First Time Buyers: What they wish they knew before buying
We've asked first-time buyers what they wish they had known before purchasing their homes and gathered their insights to help you navigate the homebuying process with confidence and clarity.
Ready to buy your first home? While it's an exciting milestone, it can also feel daunting and filled with uncertainties. Many first-time buyers wish they had more knowledge before beginning their journey. So whether you’re browsing listings or attending viewings, here are essential things every first-time buyer needs to know before taking the plunge.
Buying in Scotland
In Scotland, the process is often faster and more transparent due to the “offers over” system. This is where a seller sets a starting price below their target value, inviting buyers to bid above that amount, potentially driving up the final sales price. This common Scottish practice which creates a competitive bidding environment, and can create a sense of urgency, while England’s approach can be slower with more room for negotiation. Considering this, buyers should prepare to offer more than the listed price, especially in competitive markets. Understanding this system helps first-time buyer set realistic budgets, avoid disappointment, and ensure they're financially prepared for bidding wars or higher final prices than initially expected. Have a read at our article for details on what happens after your offer is accepted.
Unexpected costs
Following on, many first-time buyers are caught off guard by the extra costs that go beyond the purchase price, often spending more than they originally imagined. In addition to the down payment and mortgage payments, buyers must also account for property taxes, which vary depending on the area. For homes in Scotland, you can check property tax rates and assessments by searching the Scottish Assessors Association website where you can find information about council tax bands and property valuations across different local authorities to ensure a property’s affordability.
Ongoing energy and gas consumption for heating, cooling, and everyday needs can add up quickly, particularly in larger homes or older properties. Even if the home appears to be in good condition, basic repairs such as fixing plumbing issues, replacing appliances, or repairing worn-out roofing—often cost more than expected. These additional expenses are easy to overlook but can seriously affect your financial stability without proper planning.
Financing Options
Understanding financing options is crucial for first-time buyers in Scotland to secure an affordable home. Beyond traditional mortgages, several specific schemes can help. The First Home Fund (FHF) is a Scottish Government shared equity scheme that offers an equity loan up to £25,000. This reduces both the required deposit and potential monthly mortgage payments. Additional government grants and regional incentives may offer extra financial support. The recent dip in mortgage rates has made home loans particularly attractive, with lower rates reducing both monthly payments and long-term interest costs. If you're considering buying your first home, click here to learn why now might be an ideal time to buy your first property. By being made aware and understanding these options and their eligibility requirements, first-time buyers in Scotland can find more affordable paths to homeownership.
Be Patient and Don’t Rush the Process
Buying a home is a big commitment, and it's perfectly fine to take your time. Rushing the process can lead to buyer's remorse or overlooked important details. Take time to be thorough, ask plenty of questions, and ensure you're comfortable with each step. First-time buyers should consider both the potential for property value appreciation and the home's long-term investment potential.
Location is also crucial as many first time buyers forget to consider proximity to work, schools, public transport, and everyday amenities like grocery stores, parks, and entertainment venues. You should look for neighbourhoods that offer both good safety records and a strong sense of community to fit your needs. Most house sales take between 6-8 months to finalise, so it's normal to feel like the process is prolonged, especially because you have never done anything like this before.
Final thoughts
Buying your first home is both exciting and challenging. The more prepared you are, the smoother and more enjoyable the process will be. Take your time, do your homework, and surround yourself with the right professionals and soon, you’ll be unlocking the front door to your new home with confidence.
Contact us on 01506 650 550 if you would like to find out about buying your first home and the next steps.