it a wee bit daunting. Well, you’ve come to the right place.
We have everything you need to know about getting onto that first rung of the Scottish property ladder in our first-time buyers guide.
Deposits and mortgages
Whether or not you’re a fan of maths, when it comes to buying a property it’s important to do your sums. In the current market, most banks won’t lend more than around 90%, so you’ll need to have a 10% deposit. The higher deposit you have, the better your mortgage rate will be. It also reduces the risk of negative equity (where the value of your home is less than the outstanding mortgage.)
- Think realistically about what you can afford – don’t borrow more than you can comfortably repay just because it’s offered to you. Bear in mind, unless you have a fixed rate mortgage, your monthly payments could also change.
- Consider your bills – council tax, utilities, insurance, factor fees etc. Take advice from friends and family on how much you should budget, and ask the current owner of properties you’re viewing what they pay out each month. The Home Report will include Council Tax band and other useful information.
- Talk to the experts. Banks and independent mortgage advisers can help with your financial planning and guide you in the right direction – always check upfront if you will be liable for a fee for their advice.
Searching for property
Once you have an idea of what you can afford, think about where you’d like to live and what’s important to your lifestyle. Do you want to be close to public transport links and shops? Or maybe the proximity to restaurants and bars is of key importance. Thinking about where you want to live is a good starting point.
So, what about the property itself? Do you want a new build or an older property with period features? Maybe it’s important to you to have a large kitchen or central heating. Make a list of your requirements and those that you’d be prepared to compromise on.
Start searching! 95% of people start their search online on sites like s1homes.com, Scotland’s biggest property site. You can even set up property alerts based on your search criteria to be emailed as soon as property matching your criteria hits the site.
Viewing properties
Estate agents across Scotland advertise their properties with online portals, like s1homes.com. Alongside the listing, there will be contact details for the agent. Call or email them directly from the site or your property alert email and arrange a time for a viewing. Once you’re in touch with them, agents will also be on the lookout for properties coming onto their books matching what you’re looking for.
For things to look out for during a viewing, print our handy property checklist.
Putting in an offer
You’ve found somewhere you want to buy. It’s important to know that the process for buying a property in Scotland is different to the rest of the UK. You will need to instruct a solicitor to make an offer on your behalf. If accepted, solicitors will then draw up paperwork, including missives and agree a date of entry.
The move
You’ve got your moving date. Now to get organised. See our tips for what to do when, packing and removal.
After you’ve moved in
As well as thinking about paint, carpets and cushions, it’s important to identify and sort out any issues as soon as possible. Check the property thoroughly to make sure everything works and that you have everything you negotiated as part of the sale, such as curtains or blinds. If there is anything wrong, contact your solicitor immediately as you will have 5 working days to raise the issue with the sellers.
It’s daunting, but mostly exciting, to search for and buy your first property – so give yourself a congratulatory pat on the back. Until you decide it’s time to do it all again…
For lots more advice and to search for property for sale in Scotland, visit s1homes.com
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