Many investors look to buy property in the Metropolitan area of London, as owning one in that city, brings with it, its own prestige and importance. An investor may look to London property buying for earning additional income from rents, or may even consider living in it, if his or her business or other interests are linked up with the city.
When you go in for London property buying there are a number of things to be looked at before you make such an important investment decision. They are:
• Location of the property
• Transport links
• Safety and crime
• Need to refurbish
• Rental values
Location of a property is very important, especially if you intend to stay in it. Then you will be interested in the amenities that the area offers, like shopping, schools, parks, hospitals and others that make life more pleasant. When the property that you buy is in close proximity to train or tube, or it is easy to catch a bus to and from it, this automatically makes that property that much easier to live in, and if you are intending to rent it, than your tenants will consider it a plus point. The condition of the neighborhood can give a property an address that is looked at with respect. The area where you buy the property must be considered safe and relatively crime free if it has to retain its value as an investment. If you do need to refurbish the property or make structural changes to enhance it or make it more usable, you must look at the local laws and regulations that govern such activities. Otherwise your well intentioned attempts at improving the property can come to naught. If you are planning on renting out the property, ask for rental values that are prevalent around it, as this can give you an indication of the sort of income that you can expect. Put this into your calculations on return and decide whether it suits the end aim of your investment. It can do no harm to find out whether property prices in that area have been appreciating or are going down in the particular area of London that you have chosen.
Renting out of London property buying homes or commercial premises may need some attention to be made as to how you will manage the property in future. If it is a single property, you can do it yourself. You can then save commissions and other fees that a property manager charges. When you do it yourself, you will have to look after the maintenance of the property, payment of taxes and other dues, collection of rents, looking after tenant’s interests, and above all making sure that your property has a very high occupancy rate. This may need you to look for new tenants when leases expire and you will further have the task of ensuring that your new tenants are the ones who will pay their dues on time and never cause you any problems.
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Thanks for reading. The author is a property expert at Edingtons