Buying A Property

For most people, property ownership is the most significant financial commitment that they will ever make. The process can be complex and stressful if not handled properly. It is therefore important that you obtain the best professional advice if you are buying or selling a property.  To begin, here is a useful introductory guide that gives an overview of the buying process with particular regard to first-time buyers:

Overview of First-Time Buyer Considerations

Financial Considerations

1. Budget Assessment: Carefully evaluate your financial situation, including savings, income, and potential mortgage options.
2. Additional Costs: Factor in expenses beyond the purchase price, such as legal fees, taxes, and moving costs.
3. Mortgage in Principle: Obtain a mortgage in principle to understand your borrowing capacity and strengthen your position as a buyer.
4. First-Time Buyer Schemes: Explore any available schemes like the LIFT (Low-cost Initiative for First Time Buyers) to make home ownership more accessible.

Market Understanding

1. Market Volatility: Edinburgh’s property market is dynamic, influenced by various economic and demographic factors.
2. Competitive Environment: Be prepared for a competitive market, especially in popular areas of the city.
3. Home Report Valuations: Understand that properties often sell above their Home Report valuation, which can impact mortgage lending.

Property Search

1. Location Research: Investigate different neighbourhoods, considering factors like amenities, transport links, and future development plans.
2. Property Types: Familiarize yourself with Edinburgh’s diverse property types, from historic city centre tenements to modern suburban houses.
3. Online Resources: Utilize property websites and apps, notably ESPC.com, for the latest listings and market information.
   

Legal and Regulatory Aspects

1. Solicitor Selection: Engage an experienced solicitor early in the process to handle legal aspects of the purchase.
2. Scottish Property Law: Familiarize yourself with unique aspects of Scottish property law, such as the Scottish missives system.
3. Home Reports: Understand the relative importance of contents of Home Reports, which accompany property sales data in Scotland.

Offer and Negotiation

1. Strategic Bidding: Research comparable property sales to inform your offer strategy.
2. Negotiation Skills: Be prepared to negotiate on various aspects, including price, contents, and dates of entry.

Property Assessment

1. Comprehensive Inspections: If necessary, arrange property inspections with professionals to clarify any potential issues.

Future Considerations

1. Resale Value: Consider your long-term position and the potential future value and marketability of the property, especially if it’s likely to be a stepping stone to your next home.

At Aikman Bell, we pride ourselves in giving a value-based professional and personal service throughout the process.
We can:

– Assist and advise throughout the whole process of buying and/or selling a property.
– Handle all negotiations on your behalf.
– Advise you on the legal terms of contract for buying and selling a property.
– Carry out the legal conveyancing on your behalf.
– Give general ponters on mortgages and refer you to an experienced mortgage consultant or Independent Financial Adviser.