Owning a house in London is ‘the dream comes true’ situation for everyone.
Yes, the city has earned love and affection of millions of people worldwide. Hence, it is a moment of pride indeed.
From the day of beginning the search in the property market to the day when you get the possession of your property, it is an exciting time.
Experts warn that going for a property search without any preparation won’t be a wise thing indeed. You must know the nitty-gritty of it.
Here are five critical things that property buyers should know about before they step out in search of their dream home.
Set the expectations first
What is the area you feel your ideal property should be located? Well, it is a crucial decision, but you must take it.
For this, you should know how much money you will spend on it? Are the mortgage providers happily lending you the sum?
Is it within your financial reach?
The ultimate property for you may not be the feasible property.
Hence, keep a balance between the expectation and the reality. Discover the ‘golden mean’ for you.
Keep a buffer of 10% of the sum
Even if you are mortgaging the property, there should be 10% of the sum spare with you. It gives a buffer and helps you much when you make the deal final.
There could be some unexpected expenses that you don’t anticipate. The buffer amount helps in such a situation.
For example, there could be a sudden surge in the fees charged by the solicitors or surveyors. Or there is an increase in the stamp duty.
If you don’t plan for it, then there is unnecessary stress.
Don’t underestimate any locality
Everyone wants to live in the city center, but is it possible practically? The properties are ultimate there, but the price tag is equally massive!
Hence, keep a practical approach while searching a house. The suburbs are right places to live. A considerable amount of development is happening there. The commutation no longer remains an issue. The markets are coming up.
Therefore, don’t get prejudiced. Instead, focus your priorities and compare the same with the facilities offered by a locality.
You will be surprised to know that living in the suburbs is more convenient and inexpensive. Even if you are buying the property from an investment purpose, then also you can expect an impressive return in the future.
Price negotiation is the must
The property market requires a lot of negotiation skills. There is an enormous difference in the amount mentioned on the price tag and what you pay for it.
Hence, you should have someone who can discuss pricing. Try to getter the best price!
What you see is what you get
Whatever is included in the price should be there in the house. You need to be extra careful about it.
When you get the possession; check that the features, facilities, and fixtures assured to you during the discussion exist in the house.
Refer the documents and check for anomalies.
Exploring the best property isn’t a cakewalk; you need to burn the midnight oil for it!