First Time Buyer Challenges

🏡 Are you a first-time buyer in Scotland? Facing challenges with buying your dream home? In this post, I'll be sharing some insights into the difficulties that first-time buyers encounter and some tips to help you out.

The biggest challenge that first-time buyers face is not having enough money for a deposit. With rising living costs and high rental prices, saving for a deposit can be a real struggle. Most first-time buyers typically have a deposit of around 5% which is usually enough for them to buy, however if they need to offer above home report they struggle.

The Scottish Government offers the Lift Scheme for low to moderate-income individuals looking to buy a house where the buyer can pay typically 60% to 80% with the rest coming from the goverment.

Planning is key. Opening a Lifetime ISA account is a great way to start saving for a deposit. The government offers a 25% bonus on your savings, which can be used towards buying your first home. There are terms and conditions to this, so make sure you talk to someone about it before doing it, but it can really help.

Another tip is to consider buying from your landlord or a family member. This can help you get a discount on the property and contribute towards your deposit.

The main tip though, in my opinion that is often the easiest and can help you avoid missing out at the most cruital time. Be prepared and get your finances in order before viewing properties, if you have your pre approval in place you can act quickly.

I hope these tips are helpful for first-time buyers looking to buy a house in Scotland.

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