Useful tips for buying a property in London
Well, if this is your first experience in buying a property, be informed that it’s one of the most complicated choices you will ever make in your life. It becomes even more complicated when you aspire to reside in a place such as London, where prices are ever high. The choice you make highly depends on the neighbourhood you desire, the type of house you want, and the condition it is in.
These factors also play a defining role in specifying the price of the property. Besides, there are some other “unconventional” factors you must be looking into before making the choice. So without any ado, let’s tell you some useful tips for buying a property in London that are surely going to assist you when you select your ideal house and location:
Useful tips for buying a property in London
1. Find the best location
The last thing you want in your residual area is a bad neighbourhood. To make sure you don’t fall victim to such annoyance, the first thing you need to do in your property hunt is to find the best location. Now the term “best” has multiple meanings for different people.
Some might find their best fit in the low price range, while others in the higher. However, as per general statistics, the best locations usually have the highest prices.
One more thing to keep in mind here is that, sometimes, the most unattractive locations may be keeping up your dream property at a lower price tag. So make sure not to ignore the relatively less glamorous locations.
In most cases, it can be on the top of a shop, or somewhere close to it. The main advantage here is that you will be living in the centre of a market where everything you will possibly need is accessible at a distance of a few steps.
Accept it or not, but that’s one of the biggest problems you are going to face in elite areas!
2. Keep your budget in consideration
Before digging any deeper, keep your budget well in consideration as it’s a key factor in determining whether you should look for a flat or a complete house. Keeping the realistic circumstances in check from the very start will save you a lot of useful days. Besides, will also find you the best suit for your needs and requirements.
3. Use the superpower
In your property hunt, do make sure to look for places that are taking longer to sell than usual. There, if you got lucky enough to find the place of your desires, You can use your buyer’s power. Since owners of such properties are open to negotiations on the price, they are very likely to accept your offer. Why miss the chance when you have the upper hand anyway? Moreover, don’t show your desire or share your backstories that how you have been looking for such a location or house. This will give them a chance to use your need as an advantage. Long sentence short, just don’t be the good guy!
4. Investigate the neighbourhood
Once you’re sure about liking the location and property, it’s time to investigate the neighbourhood about the surroundings and how it is like to live there. Some of the common questions you must ask should be about the playing areas for kids and pets, distance to the nearest shop, parking space etc. As most people are happy to help folks looking forward to being a part of their neighbourhood, you will certainly get good advice. Moreover, meeting different people from the surroundings will give you a brief idea of what kind of people will you be living among.
5. Get the most out of property check
Even though you have selected your property and it seems like your final spot to rest, it’s important to take a few good hours to give a proper check to the building. Although it won’t seem like a great deal, its the trickiest part of property selection. You must not feel shame in asking about any sort of doubtful factors that you acknowledge of great importance.
Additionally, if the property needs gutter repair or hasn’t been exposed to boiler servicing, you can instantly demand the property seller to carry them out. Asking for certificates like Portable Appliance Test, EICR report, and Gas Safety Certificate test reports should also be at the top of your list. For other tidbits, here are some of the small yet necessary things you should be checking out by yourself, or with the assistance of a professional: More over do check that warm air heating system is working fine as well.
1. Damp Spots
The first thing that indicates dampness is a musty smell that gets stronger as you get closer to the spot. Usually, they are seen at places like wallpapers and cupboards etc. Dampness is an extremely hazardous factor that exposes the property to mildew and rotting, therefore causing irreparable damage that an only compensated through replacement.
2. Check the ceiling
Well, its pretty natural to see things at our eye level. But seldom we look to things that are upwards. So as you visit the property, make sure to have a look at the ceiling for any cracks, stains, or any sort of drips. This is essential to check as it gives a clear indication of the property life. Make sure to check the fences as well because fence repair costs the most money.
3. Check the hidden spots
Don’t worry, all you need to do here is just to lift the rugs and mats and see if there are any stains underneath. What did you expect? A secret treasure?
4. Check the electrical system
Well, you won’t have to do much here. Just ask for a recent EICR report head-on. If you are provided with one, still make sure to give a proper check to the electrical system for complete satisfaction. We never know what’s hiding there.
6. Check If is on lease
Last but not the least, see if the property you are buying or the land it is situated on is at a lease. If it is, don’t buy it. Why? Because that way you will be the owner of the house, but not the land, therefore causing a lot of complications in the future. Go for properties that are on freehold. In this case, you will be the sole owner of both property on the land and there won’t be any issues if you decide to sell it or do additional construction work in the future.
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