Are you considering the right factors while purchasing your new home in London? A property can be considered a good deal when it is listed well below the market price, it is in a good geographical location, and it meets your purchasing expectations.
Finding the right property in London is a complex process, and as a real estate investor, you must avoid making fast and often careless decisions. Listed below are a few guidelines involved in purchasing a new ideal London home in 2023.
1. Define Your Needs
You begin by listing out your priorities and requirements, such as the area, the number of bedrooms, key design features, and the budget. This will assist in narrowing your options and establishing a realistic price range.
Don’t be afraid of sharing these details with your property agent. In fact, sharing specific property requirements will help you to save time and money in this process. Almost all professional real estate agents will only work on investment plans that are realistic and serious. If they are aware of your investment requirements, then they can source and negotiate the best deal in the market. On the London real estate market, our professional real estate agents have been able to negotiate on behalf of buyers and close deals with the highest possible discounts.
2. Find the Right Property
It’s important to learn as much as you can about the area where you want to buy a new home. Factors to research include school catchment areas, convenience, and transport links, as these can affect the value of the property now and in the future. Properties near renowned schools and easily accessible via public transportation will yield a higher capital gain than others.
After researching your desired location, it is beneficial to view potential properties both online as well as in person. Viewing properties in person allows you to look beyond their present value and get a better understanding of the surrounding area. It is also beneficial to view them more than once and at different times of the day.
3. Arrange a Mortgage
Once an offer is accepted, you may need to apply for a mortgage in London. As a home buyer, you are often required to save around 10% of the property’s value to place a deposit, while the remainder is borrowed from a mortgage lender. The amount they are willing to lend will depend on numerous factors including the size of your deposit, your income and your credit score.
A mortgage lender will issue a mortgage agreement principle (AIP), which confirms that they are willing to lend you the agreed-upon amount. This can make you more attractive as a buyer, as it proves to the seller that you are able to secure the required amount to purchase the property. It is important to consider the additional fees you will be required to pay during the purchasing process, such as the Land Registry fee, homebuyer survey fee and home insurance.
4. Make an Offer
Once you have chosen the property you wish to purchase, the next step will be to make an offer. When making your offer, it is important to know that the offer will include a discount. Therefore, depending on the developer and the property, take guidance from your property agent to offer accordingly as developers give varying discounts. We always aim for the highest discount possible and negotiate on your behalf.
5. Designing and Furnishing Your Home
Now that you have successfully purchased your new home in London, it is important to choose renowned designers with a good reputation to assist you in designing and furnishing your home. Design trends are continuously changing and thus, it is important to choose versatile designs that will last through the years. The choice of materials used should be aesthetically appealing and have great durability. These factors play an important role in creating a desirable property, which in turn creates demand and ensures a good resale value in the future.
6. Completion and Move-In
Completion dates are usually determined in advance by the developer in case of off-plan properties. A convenient date can be agreed with the developer post the completion date to move into your new property.
It is important to consider numerous factors when purchasing the home of your dreams as you are making a long-term commitment. It is the place where you and your family will spend most of your time and each step plays an important role. Each decision and choice needs to be considered as it impacts your future home.
Please do not hesitate to contact us for assistance in any of the above steps. Our professional agents in London are always available to guide you through this hectic and difficult process, making this s pleasant journey.