Advice for People Looking to Invest in Property in Central London
Buying a property is well-known as being one of the most stressful things that you can do in life, whether you’re considering investing in property for yourself or investing in property that you are going to rent out or resell in the future. If you are considering investing in Central London property, at GLP, we’re here to help with some tips to help you find the perfect property to invest in and make the entire process as smooth as possible.
Table of Contents
Choose the Right Location
When it comes to buying a property in Central London, location is key. And in the capital, there are more suitable locations than ever before, with some areas that were hard to sell in just a decade or two ago having undergone plenty of work to make them more desirable. If you want to get more for your money, consider opting for areas just outside of Central London, where you can often find properties selling for less, despite being close to the city and everything that it offers.
Consider Less Desirable Properties
The type of property that you’re looking for will depend on what you want to do with it. If you are investing in property that you are going to live in, a less desirable property like properties above shops might be cheaper and easier to buy, along with getting more space for your money. On the other hand, if you want to invest in property to rent out in the future, consider who your target market is going to be. A less desirable property might be harder to resell but easy to find tenants for.
Haggle
Bear in mind that just because a property is listed for sale at a certain price, this doesn’t always mean that it’s going to be worth that much. You could potentially save yourself a decent amount of money by doing your research into similar properties in the area and how much they have sold for. This will put you in a better position to negotiate the asking price with the seller.
Hide Your Feelings
It’s sad but true – it’s a good idea to hide your feelings if you are viewing a property that you love. This is because some estate agents or sellers are going to give you a hard time if you want to knock the asking price down in the future if they’re getting the vibe that this is your dream property.
Research the Transport Options
Whether you’re investing in property to live in or rent out in London, it’s a good idea to look at the transport options. All of London is covered by the Underground, and the closer the property is to a tube station, the better. If you plan to rent out the property or sell it on in the future, being no more than ten minutes walking distance from a tube station can be a great selling point. On the other hand, however, if other transport links are good, properties that aren’t as close to Underground stations might be cheaper to purchase.
Talk to Locals
If you have recently viewed a property and like the look of it, spend some time exploring the immediate area. Bear in mind that if you are investing in property to rent out, then it’s a good idea to explore the area with your tenants in mind. What’s available for families? What are the local restaurants and shops like? Visiting the local pubs can help you get a better idea of what kind of neighbourhood you’re in and give you a chance to speak to people that live nearby about the area. You might also want to consider knocking on the neighbour’s doors to introduce yourself and get their take on what living in the area is like; chances are that they’ll be able to fill you in on information you won’t get elsewhere.
Consider Property Auctions
If you want to invest in property quickly and at a good price, don’t dismiss property auctions as an option to consider. This can be an ideal way to get a London property if you’re open to buying a house that needs some work. Before going to the sale, it’s a good idea to work with a solicitor who can thoroughly read through all the paperwork and alert you to any issues. And make sure that you view the property before committing to buy it.
Whether you’re investing in property to be your London home, want to become a landlord in the capital, or are considering purchasing a property to renovate and resell for a profit, there are lots of ways to make finding the right property stress-free. At GLP, we’re always up for a chat about how we can help you find the right Central London property to invest in – just give us a call.
