When embarking on the exciting journey of purchasing your very first home, it's completely natural to feel a tad overwhelmed. However, fret not! I have good news for you - it doesn't have to be a daunting experience riddled with costly mistakes. By adhering to some proper planning and taking a few precautions, you can steer clear of the common pitfalls that frequently trip up first-time buyers in Scotland. So, let's delve into six incredibly helpful tips that are specifically tailored to cater to first-time buyers like yourself:
Get an Agreement in Principle
Before you dive headfirst into the exhilarating world of house hunting, it is crucial to assess your mortgage options. Take the time to obtain what's commonly referred to as an "agreement in principle" from a trusted mortgage provider. Also known as a "decision-in-principle" or "mortgage promise," this certificate will provide you with a realistic idea of your borrowing capacity and budget. Skipping this vital step may lead to immense disappointment if you find your dream property but are unable to secure the necessary loan.
Start Your Mortgage Application Early
Bear in mind that there is no set timeframe for mortgage approval. While most applications are typically processed within a span of 18 to 40 days, unexpected delays can occur. That's precisely why it is highly recommended to initiate your mortgage application as soon as possible. By doing so, you'll alleviate the pressure of rushing into an offer on a home and have ample time to navigate the mortgage process smoothly.
Choose the Perfect Solicitor
Believe it or not, the solicitor you choose can significantly impact the timeline of your home purchase. A competent and efficient solicitor can expedite the entire process, enabling you to move into your new abode much sooner. Don't hesitate to seek recommendations from your local team for the best solicitors in your area. They possess the invaluable insight and knowledge to guide you in making the optimal choice.
The Power of Diligent Research
Even before you begin perusing potential properties, it is vital to invest some time in defining your priorities for the desired area you wish to call home. Consider aspects such as transportation links, proximity to green spaces, availability of primary schools, and nearby amenities. By truly understanding your needs, you'll streamline the selection process and ensure that every decision you make is fully informed. If at all feasible, take the opportunity to spend adequate time in unfamiliar areas that pique your interest. This will allow you to soak in the atmosphere, assess transportation links, and gain a genuine sense of the community.
Recognise the Risks of "Non-Standard Properties"
It's crucial to be aware that certain types of properties may present challenges when it comes to obtaining a mortgage. Lenders may exhibit hesitation in approving loans for flats situated above commercial premises, areas with high-density rental properties, or even commercial premises themselves. It's essential to factor in these considerations and be prepared for the potential obstacles they may pose.
Ask questions
While it's tempting to make an offer on the first seemingly perfect home, rushing in blindly can result in costly renovations and long-term expenses. Prepare a list of questions to ask during viewings. Test windows, doors, lights, and water pressure, and don't be afraid to look beyond furniture for any hidden defects.
Enquire about the sellers, their tenure at the property, and their motivation for moving. Knowing how long a property has been on the market can also be advantageous, as sellers might be more open to accepting lower offers for a quick sale. Need guidance on what questions to ask during property viewings? Our experienced estate agents are here to help and provide the necessary support.
To ensure your first-time home buying experience is both enjoyable and successful, keep these detailed insights in mind. Remember, this is an exciting chapter in your life, and by being well-prepared, you'll be well on your way to finding the perfect home sweet home.