If you are thinking of investing in the London property market, you’re probably wondering where to start. We will explains why it pays to appoint the services of a property search agent.
London is a buzzing, cosmopolitan and extremely attractive place to live and work, and it’s very popular with overseas property investors. According to Hamptons International, 11 per cent of rental properties in London were let by landlords based abroad last year. But for most would-be landlords – particularly those who have never lived or worked in London – the biggest problem is knowing where to start.
Here are five reasons why hiring the services of a property finder will be money very well spent.
Save yourself a lot of time
For instance, London is a big city. It has 52 boroughs covering 600 square miles and has a population of nearly 9 million people. Unless you narrow down your search area quickly, you could spend years trying to find the right property. A good property finder can help you do just that. London has many things to offer for different budgets and requirements, and they can help you focus your search in the right place.
A property finder is whole of market, not restricted
When you buy a property, whether it’s to live in or as an investment, why limit your options by only looking through one estate agent or building company? London is a big city, with lots to offer. A property finder can help you find the right property for your needs and maximise what you can achieve for your budget.
You’re not just limited to new-build apartmentsFirstly, new builds command a premium and you can expect to pay between 10 and 30 percent more than for an established property.
If you have done any research into the London property market, you have probably already stumbled across the large house-builders promoting their new-build apartments in the latest up-and-coming part of London. While these might prove to be the best solution for you, there are a few things you should be aware of.
Another consideration is that when a new development is completed, many apartments suddenly flood the rental market. As a landlord, you might either take a hit on the amount of rent you can charge, or you accept that the property may lie empty for a while.
Lenders are nervous of new-builds as a result, so you may have problems sourcing finance.
Finally, many new landlords don’t realise they are responsible for paying any monthly service charges. New build apartments tend to come with high charges, especially if they operate a concierge and gym facility.
They do all the hard work for you
A good property consultant won’t just find you the property and walk away. They will negotiate with the estate agent on your behalf and they can work with the mortgage company to ensure you have the right finance in place. We also work with the solicitors to ensure a seamless sale, and they can find you tenants and provide ongoing property management if required.
You only pay them when the sale completes
The London property market can be a little frustrating at times. You can be close to completing on a property purchase, and the sale can fall through for any manner of reasons. A property consultant, other than your initial deposit, you only pay us when the sale completes. If it falls through, they will start our process again at no extra cost to you.
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Investing in London property? Five reasons why you should hire a property finder