How to buy in a fast market
In this episode of ESPC's First-timers Club, we're sharing a real-life first-time buyer story. Sam has recently purchased his first home with his fiancée in Rosyth, and he joins Megan to chat through his experience of buying in a busy Fife market, his advice to other first-time buyers and how to move on after a rejected offer.
Key points
Starting the process
The couple began seriously searching for a home at the start of the year after years of casual browsing. They enlisted a mortgage advisor early, which helped them understand their budget and streamline their search.
Choosing the location
Rosyth was chosen for its proximity to their workplaces in Dunfermline, family connections, and commuter-friendly access to key transport links. Sam and Katrina explored potential areas thoroughly, spending weekends driving around and researching the local amenities and lifestyle.
Importance of compromise
While Sam, as an estate agent, had high expectations and a focus on the potential for projects, Katrina leaned toward a move-in-ready home. They worked through differences by agreeing on non-negotiables, such as having three bedrooms and ensuring the property fit their commuting needs.
Challenges of a busy market
The competitive Fife market posed challenges, with properties moving quickly and limited availability. Sam emphasized the importance of staying alert and acting swiftly to secure viewings and offers, especially in high-demand areas. One way of achieving this is to sign up to My ESPC property alerts so that you can be notified when a property matching your criteria comes to the market.
Rejected offers
Their first offer was rejected on a property that met all their criteria, which was a disheartening experience. They took a break to reassess their priorities and later found a property that met both their needs and budget, proving that perseverance pays off.
Advice for first-time buyers
Sam highlighted the importance of proactive strategies like joining local agents’ mailing lists, leveraging ESPC’s 72-hour exclusivity period, and viewing properties as soon as possible. He also stressed the need to understand costs over the home valuation and work closely with mortgage advisors and solicitors.
Emotional and practical balance
Buying a first home is both an emotional and financial journey. Sam noted that it’s essential to stay grounded while enjoying the process. Rejections can be tough, but the experience helps refine priorities and ensures that buyers are better prepared for the next opportunity.