Buying a home or an apartment is a whole lot of work let alone the shifting that comes after that. It is a daunting task to look for a home especially in a place as diverse as London.
But diversity comes in handy for a lot of people on a home hunt in London. As with diversity, comes the ups and downs in prices so no matter the budget, you will be able to find a place just according to your requirements.
Buy Luxury Home or Apartment in London
Whether you are looking for a permanent residence because you love London or deciding to rent out one while you’re away, we have hunted down the top 10 tips that can help you land a home or an apartment of your dreams.
1. Take Your Budget as High as You Can for a Good Location
Area matters the most when it comes to choosing a new place to live. If you come from a quiet and calm down, you might need a place far from the commercial area. While in case of coming from a hustle-bustle area, you might want shops, parks, and markets nearby.
Whatever the case, paying as much as you can for a nice location even if it means choosing a small home, I would suggest you go for it.
The reason behind this is that the real estate market has lower price volatility and therefore, prime locations are sold quicker without much damage.
Start with the best high-priced areas like Kensington, Knightsbridge, Notting Hill, and Chelsea.
2. Keep an Eye Out for New Developments
People from Asia have known to be looking out for new developments in London to invest in. Investors and developers propose high-rise development ideas to them. These high-priced new developments are well built, sustainable, smart, and impressive.
Purchasing one of the apartments in these developments at early stages can be bought on spec.
High-rise buildings offer fabulous views of the city and are a beautiful development to spend on.
3. Investing for Earning Through Rental in London
There is not just a ‘buying home and selling’ investment buyer in London, in fact, there are three.
- Those who want to build up and widen the variety of properties owned in the portfolios. They simply want to own a property in London for safety, Rule of Law, and stability.
- Those who invest only with the sole purpose of earning from a rental. They have no plan of residing in the owned property and for them, long-term rentals are the best option.
- The third type is those who love a place like London and wish to build their portfolio as well as live in one of the towns in London for a few days or months. The majority of people living in London and also earning through real estate work are the third type.
4. Close to Public Transport
When we say prime locations are the best, we mean it.
Accessibility of public transport near your home is very important and not from an economic perspective.
Even if you drive, explore the neighborhood on foot and know how far is the tube station from your place. It especially comes into use when you are planning on renting out your apartment or home.
It adds to the value of your property and is sold quickly as taxis and Ubers are not feasible for many residents.
While n a hunt for properties, never forget the task of visiting neighbors, having a hat, and getting to know about the building restrictions and policies.
You will have an idea of what type of people reside around that property and whether you will have an easy time adjusting or not.
5. Stroll Around at Night
Seems absurd and foolish to do that before buying a property?
Having a walk at night actually, beware of your safety and security at night. Whether the area is safe or if there are any potential risks in residing in that area.
Some areas like Camber well and King’s Cross are not so safe in London.
6. Leased or Not
Most of the buyers do not like the concept of buying an apartment or a house on leasehold. It’s a long-term tenancy where a person is given a right to live in a house for a particular time period while freehold property is fully owned by a person.
Once the specified time has passed the ownership reverts back to freehold from leasehold.
If you are buying a property in London make sure it’s on freehold otherwise, with leasehold come a lot of mess.
7. Annual charges, maintenance, and Building Costs
If you have narrowed down your list and are left with a few possible options, check and compare the buildings’ annual charges and what potential building cost you might come across.
They can go up to the thousand and you might get stuck if you don’t go through these charges beforehand.
If these charges do not come under your budget, then you can simply choose a townhouse or mews home in the center of London so there are none with these properties.
8. Do Not Consider Covering Your Mortgage with Your Rental Income
If the market fluctuates and the prices drop down, you will still be able to get all your expenses covered up. Inner and central London prices continue to get higher but don’t, under any circumstances, extra plate the rising prices.
Buy what you best possible can afford and that comes under your budget easily. Looking for the highest quality with a prime location all under your budget is what you should always do despite market fluctuations.
There are the top 9 tips that will surely help you in buy London off plan apartments. A home is a thing that is not changed every week or month. Take your time, spend some time in the neighborhood.
Explore the whole city and then narrow your list down to one.
Aland yourself the perfect dream home in London by following the top 8 tips above!