Top tips for first-time buyers looking to step onto the property ladder in 2023

The Scottish Government is encouraging first-time buyers and people on low to medium incomes to take advantage of a discount scheme to help them buy a home in 2023. The Open Market Shared Equity Scheme allows people to buy a home without having to fund its entire cost and is available across Scotland to those buying their first property and people in a priority access group.

However, after the announcement from the Bank of England that interest rates would rise to 4%, the highest rate since 2008, the property market remains a difficult environment to navigate, particularly for first-time buyers. Understand what you can afford David explained: “You need to understand what you can afford, if you take on too much mortgage debt and put too much of a strain on your monthly or weekly budget you’re going to run into trouble and that’s just going to lead into a load of stress.

“If you don’t have a proper survey and an understanding of the state of repair of the property before you buy it, you could be faced with substantial bills for such things as rewiring or a new roof if you didn’t have that anticipated before the purchase. “If you’re paying out around £850 a month on a mortgage that’s a very welcome contribution. You can earn up to £7.500 a year tax free using the rent a room allowance and this can help offset the cost of mortgaging even if you’re a first-time buyer."

“It’s important to understand what the levels of noise are likely to be in your area, there are stories of people who have bought properties only to find that their back gardens back onto a dual carriageway.

Source: Real Estate Daily Report (realestatedailyreport.net)

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