Introduction
London is one of the most expensive cities in the world. Buying a London house is not cheap as real estate prices have gone up considerably in the last decades. In addition, London is a lucrative market with the number of people looking for a London house going up consistently in the last years. Demand outpaces supply accounting for the high market prices of a London house.
Step 1
Secure your mortgage. If you are planning to buy a London house, get your mortgage approved first. It is easier to negotiate a price and narrow down your choices of a London house when you know your spending limits. In addition, it gives the impression that you are serious about buying and are ready to pay the house when you have an approved mortgage to show.
Step 2
Plan your finances. It never hurts to check where you will be financially when it’s time to make that first mortgage payment. Make a projection of your cash flow per month just to see how much you can afford to borrow and pay off.
Step 3
Go for property auctions. One of the logical ways to snag a good bargain for a London house is to look at open auctions. Look for an occasion to participate in these auctions. Newspapers usually carry these types of announcements. An issue with submitting bids or participating in auctions is that you have to pay a fee which is non-refundable. If you win the bid, then it is fine, but if you lose, it’s money thrown down the drain.
Step 4
Check for foreclosed property. People who default on their loans are likely to get their homes foreclosed. In such cases, the banks or the credit institutions are the ones owning these properties now and they will put up these houses for sale.
Step 5
Contact real estate agencies. Going to a real estate is also a good way of finding a reasonably-priced London house. They have a wide selection of properties to choose from that will suit different budgets. Take the time to look at properties suitable to your needs and participate in as much scheduled house visits as you can. It will give you a fair idea of what your money can buy such as a London house. What is also beneficial is that real estate agencies do everything for you from showing their listings and negotiating the price to processing papers and handing the keys over.
Step 6
Put out the word among friends, colleagues and family. Informing friends and family of your intention to buy a London house ensures that they are on the lookout for a good occasion to purchase property.
Step 7
Do your homework. It never hurts to bargain and put up a good fight in negotiating for a good price. However, before you can do this, you must also have realistic expectations and must have a clear picture of the real estate market for a London house especially its market value.
Step 8
Check the legal aspects. Conveyancing in the UK is the legal transfer of ownership of a property or land from one person or entity to another. Make sure that there are no boundary disputes and that the owner of the London house is the legal and real owner.
Tips
Drive around London to see where you want to live. This might seem a silly idea but driving around or even walking in places around London, will give you an idea of where your London house should be located. In addition, there are people who do not list their properties with realtors and instead put a little sign in their front yards. Who knows? You just might get lucky.
Sources and Citations
London Property Guide
Right Move
