Top ten tips to know before you buy property
Top ten tips to know before you buy property 28 July 2023 Written by James & George Collie

Buying property is a significant decision that requires careful consideration and attention to detail. Whether you're a first-time buyer or an experienced investor, navigating the complexities of the property market can be daunting. To help you make informed decisions and ensure a smooth buying process, here are our top ten tips for purchasing property in Scotland.

1. Define your budget

Before embarking on your property search, establish a realistic budget that aligns with your financial capabilities. Consider not just the purchase price but also additional costs like Land and Buildings Transaction Tax (and also any Additional Dwelling Supplement), legal fees, surveys (if applicable), and any renovations or repairs that may be necessary.

2. Obtain a mortgage agreement in principle

Obtaining a mortgage agreement in principle before you start your property search provides you with a clear idea of how much you can borrow. This knowledge helps narrow down your options and gives you an advantage when making an offer.

3. Engage a reputable conveyancing solicitor

Hiring a qualified and experienced conveyancing solicitor is crucial to ensure a smooth property transaction. They will handle legal aspects such as searches, missives (the contract), and property title checks, ensuring your interests are protected throughout the process.

The property team at James & George Collie offer a comprehensive service for clients looking for conveyancing solicitors for all types of property transactions in the North-East of Scotland, and are always on hand to answer any questions you may have about your purchase and the process. 

4. Research the location

Thoroughly research the location where you plan to buy a property. Consider factors like proximity to amenities, transportation links, schools, and crime rates. This research will help you make an informed decision and potentially avoid future regrets.

5. Check out your Home Report

The Home Report is a comprehensive document that provides detailed information about the condition and value of the property. It aims to provide buyers with essential information to make informed decisions about the property they are interested in purchasing. 

If you have any questions after looking at your home report, reach out to James & George Collie, where the team of conveyancing solicitors will be happy to help. 

6. Consider the property's energy efficiency

Take into account the energy efficiency of the property you're interested in. Scotland has specific regulations regarding energy performance certificates (EPCs), and properties with higher energy ratings may be more cost-effective to run in the long term.

7. Conduct thorough property checks

We as your solicitor will ensure that all necessary property checks are conducted, including checking the appropriate local authority permissions are in place. These checks will reveal any potential risks or restrictions associated with the property, and should be conveyed to you.

8. Negotiate effectively

When making an offer, we can provide expert advice on how much to Offer, using our local knowledge and research on comparable sales in the area. It is important to consider factors like the amount if interest in the property, the property's condition, length of time on the market, and the seller's circumstances in order to help you negotiate a fair purchase price.

9. Understand the legal process

Familiarise yourself with the legal process involved in buying a property. Your conveyancing solicitor will guide you through each step, but having a basic understanding of the process will help you stay informed and prepared.

You can find out more about buying property through our FAQs, or have a look at some of our handy guides, including one full of information for first-time buyers. 

10. Be vigilant with contracts

Carefully review our correspondence and explanation of the missives and any mortgage offer. Please ask any questions you may have to ensure you fully understand the terms and conditions and are aware of any potential risks.

Contact Our Conveyancing Solicitors Based in Aberdeen & Stonehaven Today

Buying property can be an exciting and rewarding experience, but it's important to approach it with caution and thorough preparation. By following these top ten tips, you'll be better equipped to navigate the complexities of the property market, make informed decisions, and safeguard your interests throughout the buying process. Remember, seeking professional legal advice from a reputable Scottish law firm is crucial to ensure a smooth and successful property transaction.

For a free, no-obligation valuation or for guidance of any other kind, speak with our Aberdeen Estate Agency team on 01224 068147 , our Stonehaven Estate Agency team on 01569 690118 or you can contact us by completing our online contact form.

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