Buying a home in Scotland: How to gauge a successful offer on a property

If you are house-hunting in Scotland, you will understand the mix of excitement and anxiety you feel when making an offer. Am I offering enough or too much? Does someone else love it as much as I do? Almost everyone feels this way when they have their heart set on a property, so what’s the best course of action?

Keeping your cool

Let’s look at the fear of overpaying first. Generally, people usually pay too much for a property when emotion takes over reason. Your best safeguard is the Home Report, which every home on the market in Scotland comes with and which includes an independent surveyor's valuation. That figure should be your anchor. It tells you what the property is judged to be worth, and it usually sets the ceiling on what a lender will lend against it, because anything above that figure normally has to come from your own funds. Before you offer, it helps to know your definite upper limit and stick with it. You can research what similar homes nearby have recently sold for, and be honest about how much competition this one is likely to attract. If the number in your head keeps rising above what the evidence supports, that is a sign to pause.

And sometimes the right decision is to walk away. It is easy to become so attached to a particular home that you lose sight of your budget, but no single property is worth stretching yourself to a point that you may live to regret. As hard as it is to remember, there will be other homes. Remember, walking away isn’t failure; it’s good judgement.

Dealing with rejection

If your offer is rejected, don’t take it personally. In Scotland, particularly when a property goes to a closing date, several buyers may be bidding at once, and only one can succeed. A rejected offer is just part of a process that most buyers go through more than once before they find the right home. Learn what you can from it, and use that knowledge for your next offer.

That said, there are ways to give yourself the best possible chance. A strong offer is about more than the price; sellers often weigh up the whole package, so having your mortgage agreed in principle and your solicitor ready to act shows that you are serious and able to proceed. Being flexible on your date of entry can make your offer more appealing, as can keeping it free of unnecessary conditions. Noting your interest through a solicitor, and being ready to move quickly when a closing date is set, all count in your favour. Small things, done well, can tip a decision your way.

Scott Rasmusen, Property Partner at Gibson Kerr, said: "Buying a home is a very personal thing, and it is only natural to become emotionally involved. Part of our job is to be the steady voice in proceedings, helping people weigh up what a home is worth compared to how much they want it. The buyers who fare best usually decide their limit early and stick to it, and understand that missing out on one home is not the end of the story.”

Above all, remember to cut yourself some slack. Buying a home takes time and patience, and a few setbacks along the way are to be expected – ask anyone who’s been through the process.

If you are buying or selling anywhere in Scotland and would value a steady hand and expert opinion to guide you through it, our team of property lawyers and estate agents is here to help.

Get in touch for a chat and to arrange a free valuation at gibsonkerr.co.uk