Top tips on preparing to buy a house
Jacquie Sandison from Watermans Legal offers her top tips on preparing to buy a house.
The current Scottish Government stay-at-home guidance states that: “Whilst it is permitted to leave your house for activities in connection with moving home (including viewing a property), or for activities in connection with the essential maintenance, purchase, sale, letting, or rental of residential property that the person owns or is otherwise responsible for, at this time it is advisable to postpone, if possible.”
This means that you are allowed to move house and view properties, provided you follow the necessary health and safety guidance, but that it is advisable to postpone if possible.
If you are thinking of buying a house at some point this year, there are plenty of things you can do to prepare from the comfort of your own home. Here’s my guide to help you find a new home, take the stress out of house hunting and avoid any costly mistakes.
Get your mortgage in place
If you aren’t a cash buyer, talk to a mortgage adviser who will explain how much you can borrow, what repayments are likely to cost and whether you can afford those repayments. A good adviser will look at different options for you.
Have realistic expectations
There’s no point torturing yourself looking at houses or flats that are out of your price range. Set a strict budget and don’t forget to calculate moving costs, LBTT, legal fees and a contingency budget too. Most properties are currently selling over the Home Report value so build that into your calculations.
Make a checklist
Make a checklist of “must-haves” and things you would like but are willing to compromise on. When house hunting, it’s important not to get caught up in the superficial aspects. Compared to the cost of moving, it is a relatively small cost to redecorate.
Ignore national market predictions
Many organisations publish UK property market predictions which often vary widely. It’s better to speak to local agents, find out what’s sold recently and look at statistics that are specific to the location you want to live in.
Use your solicitor estate agent’s local knowledge
Use websites such as ESPC to help your property search, see what’s on the market and gather information. But it’s also important to find out who knows the local market. Local solicitor estate agents can advise you on the market and contact you directly as soon as a suitable house comes on the market.
Watermans Legal
Find out more about Watermans Legal or contact the team at 0131 467 5566.
ESPC magazine
This article appeared in the February 2021 issue of the ESPC magazine. Find out more about the ESPC magazine and read the latest issue online.
