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 firstname.lastname@example.org. 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.
Excellent service from the initial contact.The survey was carried out without fuss or issues and report issued promptly.I would certainly recommend the home report company.
06:38 24 Jun 22
Can't fault the service at all, great communication, came when they said, kept in touch through the process, speedy turn around. Happily recommend.
08:37 10 Jun 22
Fantastic service, team were friendly, knowledgeable and happy to answer all of my questions. Surveyors visit was both professional and personable, would thoroughly recommend HRC.
11:18 20 May 22
Brilliant Service quick reliable efficient and trustworthy and at a great price.Definitely recommend them.
11:52 16 May 22
Had Andrew from the aberdeen office up last week to do our home report, cant say enough good things, about Andrew hiself & the company i would give 10 stars if i could, very prompt service also very informative, before he left he said if there is anything you are not happy with give me a call/email and we can talk about it, but there was absolutely nothing, we have had 6 home reports done over the years, all costing a fortune, however aberdeen home report company is basically half the price for exactly same service, i would certainly recommend anyone to go through this company, very pleased customer
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23:35 08 May 22
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18:27 06 May 22
Friendly, prompt and professional. Would thoroughly recommend
18:51 02 May 22
I have used this company for a fourth time now for Home Reports, for myself and family, and on every occasion have found the service they provide to be second to none.Each survey has been carried out by Andrew MacKenzie who is extremely knowledgeable, and a pleasure to deal with.I will be using their services once again for a family friend in a couple of weeks timeI happily recommend them to anyone who requires excellent service, punctuality, and an extremely reasonable price ... 5 stars from me.