How to Buy a Property in Scotland

Buying a property is a huge decision and financial commitment. Here are some suggestions to help you to get the best possible result when you are purchasing a property in Scotland.

How Much Should You Offer?

Properties are usually marketed in one of three ways:

Offers Over (or Offers in Excess Of) – Offers are invited over the asking price.

Offers Around (Offers in the Region Of) – Offers are invited in the region of the asking price, and it’s the buyer’s decision as to whether to offer above or below that price.

Fixed Price – Offers are invited for exactly the same price as the asking price.

For a full, video guide as to what these mean and how much you should offer on properties marketed at the asking prices above, check out our detailed YouTube guide.

How To Pay the Right Price for Your Property

Some of the following tips and suggestions could help you avoid paying over the odds for your new home.

Look at the details – People tend to buy with their heart rather than their head. So, during your property viewings, look closely at the finer details. Are there any issues with the property that could cost you more money further down the line? On the flipside, consider the potential for improvements to the property, as you could make a profit at a later date by improving the property. Adding value to your property can be achieved in a variety of ways, with some more cost-effective than others. Why not take a look at our home improvements blog for some inspiration?

Start low – Unless there is a huge amount of competition from other buyers, don’t submit your highest offer initially. The worst that could happen is that the seller rejects it, but their reaction to the offer might reveal that they are looking for less than you originally anticipated.

Consider the competition – Competition, especially on properties marketed at Offers Over, can often result in a bidding war. Make sure to set yourself an upper limit so that you don’t get carried-away and pay more than you originally thought the property was worth.

Do your homework – Take a look at the market for similar properties to the one that you are looking to buy. Compare properties in the same area, with a similar size and specification, so you can be confident you aren’t paying more than you need to. Also look at how long the property has been on the market: the seller of a property that has been on the market for a while is more likely to consider a keen offer than one that has just come to the market. Finally, take good, professional advice from a solicitor who is expert in selling and purchasing properties in the area that you are interested in.

Have a financial strategy – Having a measured financial strategy will help you to avoid paying more than necessary. Speak to a whole of market mortgage adviser who can find you the best mortgage for your personal circumstances, do your sums in advance and factor-in all of the costs of buying a home, including renovation and redecoration, furniture, Land and Buildings Transaction Tax (LBTT), moving costs and solicitor fees. Consider whether this is likely to be your ‘forever home’ or somewhere you are only going to stay for a couple of years. Set your upper limit and then stick to it. Most of all, don’t panic if you are unsuccessful: there will always be other suitable properties that come to the market.

Ultimately our advice to anyone would be this: offer the amount that you feel the property is genuinely worth to you, bearing in mind your individual circumstances, and don’t pay more than that.

We would like to stress that every property purchase differs and, if you are unsure about any aspect of the property buying process in Scotland, a member of our expert team will be more than happy to help you. Just call 0345 646 0208 or email [email protected] for any advice you may require, no matter how big or small.


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