Expert advice on buying your first home

calculator and keys for first home

Buying your first home is incredibly exciting and Cruden Homes is delighted to have helped thousands of people take their first steps on to the property ladder over many years. As one of Scotland’s leading builders, we recognise the financial pressures that often come with buying a house and as a result, we’re keen to help people make the right choices in terms of location, finance and other aspects first-time buyers might not be aware of.

This last point is significant, because buying a house is a uniquely detailed process and ‘first timers’ are bound to learn a great deal of valuable information before you collect your keys. For instance, owning a house requires you to take out contents and buildings insurance, whereas buildings insurance for flats is usually covered by your monthly factoring fee.

The price is right

Property transactions are subject to various financial charges, from plot reservation fees to land and buildings transaction tax (LBTT). That’s why Cruden Homes publishes a series of affordability calculators throughout our website, on individual plot pages. You can work out what your initial LBTT payment will be on any home costing more than £145,000, as well as calculating monthly mortgage repayments. We’ll also help you to calculate whether you can afford the mortgage on top of council tax, factoring costs and other regular bills. It’s advisable to set aside a small contingency fund for unexpected expenses, too.

You’ll need a solicitor to help with legal requirements like concluding missives, or transferring funds to Cruden Homes on the day you take ownership of your new home. Solicitors handle these duties day in and day out, which is why they generally remain calm even if you’re on tenterhooks about everything progressing smoothly! We’d always recommend choosing a solicitor people have recommended, or picking a local firm with a strong reputation. The same is true for mortgage advisors – look for firms specialising in first-time buyer mortgages, and arrange a meeting to discuss your borrowing ability and current deals.

Making a good choice

Choosing dependable professionals is important, but so is selecting the right property. And by that, we don’t just mean a house with a south-facing garden, or an apartment with great storage. Moving house can be very expensive (and complicated) when you’re selling and purchasing at the same time. Choosing a first home with room to expand could enable you to stay there for many years, even if your circumstances change. Study room sizes and floor plans, to ensure key rooms are spacious enough to accept your current belongings. Also consider storage – generous cupboard space is hugely important for day-to-day practicalities.

Regardless of your budget or requirements, Cruden Homes will do everything in our power to make the buying process as simple and efficient as possible. With good advice and a realistic budget, there’s little to fear about purchasing your first home – but there’s plenty to get excited about!

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