Over the years, London has firmly established itself as the prime spot for property investment. Investors from around the world seek to buy any property in London to grow and increase their wealth. The lucky ones who smartly make investments in purchasing a property in London continuously enjoy the property price appreciation. The average property price has doubled in the past 10 years due to a strong demand in the minimal housing supply.
In addition, availing a property in London gives a good rental yield, and a decent capital appreciation. There is no restriction to foreign ownership of properties and for this reason; London has become the second global financial center, the first being New York.
Focusing on a good investment in London will benefit and secure your money. Try to get a small flat or apartment by following these steps:
- Decide the reason of your purchase, i.e. is it for investment, vacations, or permanent settlement? Each reason will have different requirements for your purchase. For example, if you are buying for rental purposes, you will want to buy a flat that will increase in value and gives a good rent. A vacation home requires a safe place that can be locked, while permanent places require a good neighborhood with accessibility to all facilities.
- Set an estimated budget for the cost of property ownership in London. You will have to calculate the price of the property, the fees, and annual taxes before you purchase the flat. London is tax-friendly, but the prices are high for living and purchasing.
- Choose a location for your purchase. This will require your preferences, like if you like shopping areas, you may wish to buy the flat near a rich shopping area, or if you are a workaholic, may be you should by a flat near work.
- Seek help of a local estate agent. This is very important as estate agents aid in finding property that will be best suited for you as they have a hand of experience in knowing what their clients are looking for. They know well enough about particular areas, and they will know find places to consider that you may have missed. They also are good in negotiating with landlords and will check the lease agreements. You can even find estate agents and properties online. Below are a few helpful links: