6 Things You Need To Know About Buying Property But No One Ever Tells You

Posted by Janet @ Alba on October 3rd, 2018

The Property Solicitors at ELP Arbuthnott McClanachan have provided 6 useful tips for buying a home in Scotland.   

1. Don’t be fooled by the asking price.

In Scotland, most properties are advertised as 'Offers Over' a price.  In some areas, like many parts of Edinburgh where property is in demand, this can result in a price of up to 20% over the asking price. Other terms that can be found are 'Offers Around' or 'Offers in the Region Of'. This can leave buyers confused and not sure what to offer for the property. 

Generally, these terms can be ignored if the property has come onto the market recently and has a Home Report with a valuation. The terms are used as marketing ploys to generate interest in a property and the more relevant figure for a purchaser is the Home Report valuation. This is usually a better indication of what the seller is hoping to achieve. Depending on the level of interest in a property a lucky purchaser may be able to negotiate a price below this but if the property is new to the market and/or if the market is buoyant then often purchasers are pushed to offer over the valuation.

Speak to your estate agent or solicitor who will be able to advise what similar properties have sold for in the area.  They will help you with the price negotiations. 

2. Don’t be afraid to ask the seller questions about the property and area. 

When you view a property it will be either the owner of the property or a viewing agent who will show you around. Sometimes sellers can be very open and chatty and only too happy to tell you about the property, but others prefer to keep quiet and may even let a purchaser wander around freely. Whilst this gives a good opportunity to spend time looking at the property rather than feeling like you are being watched, you can often leave with many questions unanswered.

The best advice is to ask as many questions as you can about the property and area if you are interested in it. Often one question is enough to break the ice and you can glean far more information than you asked for – it all helps to make an informed decision, positive or negative!

3. Don’t be afraid to talk about your own circumstances.

Following on from point 2 above, if you are viewing a property and are being shown around by the owner, it can be worthwhile to make an effort to explain your situation to the seller. It is amazing how often a seller can be influenced by your circumstances if they are trying to make a decision later. Usually, money makes the most difference to any offer, but sometimes a seller receives more than one offer that is similar in price and terms. If the seller knows more about you it may help him or her to decide in your favour. The opposite may also be true of course, but usually, you have more to gain than lose in these situations.

4. Understanding a Home Report.

In Scotland, all sellers must obtain a Home Report to show potential buyers.  The Home Report consists of a property survey, an energy report and a property questionnaire. It can sometimes contain a lack of detail depending on the surveyor. When considering the information given in the Home Report it can be wise to take advice from your Conveyancing Solicitor.  They will have read many of these reports and will be able to explain what everything means and may even be able to 'read between the lines'. It is often where a Home Report is silent that you have to consider making further enquiries and your solicitor will be able to guide you on what areas these might be.

5. View Properties Twice.

If you are seriously interested in a property, it is worthwhile to visit the property twice before offering, preferably once at night and once during the day. Or once during the week and once at the weekend. It is surprising how different a property and its surrounding environment can be when you return for a second time! The first visit can provide the ‘wow’ factor and often you leave feeling good about the property, retaining the good memories. A second visit can be useful to reacquaint yourself with the layout of the property and to give you a chance to check the areas you perhaps didn’t pay much attention to first time round, like the windows, storage or parking. It is worth bearing in mind that, once you have successfully offered for a property, you will generally not be given access again until the contract is concluded and you are legally tied in to going ahead with the purchase.

6. Don’t ignore your instincts and do your homework.

If you are trying to buy a new home you will know if it is right for you. If you have any nagging doubts or any uneasy feelings about any aspect of a property, don’t ignore them, no matter how attractive the price may be or how positive some aspects of the property may be. When you are looking for a new home it is not always easy to be dispassionate and objective about the property, but you do have to take all aspects into consideration including how long the property has been on the market, any repairs required to the property and any potential issues with the surrounding location, eg any possible redevelopment sites which may or may not be readily identifiable, and the closeness of any commercial properties, railway or tram lines, or watercourses with the potential for flooding!