London is a place where people of different origins choose to live as residents. The entire world knows London to be at the heart of the UK’s economy, culture, and politics. London boroughs have a higher cost of living and housing prices than the rest of the country. But it consistently attracts the British and foreigners.
There are certain things to consider when buying a property in the London boroughs, or an apartment in London. This article will cover the vital areas of consideration.
Is buying a property in London a smart investment?
Purchasing a property in the London boroughs is certainly a huge life investment. This is because, as we mentioned earlier, housing prices are quite high. As numerous people try to make London their home every day, the housing market is extremely cut-throat.
Today, half of London borough residents are homeowners and half live in rented spaces. But given how the situation is moving, the number of renters is soon going to exceed home-owners. This is because the market price is out of bounds for almost all young London residents.
Therefore, buying a property in the London boroughs when you can is a great investment. Increasingly, you will find it hard to find houses on sale. Thus, you can become a buy-to-let investor after purchasing a property. Your house will always be in demand among tenants, so capital growth or capital returns is a given.
How safe is the property?
When you want to buy a property to reside in, your safety becomes of paramount importance. Unfortunately, London is seeing an increasing crime rate. So it is important to have a property in a safe neighbourhood. Additionally, the house or apartment should have an active surveillance system with properly installed CCTV.
Are your finances organised?
Before you start looking for properties, judge your financial situation. This will help you set a budget for a new property. See if you can arrange independent funds or have to agree to a mortgage. You should know how to arrange a mortgage if you are not a cash buyer with cash ready for your disposal. Be aware of the other additional purchasing costs you have to pay. Talk to a mortgage company, your bank, or your lender. Also, you can talk to different brokers and select the best deal while buying a house.
What is the best place to buy a property in London?
If you are looking for luxurious apartments for sale in London, contact Strawberry Star and you will not be disappointed. But the best property for you depends on your budget and a location that is convenient for your daily life. Kensington and Chelsea have expensive properties. Havering, Dagenham, and Barking are great for daily commuters. Properties in Bexley and Bromley are affordable. If you are on a budget, try looking at Newham, Sutton, Redbridge, Greenwich, Croydon, Enfield, and Lewisham. So research extensively before buying a property in the London boroughs. Your budget and lifestyle are the most important things to consider.