Home Truths: 5 Rules When Buying A Property

It’s your first time.

Or maybe it isn’t. Maybe you’ve done this before and you think you know how the game is played. Either way, it’s a big deal and there is much to be considered.

Buying a home is one of the biggest decisions we will make in our lives. It’s costly and requires time and commitment. It’s important we get it right.

So, how should we prepare? What should we be thinking about before we take the plunge and make this oh so massive purchase.

Well, there are lots of things, of course. But here we’ve assembled a handful of points that we think you should ponder before going anywhere near making an offer.

Are you ready? Are you scared? Don’t worry. Take our hand and let us guide you through what you need to know.

Let’s do this!

Why Are You Buying?: It might sound like a daft question, but it really isn’t. What is the property for? Do you hope to stay there for the rest of your life? Is it a stepping stone to better things? Are you just looking to rent it out? You need to be able to have some sort of answer to these questions as they will dictate what it is you’re actually looking to purchase. 

What Sort Of Property: So, you’ve figured out why you want to buy a property. Now you can start making plans about exactly what it is you want. A garden? A couple of bedrooms for potential children? Or what about a one bedroom place with a large living room and kitchen? Your lifestyle should tell you something about what you would like your home to be. But do think about the future. Of course, we can’t predict what will happen in our lives, but do what you can.

Location, Location, Location: You might think you’d like to live out on a leafy suburb of Edinburgh, but remember you work in the centre of town. All of your friends are there and you just love that you have season tickets for The Lyceum Theatre…What we’re getting at is, check out that the location is right for you. Is it near schools? Does it have good transport links? What are property prices doing? Do a Google search, but also ask and look around you. This could be your new neighbourhood.

Sort Your Finances: This might sound silly since you’re about to make one of the largest purchases of your life, but you’d be surprised what people sometimes just don’t think about. The state of your finances will help decide the size of the mortgage you’ll be able to apply for, how much you can bid and, yes, don’t forget about that pesky deposit. Throw on legal fees, removal costs…Basically, it ain’t going to be cheap. Make sure you have nothing holding you back before you decide to go ahead with this journey.

Be Sure You Want It: As we keep reminding you, buying a property is a big deal. It’s a lot of work, a lot of time and a lot of money. So, if you are going to go ahead with it and sign that dotted line, make sure that you really want it. This isn’t just a block of bricks and glass. This is a home. It’s where memories are going to be made and lives are going to be lived. It’s a very important place. Do your best to get it right. Your future self will thank you for the good decisions you make today.

If you’re in a fortunate enough position to be able to buy a home, it’s only right that you take the time to think through exactly how you would like it all to turn out. 

What? Where? How? These are all small words with big implications. Be wise, but be brave.

We hope we have been of some help here today. If you have any questions, please do not hesitate to get in touch. Give us a call. Message us on social media. Heck, why not pop by the office and have a chat.

From everyone here at Belvoir Edinburgh, have a super week.