In many ways, buying property in London is an ambitious move for anybody, at any stage of life. This is true for a number of different reasons. To begin with, London is one of the most renowned and respected cities in the entire world, which simply makes moving there a larger and more significant step. Additionally, however, with the fame and reputation of London, real estate prices in the city are often some of the costliest in Europe.
In fact, as recently as March of this year Telegraph ran an article suggesting that London property prices are proving to be almost oddly recession-proof. The article notes that in the past the shifts in prices of properties in London could serve as previews of similar shifts elsewhere in the UK. However, the London property market is so strong these days that, currently, the prices of homes are increasing in London and decreasing (or increasing at slower rates) elsewhere.
The interesting thing about this trend is that it actually makes purchasing property in London one of the stronger investments in all of real estate these days. Of course, it’s a costly investment, but if property prices keep up their current trends, your property will only continue to gain value. However, you do still need to be strategic when purchasing property, so here is a standard checklist of things to consider throughout the process.
Observe Neighbourhood – London is home to a number of beautiful, historic, and famous neighbourhoods, and rather than focusing first on a property, think first about the neighbourhoods you prefer. Your location will drastically affect the atmosphere of the property, so in many ways this is the most significant factor.
Consider Direct Surroundings – Within the neighbourhood, consider your direct surroundings as you would with any typical property purchase. Meet the prospective neighbours, decide what sort of yard you’d like, and even factor in how convenient public transportation might be.
Factor In Additional Costs – Any time you purchase property, it’s important to factor in the necessary costs that will kick in right away. From property insurance, to a home security system, and anything else needed to preserve and protect your new property, these costs may as well be attached to the price tag of the property itself.
Consider Customizations – Just as you should factor in the necessary additional costs, think also about the voluntary ones. If you love a property but want to give it a new paint job, for example, you should simply consider that maintenance to be part of the initial cost. This gives you a more accurate picture of what you’re spending.
Have A Plan – Finally, have a thorough plan for your company. If you plan on living in the property for years to come, act accordingly with maintenance and mortgage schedules. If the property is an investment, have a plan regarding how far to take it. This sort of preparation simplifies the acquisition of property.