Struggling to buy in scotland

Firsttimebuyer321

Hi,
Hoping someone can help and provide some advice for a first time buyer in Scotland, I am struggling to understand the market completely.

I have managed to get together enough for my deposit and I am looking for houses to buy, I am forever being out bid at the moment by people who are paying way over the home report value.

what is the best way to approach the market?

I don’t realistically have another 10-15% above the home report values on top of the deposit for the mortgage which all of these properties seem to be going for.

im at a bit of a loss that it has taken me all this time to save for a deposit and it would seem I’m gonna be saving for a lot longer given the way things are going for me so far. 

[Deleted User]

Firsttimebuyer321 said:

Hi,
Hoping someone can help and provide some advice for a first time buyer in Scotland, I am struggling to understand the market completely.

I have managed to get together enough for my deposit and I am looking for houses to buy, I am forever being out bid at the moment by people who are paying way over the home report value.

what is the best way to approach the market?

I don’t realistically have another 10-15% above the home report values on top of the deposit for the mortgage which all of these properties seem to be going for.

im at a bit of a loss that it has taken me all this time to save for a deposit and it would seem I’m gonna be saving for a lot longer given the way things are going for me so far. 

Lower your expectations and look at properties with home report valuations 10% to 15% than what you’ve looked at so far. 

davidmcn

Or look at less popular ones which aren't going to closing dates. 

MovingForwards

Look further out, make sure you've good commute links and you'll get more for your money eg same size house but cheaper. 

Firsttimebuyer321

Thanks for the comments so far guys.
The search continues I guess, I have no idea what I’m doing just blinding moving my way around. 

theoretica

Is there anything in your area at fixed price?

Caz3121

Lover_of_Lycra said:

Lower your expectations and look at properties with home report valuations 10% to 15% than what you’ve looked at so far. 

would still need a larger deposit as mortgage LTV would be based on the valuation rather than the offer
OP, have you tried looking at Fixed Price properties? When we last bought 6 years ago in Edinburgh we also were not in position to get into bidding wars with offers well over valuation. (some were 20%+ over) Ended up purchasing off-market...friend of friend that was looking to put house on market...agreed a price 2% over home report which was doable, seller saved selling fees and we avoided bidding war...win-win.

xylophone

Struggling to buy scotland

Not surprised.....

Firsttimebuyer321

xylophone said:

Struggling to buy scotland

Not surprised.....

Haha my bad 

Firsttimebuyer321

theoretica said:

Is there anything in your area at fixed price?

I can’t find anything with a fixed price within a 15/20mile radius of my search location. It’s rough trying to buy here.

seems like I’ll just need to keep searching, I know that many people are in the same position it’s just getting frustrating now.

MovingForwards

Which part of Scotland are you trying to buy in and what's your budget? People may be able to make suggestions.

I purchased in a different county to where I was renting, my friends and work.