What Every First-Time Buyer Should Know
Buying your first home is an exciting milestone, but it can also feel overwhelming. With so much to consider—budgets, mortgages, legal paperwork, and finding the right property—it’s easy to feel lost in the process. This guide outlines the key things every first-time buyer should know before taking that first step onto the property ladder.
Know What You Can Afford
Before you start browsing online listings or booking viewings, it’s essential to understand your budget. Speak to a mortgage adviser or broker early on to find out how much you’re likely to be able to borrow, based on your income, outgoings, and credit history.
Don’t forget to factor in additional costs beyond the deposit. These may include:
- Mortgage arrangement fees
- Conveyancing (legal) fees
- Stamp duty (if applicable)
- Moving costs
- Furniture and renovations
Getting a mortgage agreement in principle (AIP) can also be helpful. It shows sellers and agents that you’re a serious buyer and gives you a realistic idea of your price range.
Understand the Different Types of Property
When looking for your first home, it helps to know what types of property are available and the pros and cons of each. These include:
- Freehold – You own the building and the land it stands on.
- New build – Everything is brand new, but prices may be higher and snagging issues more common.
- Older homes – Often have more character and space but could need more maintenance.
Think about your lifestyle and long-term plans. Are you after a low-maintenance apartment close to town, or are you dreaming of a garden and space to grow into?
Location Matters
You can change a lot about a property, but you can’t change its location. Consider what’s important to you—commuting distance, school catchment areas, local amenities, green spaces, and future development plans.
If you’re unfamiliar with an area, visit at different times of day and speak to locals if possible. Online tools and social media groups can also help you learn more about neighbourhoods.
Remember: the ideal home in the wrong location will never feel quite right.
Be Ready to Act, But Don’t Rush
The market can move quickly, especially in popular areas. If you find a home you love, being financially prepared and having your paperwork in order can put you in a strong position to make an offer.
That said, avoid rushing into a decision. Buying a home is a big commitment. Make sure you’ve viewed the property more than once and looked at comparable sales nearby. Don’t feel pressured into bidding more than you can comfortably afford.
Check the following
Home Report - this is a detailed report; highlights issues like damp or structural problems. A homeowner will provide a home report when purchasing in Scotland.
Building Survey – The most comprehensive option; recommended for older or unusual properties. You may wish to instruct a survey of your won if the property is listed or unusual.
While surveys aren’t mandatory, they can reveal costly issues that may affect your decision—or provide grounds to renegotiate the price.
Understand the Legal Process
Conveyancing is the legal process of transferring property ownership. You’ll need to appoint a solicitor or licensed conveyancer to handle this on your behalf. They’ll:
- Carry out searches (e.g. local authority, drainage, environmental)
- Liaise with the seller’s solicitor
- Draft and review contracts
- Handle the exchange of funds
The process can take several weeks, so patience is key. Stay in regular contact with your solicitor and estate agent, and don’t be afraid to ask questions if anything is unclear.
Plan for Completion and Beyond
Once contracts are exchanged, the sale becomes legally binding, and a completion date is set. On that date, the funds are transferred, and you’ll get the keys to your new home.
Be sure to:
- Arrange buildings insurance (often required from exchange)
- Book your removal company well in advance
- Set up utilities and broadband
- Redirect post and notify relevant providers of your new address
Also, budget for those first essentials—like curtains, cleaning supplies, and maybe a celebratory takeaway after moving day!
Common Mistakes to Avoid
- Overstretching your budget: Always allow a buffer for unexpected costs.
- Skipping the survey: Even a well-presented home can have hidden issues.
- Focusing only on aesthetics: Paint colours and carpets can be changed—layout, location, and structure matter more.
- Not reading the small print: Lease terms, covenants, and restrictions can all affect how you use the property.
Final Thoughts
Buying your first home is a huge achievement and something to be proud of. It’s a learning curve, but you don’t have to navigate it alone. Lean on trusted advisers—your estate agent, mortgage broker, and solicitor—and take things step by step.