Buying a property for the first time is a very exciting milestone, especially when it’s situated in the UK’s capital city. However, it’s important to consider that as exciting as it may be, it is also a big responsibility. With the prospect of becoming a homeowner on the horizon, it’s easy to forget some major aspects of owning a home that can have a big impact on you and your family.
So, if you’re a first time buyer, here are 10 things to consider when buying a house in London.
How Secure Will My Property Be In This Area?
If you’re already residing in London, you probably have a good idea of the safety and general reputation of the area in which you are looking to buy your first home. However, if you aren’t already acquainted with the surrounding areas or are perhaps moving to the area for the first time, it may be a good idea to look at the crime rate and maybe even look into installing appropriate security measures for peace of mind. Your home should be regarded as your safe place, so any security investment is a positive one for your mental, physical and emotional well-being.
How Close Am I To Public Transport Links?
Most people living and working in and around London prefer to travel via public transport, whether that be bus, taxi, train or underground. Before putting in an offer on a property, take a good look into all the viable public transport options surrounding your property. If you rely on public transport to commute to work and you have no suitable nearby links, is this property a feasible choice?
What Are The Schools Like In My Area?
Even if you’re not planning on starting a family soon, it’s always good to have a quick glance at the schools in the immediate area. As with anything in life, people change and plans change, so it’s good to know that you’re prepared with all the necessary information should you consider starting a family in the near future.
Does This Property Really Meet My Needs?
When it comes to buying a house, a lot of people are willing to make compromises on some things, but definitely not on others. For instance, a garden, a garage, a balcony, two toilets – this list is certainly not exhaustive. Purchasing a property is a huge investment so don’t make any rash decisions. Be sure that you’re happy with your non-negotiables
Could This Property Be My Forever Home?
It’s always good to think about the future when you’re buying a house. At this moment in time, you may think of this property as your first home, but does it have potential to be your forever home? You might end up falling so in love with your house that you don’t want to move, so it’s good to think that the property has potential to be extended in the future should the occasion arise.
Is My Property’s Drainage System Effective?
In some instances, drainage systems are the last thing on people’s minds when they are buying a house. However, this should not be the case. Ineffective, broken or damaged drainage systems can lead to much bigger problems and as a result, very costly repairs. In order to avoid unnecessary stress and expense, it’s best practice to instruct CCTV drain surveys in London before agreeing on a purchase price for your property. This way, you’ll be aware of any present or potential issues, and even use the cost of repairs as a way of negotiating a sale price.
Have I Addressed Everything On My Home Survey?
When buying a property, your mortgage lender will always request a home survey as part of your loan agreement. It is vital that you address everything on your home report where possible. For instance, any mentions of damp, asbestos, etc. The more you can get sorted and fixed before you move into the property, the better.
Is This The Best Location For What I Need?
When you’re looking to buy a property in London, it’s vital to consider the postcode. If you’re a young family with a limited budget, is it worth moving another half an hour outside of the city centre to save tens of thousands of pounds on your property costs? If you’re a single person with a flexible budget and work long hours in the city, is it worth considering a serviced apartment close to transport links in the heart of the city? It’s definitely something to think about.
Are My Mortgage Payments Appropriate For Me?
Although you may have been pre-approved for your mortgage in principle, have you considered your monthly mortgage payments moving forward? Be sure that your salary is enough to cover your mortgage payment, utilities, expenses and leaves you with some disposable income too.
Am I Ready To Become A Homeowner?
Before buying a property, it’s vital to consider your readiness to become a homeowner, especially from a financial standpoint. If your employment situation is very uncertain, committing to a long-term mortgage may not be the best thing at this stage. Look at your personal circumstances as a whole to consider your financial position and readiness to begin climbing the property ladder.
Helpful? We Hope So!
As exciting as buying your first home can be, it’s always important to ensure that you’ve considered important aspects of being a homeowner so that you make the right decisions for you and your family.