Buying your first home in a city like Edinburgh is certainly an exciting milestone, but it can also feel overwhelming. Having a thorough understanding of the processes and what to look out for when considering a property, will enable you to buy with confidence. Here are some of the key tips to help guide you through.
The factors to look out for in a property
- Location: Always start by focusing on location, narrowing your search down to properties in that desired postcode. Edinburgh offers a variety of neighbourhoods, from vibrant Leith or Newington, to the sleepier South Side or Stockbridge. Each hold their own character and benefits to suit the individual.
- Property Type: Decide on what style of property you are wanting, whether that’s a modern new-build, or a more traditional style. Ensure that what you are choosing fits your lifestyle and long-term plans.
- Condition: Make sure you are checking for dampness, roof condition, and insulation. This is always noted on the property’s home report, so always remember to read through this when looking at a property.
- Transport and Amenities: Consider proximity to what’s important for you, such as local transport, distance to workplaces, schools, university, or local supermarkets and shops.
Understanding the buying process
Scotland has its own buying process, so grasping an understanding of this will enable you to navigate it confidently.
- Mortgage: If you require a mortgage, I suggest you look to get a mortgage agreement in principle ahead of viewing properties so that you are fully prepared if you wish to then offer. Having your agreement in principle also displays to a seller that you are a serious buyer.
- Solicitor: Have a local solicitor at least in mind or instructed, as soon as you start viewing properties. This will enable you to again be prepared to be able to submit formal interest on a property.
- Noting interest: If you find a property you like but are not quite ready or wishing to offer yet, your solicitor can submit a note of interest on your behalf. This lets the seller know you are seriously considering the property and will ensure you are updated of any progression with the sale, such as a closing date being set.
- Home Report: As I mentioned above, always ensure you are viewing the home report of any property you are interested in. This includes a survey, the EPC, and the property questionnaire.
- Offering & Closing Dates: Your solicitor will be able to advise and provide you guidance on submitting any offer on a property, so choosing the right solicitor is also key in receiving the best advice. Closing dates can result in multiple offers, so seek advice on how to be competitive.
Common pitfalls to avoid
- Overstretching your budget: Edinburgh’s property market is competitive, but ensure you are bidding within your affordability. You don’t want to put yourself into any financial strain, or the transaction at risk of falling through. Make sure to iron out all the expected costs with purchasing with your acting solicitor.
- Delaying solicitor involvement: As I’ve mentioned, get your solicitor instructed in the early stage of the process, as they play a crucial role in submitting your interest, and handling the next steps once you have an accepted offer.
- Ignoring the Home Report: Make sure you are reading through the home report, to avoid missing any flagged issues that could require maintenance or at least a survey to be done.
- Delaying your mortgage: Look to get this discussed and an agreement in principle at the early stages. It’s also always beneficial to shop around for the best rates.
Final Thoughts
Edinburgh is a fantastic city to be looking to buy your first home in, but preparation is always key. Doing your research and having the best local professionals advising you will promise a smoother process.
If you have any questions, please just get in touch and we would be delighted to help.
