Trying to find a new home is stressful in itself, as well as being complicated and time-consuming, however finding property in London is a completely different kettle of fish.
Bridging Loan estate agent, Tim Mcgee said, “It’s notorious that London’s one of the most expensive places to live in the world…[the majority of] first-time buyers find themselves priced out of the market, and having to look for a cheaper alternative [such as renting or moving away from London boroughs.] So, if you’re one of the fortunate ones with a big budget in our glorious capital then here are a few tips you may want to keep in mind:
We’ve already mentioned property prices, but it really is a big contender on our list, especially in the most sought after the cosmopolitan city that is London. They’re countless things to do and see in the capital, so no wonder it comes with a hefty price tag to live there. The list of positives about living in London is endless, but consider whether you’re really getting value for your money. A London estate agent once stated, “A small bedsit in a central location can cost as much as a three-bed semi in the suburbs, so think about how good your standard of living would be, well before committing to the idea.”
Always consider the fees to pay out – this isn’t as such specific to finding property in London, as you’ll always have to pay fees if you’re buying property through an agent, wherever you’re in the UK.
Haggle. No, really it’s okay to bargain (reasonably). So let’s say you’ve found your perfect home/ property, but you can’t really afford the price-tag that comes with it. There’s absolutely no harm in bartering the price down – a lower offer is even expected from the seller, plus you can find some real bargains when shopping around; this applies to renting as well! If you don’t ask, you won’t get!
We all know that London is continuously growing and evolving. Regeneration projects have taken over the capital, meaning that some of the areas that savvy property hunters may have once not wanted to touch with an extended bargepole are fastly becoming a very desirable to inhabit. So don’t rule out areas like Elephant and Castle, Stratford and Kilburn, as these areas and others alike are on the up! Keep your mind fresh and your eyes peeled.
Living in the capital may seem an astronomical expense and ask of you, but consider cutting down on other costs – do the maths. According to the Financial Times, “The average person commuting from Buckinghamshire into London, will pay almost £550 a month in rail fares, so it could even out nicely if you’re not spending so much time and money on transport.”
Doing your own extensive research before making any massive property investment is essential, before making any such commitment. The property market in London still continues to soar, but it is slightly dropping in recent years. So it is a good time to start thinking about moving to one of the best cities in the world. Plus there’s no harm in looking…