During a survey, 71 per cent people who were looking to buy a house in London confessed that the task seemed so daunting to them that they were tempted to give up their search and their dream to buy a flat in London and continue living on rent. Some people even make the mistake of buying the first house that falls within their budget. In this article, we attempt to demystify the process of home purchase and give out some handy tips that would make life simpler for all those who are thinking on these lines.
When going out to buy an apartment in London, the first thing that you need to consider is your long term goal and if house ownership fits in your plan. Most people like the independence that owning a home grants them since they are no longer required to pay any rents and they can save the rent money on making a tangible investment.
Certain Things to Bear in Mind When Buying a Home in London Include:
1) What type of home best suits your needs?
When buying a residential property in London, you must first decide what kind of home would answer all your requirements – whether you need to buy a 1 bedroom apartment in London, a family home, a townhouse, a multi-storied building, or a condo – being clear about this would help you get a fair idea of where to begin. You can also estimate the purchase price and set aside some money for this purpose. Thus, taking care of this detail would help you start in the right direction.
2) What are the special features that your ideal home must have?
While you will be required to retain some amount of flexibility when making the biggest purchase of your life, you must make sure that even after a few compromises your new home fits the bill for your wants and needs as closely as is possible. Make a list of some of the things that you absolutely cannot compromise on – things that top your list of basic desires like the size of bathrooms, the flooring, the neighbourhood, the kitchen layout, etc. – and move ahead from there.
3) How much mortgage do you qualify for?
Before you go ahead and start shopping, take a clear estimate of how much a lender would be ready and willing to give you to purchase your first home. Lenders take several things into consideration, like your previous debt and paying capacity, when calculating the amount that they’d be willing to lend you. They even consider factors like how long you’ve been employed at your current job, your monthly income, etc.
4) What is your buying capacity?
Conversely, banks are sometimes willing to give you a loan for a house that costs more than what you can ideally pay for. Look at the total cost of the house when you wish to buy a house in London, and not just what the bank can make you afford. It is tempting for anyone to buy a house which costs much more than they can afford just because it looks good and feels right, but keep in mind that your journey does not end here and sooner or later you will have to clear your debt. You would not want to end up in a thick situation eventually because you made a hasty and immature decision in the past.
5) How to buy a house in London and whose assistance to take?
A real estate agent can help you locate homes that meet your requirements and zero in on the ones that you can buy. They can list out all the features of the homes you’ve shortlisted and help you take an informed decision. Also, these professionals can assist you in further process including making an offer, completing paperwork, getting a loan, etc. A good agent can help you avoid and stay clear of the potential pitfalls that you might encounter during the process.
Share On
