Buying your first property can be one of the most exciting yet stressful times of your life. Being a first time buyer is more than likely going to be the biggest financial outlay you’ll ever make in your lifetime.
It can often be difficult to know where to start when looking to buy your first home, with so much information online, as well as advice from your friends and family. Here’s a few pieces of advice we have put together for first time buyers which will hopefully help!
As excited as you’ll be at choosing your first time, it’s important to think about the bigger picture and medium to long term plans. Before the recession in 2007/2008, it was common practice for first time buyers to live in their new home for a few years when it was fit for purpose, then upgrade to a bigger or better property as and when necessary. However, in the current market it can be challenging and expensive to buy and sell, so it is important to think about various factors before making the decision to buy your own property.
Here are a few examples:
The size of a property is important. Will the property you are thinking of buying still suit your needs in four or five years’ time? Are you in a serious relationship and might need an additional room should you decide to have a baby. Do you have visitors regularly and need a second room?
Location is another really important factor to consider when buying your first home. You’ll need to think about a number of factors here including your job; are you likely to still be in the same job in five years’ time? Is it relatively close to your place of work, no-one wants to spend a lot of time commuting to and from their place or work? Is it close to local amenities or within school catchment areas should you wish to plan a family?
Repairs or Renovations
This might not be top of your priority list, but it is an equally important factor. Think about any additional costs which may be required in order to carry out any repairs or renovations that may be required compared with other properties that may be in better functional order.
Not what you’re thinking of as you’re looking to buy your first property. However, should you wish to move again at any point, will the property you’re looking to buy appeal to a wide range of potential buyers and likely to sell in the future? You want to maximise the chance of the property re-selling again in the future, at the best possible price.
Before you even start looking at properties for sale, as a first time buyer, the most important factor to consider is can you really afford to buy your own property? Put together a budget plan before you start house hunting so that you know what price bracket of property you are able to afford. Lenders will carry out affordability checks during the mortgage application process to check with you are likely to comfortably afford your repayments.
Once you have considered all your options and decided on what kind of property you’d like and would suit your wallet and practical needs, you’re good to go!
If you need any advice on buying or selling, feel free to contact us on 0131 0131 608 0175 or you can drop us an email at email@example.com. We are providers of Home Reports and EPC’s which are required when selling a property in Scotland.
Andrew MacKenzie is a qualified Chartered Surveyor with over 20 years’ experience within the Scottish Property market. He specialises in all types of residential valuations including Home Reports, Private Valuation reports and Development Appraisals.
Outstanding service and very quick turnaround from Andrew and the team. Would highly recommend this company for anyone requiring a fast, professional and efficient service.
19:27 03 Oct 23
19:11 09 Jul 23
Thank you Home Report Company, the surveyor who was sent over for our house valuation report was great. It was nice to be able to welcome a well-mannered, friendly and professional person to our home.For those looking for chartered surveyors to carry out a home report or valuation, I highly recommend this company. They have been very helpful, polite and punctual - and made life that little bit easier during a difficult time in our family. Thank you again.
james “TechnixJim” F.
06:43 26 Jun 23
I needed a survey done quick and contacted home report company,Andrew came within 2 days,no messing about and got my survey paperwork next day via email,excellent company,thank you andrew.all the best jim.
18:15 23 Jun 23
I have recently instructed the Home Report Company to complete a survey for me. From my first initial enquiry up until receiving my report I have nothing but high praise. I was given a quote, a prompt appointment was made and the survey completed. Andrew, the surveyor, was very professional and also very smiley and reassuring. He went about the survey with minimal intrusion or fuss and he also liked my dog 😊. Highly recommend.
16:47 09 Jun 23
Andrew Mackenzie from home report company did our home report very professional and polite.This is the second time I have used home report company and mr Mackenzie has done both reports.The price charged was very competitive and by far the cheapest I enquired about, I would definitely recommend the home report company for your home report.
15:34 28 Apr 23
10:58 05 Apr 23
Perfect, exactly what we needed to sell our home, very quick, helpful and at an excellent price! Would highly recommend!
21:36 22 Mar 23
Friendly and professional service. Andrew was very professional and answered any questions I had. I received the completed home report the next day, after first receiving the draft version.
Steve “Steve J” J.
10:47 16 Mar 23
Very friendly and helpful surveyor who produced an honest, factual report. Survey was organised very quickly, was reasonably priced (compared to other quotes) and the report was produced quickly after the survey. No complaints!