Tips and Advice for Buying Property in London
Wednesday 23rd December 2015
For many people, there number one advice for buying property in London would simply be “Don’t.” You can get much better value outside the capital right now. However, if you have roots in the city, be it friends, family, or a long-standing career, this likely isn’t an option. While the current market may not be opportune for those looking to buy, that doesn’t mean there isn’t ways you can improve your chances of finding a good deal.
Location, Location, Location
That’s right. Kirstie Alllsop wasn’t just saying this because it sounded good. If you want to find the best deal on a property, you’re going to have to find an area that’s still under the radar for most shoppers. This is becoming fewer and far between now, but the general idea is to get in there before the big reinvestments take place. For instance, in East London the Olympic Games have driven house prices up over 60%.
Broaden Your Horizons
Within such a competitive market, it’s important that you have realistic expectations. Unfortunately, not everyone is going to be able to find their dream property for a reasonable price. By broadening your horizons, such as looking in locations further afield where you can commute from or less sought after properties like apartments above shops, you’ll raise your chances of finding a good deal significantly. This is particularly important for first-time buyers, where you might want to consider this property as a stepping stone.
Don’t Be Afraid to Haggle
That’s right. You might be surprised how far simply trying to talk down the asking price can get you. Because the market is so out of control these days, many people are placing simply unrealistic asking prices on properties. Don’t be afraid to haggle. After all, the worst that can happen is they say no. Arm yourself with the latest information. This will give you the best chance of striking the right deal.
Keep Your Emotions in Line
Finally, when you do find the property of your dreams, try to keep your emotions in line. There’s a good reason that people say you should wear your poker face when house hunting. Estate agents typically work on a commission basis. That means that the higher they can sell the property for, the better their own cut. If they see that you’re interested from the offset, they’ll be less likely to accept your first offer.
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