Six Most Important Things To Consider When Buying a Property
Buying a property is a huge milestone in an individual’s lifetime. Purchasing a property is a long-term commitment, where many aspects will make a tremendous change in a person’s development, like their financial condition, lifestyle, and many other significant factors. Most buyers who let their homes get recurring profits, where someone looking for properties to rent in Marylebone, Hertfordshire, Clapham, etc., are high in number. At times, Berkshire Hathaway HomeServices Kay & Co estate agents in London help the buyers plan out their property purchase from beginning till end.
1. LOCATION
The primary factor to consider when buying a property in a large city like London is the location. Living in the jam-packed streets of London or the quiet leafy neighborhoods, the buyer’s choice determines the next steps of the property buying process. The property’s location is chosen based on its closeness to important places like work, health care, schools, leisure spaces, and more. The location of the property will also act as a great asset on a long-term investment. Once the locality is decided, taking the help of estate agents in Marylebone, Clapham, Battersea, etc., will speed up the process.
2. PROPERTY SIZE
Before buying a property checking on several homes is necessary. If it is a bachelor, they can prefer modern flats in the neighbourhood. While growing families can opt for bigger houses like townhouses, villas or detached cottages with a higher number of rooms and backyard. This will also determine the maintenance and power consumption for which expenses should be dealt with in the long term. Finding the right property size is essential to lead a satisfying life in the long run.
3. BUDGET LIMIT
Setting up a proper budget is necessary even before beginning the property hunt. Fixing a budget is vital to find whether the buyer is eligible and can afford the property’s mortgage repayment rates. The budget is set on various factors like the annual income of the buyer, cost of living in the neighborhood, credit score, mortgage loan, previous debts, and more. Buying a property in the central regions of London like Kings Cross, Chelsea, Kensington, etc., are an excellent means of investment with a higher price tag.
4. CONNECTIVITY
Living in a neighbourhood that is well connected to other parts of London is crucial for daily commuters and office goers. The underground tube network is the fastest modes of transport preferred by most people. While the local buses have opted for short distance travelling. Living close to these modes of transportation will help the residents to quickly access them and travel effortlessly. This will also save more time for the residents when travelling from their home to the tube station or the bus stop.
5. NEIGHBOURHOOD VALUE
A property’s value is determined by where it is located in the city. People prefer moving into central regions of London from where all amenities and other parts of the city are easily accessible. When promising projects are going on in the locality, property demand goes sky high. Considering the neighbourhood value is essential for a long-term investment in London. This will also play a vital role when letting homes in that area. Many prominent parts of London have high rental values comparatively, which is an add-on profit for the buyer, planning to let their property now or in the future.
6. AGE OF THE PROPERTY
There is a tremendous difference between buying a new property and old property in the London suburbs. Old properties hold the old charm of the building. Those who wish to protect and cherish the timeless beauty can go for the long-standing property. While newly built homes are fresh and appealing. Establishing your own home from the ground up is something special that can be achieved with brand new homes. Old homes require higher TLC compared to the new ones. People should carefully pick the right property before going further into the entire property buying process.
