London is the dream destination for many to make a home of their own. However, buying in hurry might be a reason for future disappointment. Be it a first time purchase or just a purchase for investment- one needs to be sure about the property and certain aspects of it. Here is a checklist for beginners in this real estate world to take a look at the important aspects before buying any flat in London-
- Check-out the costs of properties:
First, it is necessary to decide on any preferred locality for the future purchase. This is mainly because London as a city is pretty expensive when compared to other places around the world. That is why; one needs to check the costs of similar properties in the area to have a basic idea. If the prices seem out of budget one might consider taking a look at other nearby neighborhoods as alternatives.
- Be careful about the terms of the Contract:
In London, the general trend of purchase is that most of the apartments get sold as leasehold. This means, the cost of any flat depends upon the length of the lease. Any lease with a length less than ninety years is alarming. However, one may extend the period of the lease as well; but it will cost them more. Apart from the length of the lease there are some other aspects that should be taken into consideration too. One must know about the ground rent per annum and all the other minor clauses in the contract.
- Have a basic idea of the Transportation around:
Having a thorough idea about the transport mediums available at any place is important before buying a place. One should know-
- Walking distance to the nearest train stations or bus stop?
- How long does it take to reach workplace?
- The availability of the newest transport mediums.
One might take a test journey to understand these things better.
- Have a look at the Neighborhood:
It is more important to like the neighborhood than the flat itself. One needs to understand if the people in the locality can become good neighbors in future. Other than this having an idea of the nearest pubs, restaurants and parks is also important.
- Do your homework about the estate agent:
Employing a real estate agent for making any purchase is a pragmatic decision for they know every detail of a property. Starting from the terms of the lease to the age of the property and other pros and cons- knowing everything the real estate agents can be real lifesaver for the beginners.
- Buyer beware:
However, there might be faults in the property that the owner or the agent might avoid mentioning. That is why; one might employ the professional eyes of a surveyor to find the faults and abide by the terms of “buyer beware” – meaning the buyer might uncover any flaw.
There is no ending to this list when purchasing a flat for the first time. However, these are the basic things that are unavoidable.