Will you be in competition with other buyers and what can you do about it?
Once you know what your budget is, then obviously you will want to know just what you can buy for your budget. And this is where it is important to know what the property market is like in and around Edinburgh.
It is obvious, but still worth pointing out that a one bedroom flat in Edinburgh’s New Town can cost considerably more than a one bedroom flat in Leith. So, it is going to always be a trade-off between want you want in an ideal world and what you can in fact afford.
In 2018 property prices in Edinburgh rose quite steeply. It was not unusual for properties to achieve 10 to 15 per cent over Home report value and often more than that for properties within the usual price range of first time buyers like you. It was certainly tough as a first time buyer in 2018.
We are seeing the same thing in 2019.
But whatever time you are buying it is important to know what the property market in Edinburgh is like. And remember, your mortgage will be based as a percentage of the home report value rather than the price you will probably pay.