London is the most expensive city in the UK when it comes to real estate, according to Property Investments UK. But the London market is quite complex. Areas not far from tourist sights and neighborhoods in the suburbs with excellent transport links may not be the best places to buy a house. Places near Tube stations may cost you extra even if they are quite away from the city center.
New properties’ values go up rapidly and faster than in previous years. Recently, it has increased by 42%. Five years ago, the number was just 31.9%. The difference shows that investing in real estate is really worth it. Naturally, you have to keep in mind that prices will differ from one area to another. Current prices for new build homes in Croydon, for example, won’t be the same as rates in other locations.
For those seeking expert assistance in the Beckton area, experienced letting agents like Sandra Davidson can help navigate the local rental market with ease.
Let’s discuss some tips you will definitely find handy.
1. Don’t Build Castles on Sand – Get the Finance Issue Sorted Out
If you have never dealt with buying a property, you might have a hard time finding out all the details about a mortgage. There are plenty of advisors on the market who can guide you through this tricky topic. If you are considering this, put your finances in order at first.
To avoid complications, you need to know for sure how much you can afford. Look through your incomes and expenses; an advisor will help you calculate a suitable size of a monthly payment. Don’t forget to collect all the necessary documents as the developer may demand some proof that you will be able to cover your mortgage.
2. Ask the Right Questions When Visiting Newly Built Houses
Your desired property may not have been built yet. In this case, you will see a real estate project. Of course, the developer is interested in selling as much as possible in a short amount of time. There are many schemes to make you want one particular place. Stay alert, and don’t let anybody trick you. Here are some tips:
- Do your research on the developer. It is useful to know about the company’s reputation, experience, and product quality.
- It is handy if a member of your family or a friend could come with you just to have a fresh look. Sometimes many things that are not obvious to you may be clear to a third party.
- Trust your gut feelings. It doesn’t matter if you believe in a sixth sense or not, but if you can’t imagine you and your family living in this place happily, is there any reason to buy this accommodation?
If the house has already been built, check the floor, windows (you must be able to open and close them with no extra effort), plumbing, and many other things. Write down a check-list with all the things you want to find out. You may use this one from “Which?” as an example.
3. Don’t Be Fooled by the Seller. Keep in Mind Some Tricks That Can Be Used Against You
Here are some shady tactics you may encounter:
- Expert interior designers always do a lot of work on making the place look good. They may make it seem bigger than it really is.
- Some mirrors, and glass furniture, may be used to create an illusion of natural daylight. But when everything is put away, the room may look darker.
- Boilers, some pieces of lighting, and interior decorations may not be included in the house’s price. You should always know exactly what you are paying for and how much any extra costs.
- If you are attracted by a lovely open space in front of or behind your house, find out if there will be any new buildings there to protect yourself from potential disappointment.
4. Hire a Solicitor to Be Sure That All the Legal Stuff Is in the Right Hands
If you are buying newly built accommodation, it is useful to find someone with lots of experience in this sphere. Therefore, you should look for a legal specialist with extensive expertise and experience in real estate. Moreover, he can help you to apply for a mortgage and finalize all the issues with the documents.
Congratulations! Or Not?
Statistics show that about 40% of newly built houses are not ready by the deadline. There is nothing to be scared of if this happens. What you have to do is to make sure you have a snagging survey conducted before you move in.
Final Thoughts
Buying a new place to live is a significant step. This includes hours of searching for the best option, the best lawyer, and the best price. You don’t have to deal with all this pressure alone. Make sure you hire the right solicitor – this person will help you with each step of the purchase.
