Over the years London has acted as a magnet for overseas investors, providing a safe haven for their assets and great returns on investment. Due to the increase in demand, certain areas of the world-famous destination have surged in price. However, this isn’t to say that there aren’t specific areas in London that are still reasonably priced; in fact, there are many suitable properties that provide great opportunities for prospective buyers. Here are some of the factors you should consider before any papers are signed.
- Personal tax position. This aspect usually depends on the reason why you are purchasing the property. If it is a second home or is being purchased with the intent of letting it, you will need to make sure that you are aware of all of the tax involved. Inheritance laws and capital gains tax sometimes need to be taken into account before completing any purchases.
- The right price. There is always a constant supply of new developments that are attractive to buyers, especially due to the fact that they will be free from defects and in top condition. However, this does come with a potential downside. Sometimes you have to pay a large premium for a new property, meaning that you’ll recoup a lower asking price when selling in the short term. Think about what suits your needs the most and purchase accordingly.
- Location. One of the most important things in the property market is location. While house condition and design is relatively important, the only thing that cannot be changed is where it is located. For this reason, a lot of thought needs to be put into where you buy. Research the market and see if there are up-and-coming areas that may provide you with a larger return. As we specialise in providing property and estate management in Kingston Upon Thames and throughout the rest of the city, we can offer useful advice to help guide you towards the right decision.
- Proximity of public transport. As London is a busy city with a large commercial sector, it is crucial that there are public transport links between residential and commercial areas. Traffic is busy and there are many initiatives to reduce vehicles on the road, meaning that commuters often rely on public transport to get to and from work.