Expert advice for first-time buyers in Aberdeen
Buying your first home is an exciting milestone. While most of us might not purchase our dream house as a first-time buyer, your first property will always be special.
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However, learning the intricacies of the Scottish property system, navigating mortgage offers and securing the final deal can all be a bit of a challenge.
As a first-time buyer it pays to seek out the right help. James & George Collie are a full-service law firm with extensive expertise in property. Their solicitors have been helping first-time buyers in Aberdeenshire for generations.
Dating back to 1841, James & George Collie is one of the longest-established legal practices in the north-east of Scotland. When it comes to supporting house buyers, the firm has unparalleled knowledge of the local property markets, which in turn makes it a valuable ally for those looking to buy in the north-east – especially first-time buyers.
We spoke to Brian Sutton, a partner at James & George Collie, to get the inside scoop on how first-time buyers should navigate the Aberdeenshire property market.
'The Aberdeen market is definitely a buyers-market,' explained Brian. 'You can often get properties for under the asking price – you don't get that in the likes of Glasgow or Edinburgh, but it's possible in Aberdeen.
'Here in the north-east house sellers are more inclined to take into account people's situation. So as a first-time buyer with no property to sell, that will carry weight.'
If you're stepping into the world of property purchase for the first time, that's a very reassuring start. And with the experienced team of James & George Collie on your side, you won't need to worry about getting involved in negotiations or avoiding common pitfalls of home-buying. They take care of everything for you, working in your best interest to secure you the best deal.
Brian said: 'An estate agents' job is to sell properties and get the highest price for the seller. Coming up against that as a first-time buyer can be daunting. We're there to give you the advice and backup you need to get the best deal for you.
'When first-time buyers have seen a property on the open market they want to go for, that's usually when they come to us in order to put the offer forward. From the outset we get involved in negotiations. We can advise on the property value and if there's scope to take it a bit below the asking price, or if it's a very popular property we can give advice on how much over to offer.'
Informed advice on what to pay for a property is especially important in Scotland, where the 'offers over' system can leave buyers unsure of where to pitch their offer.
However, there are two main pieces of advice Brian gives to first-time buyers, especially those house hunting in and around Aberdeen.
'Don't be too fixed on the asking price,' he advised, 'particularly if the property has been on the market for a while. Even if the offers over price is over budget, don't rule it out. There's often times we can negotiate, taking into account the situation of both the buyer and seller.
He continued: 'Another thing first-time buyers need to be aware of is the reverse of that – so if you're in a situation where you're planning to pay over the valuation.
'For example, say a property is valued at £150,000 and you have a mortgage in principle that says you can borrow up to £160,00, you can't borrow the full £160,000 on a property that's valued at £150,000. Your limit of borrowing is whatever is the lowest between the property valuation or your mortgage limit.
'So, if you want to offer £155,000 on a property valued at £155,000, the extra £5,000 needs to come out of your pocket. Many people don't realise this, and sometimes it's an unwelcome discovery at the last minute!'
Brian urges first-time house hunters to come in a see him at any point on their house-buying journey, even before they've viewed a property or explored mortgage options.
He told us: 'If people aren't too sure of the house-buying process and haven't yet got their finance in place, I'd still urge them to come and see us. We can introduce them to people who can help with their mortgage and give them advice all along the journey.
'There's no harm at all in speaking to us early. It also means if they find a property and they need to move quickly due to a closing date for example, we're ready to act instantly.'
Brian's final advice? 'Don't be afraid to approach us, we're not scary!' he joked. 'We were first time buyers too at one point. We've got a lot of experience at helping people. It's an amazing feeling when you get a deal done and we call our client to give them the good news. We love to be a part of that.'
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