With so many aspects to consider when buying a home, knowing what questions to ask can make all the difference in finding your perfect fit.
This is why we’ve put together some of the most important questions first-time buyers, or any buyers, should be asking – both about the buying process and about specific properties.
Understanding your budget
Before you even start viewing properties, you need to understand what you can afford:
- How much can I afford to borrow?: Use mortgage calculators or speak with a mortgage adviser to determine your borrowing capacity based on your income and outgoings.
- How much deposit do I need?: Most lenders require at least 5-10% of the property value, but a larger deposit typically secures better interest rates.
- What additional costs should I budget for?: Remember to factor in legal fees, land and building transaction tax*, moving costs, and potential renovation expenses.
Questions about the property
When buying a property in Scotland, the seller or agent must provide you with a Home Report. This comprehensive report includes many property details, including an energy report, a survey and valuation, as well as a questionnaire. Take the time to read through the report, as it may already answer many of your questions, such as the property’s council tax band or whether there have been any major issues with the property in the past.
Additionally, when viewing potential homes, we recommend asking questions like:
- What's the area like?: Research transport links, green spaces, local amenities, schools, and crime statistics. Take some time to walk around the neighbourhood to get a proper feel for it. Visit the property and surrounding area a few times and at different times of day, so you can be sure that is the place you’d like to live.
- How long has the property been for sale?: This question can give you negotiating power. Why? Because if the home has been on the market for a longer period of time, there may be a reason for this. Plus, if it has been a while, the seller could be more inclined to accept a lower offer.
- Why is the owner selling?: Understanding their motivation might help with negotiations, but also allows you to create a better picture of how and why the property may be suitable for you.
- Is the broadband any good?: Essential for remote working and streaming. Check coverage during viewings and use internet speed checkers for the postcode.
- What's included in the sale?: Be specific about fixtures, fittings, and appliances. This will help you determine what you’ll need to buy should you purchase the property you’re viewing.
- Is the property in a chain?: Finding out whether this property is dependent on the next person completing their sale could impact your decision. Find out more about property chains here.
Property specifics
Don't forget these important details:
- What is the council tax band and typical utility costs?: These ongoing expenses affect your monthly budget.
- What is the parking situation?: Especially important in urban areas where parking can be limited.
- Are there any planned developments nearby?: These could affect property value and quality of life.
- Can I see the energy performance of the property?: An energy report is included in the Home Report.
Making an offer and beyond
Once you've found your dream home, this is where the excitement really kicks in:
- How do I make an offer?: Submit your offer in writing through your property lawyer. As a first-time buyer with no chain, make sure to highlight this advantage, as it could not only work in your favour, but also speed things up.
- What happens after my offer is accepted?: Understand the conveyancing process and timeline to completion.
- How long will the buying process take?: Typically 2-3 months, but can vary depending on circumstances.
Remember, there's no such thing as a silly question when making such a significant investment. We are here to guide you through every step of your property journey. Being thorough now can save you time, money, and stress later.
By asking the right questions, you'll gain confidence in your decision-making and be better equipped to find a home that truly meets your needs and budget.
