It is tough to find a good estate agent for buying property. Investing in real estate appears to be a simple process. You buy a lovely house in a desirable neighbourhood and rent it out for more than your monthly costs, right? On the surface, that’s correct, but it’s a dangerous oversimplification.
An investment property may quickly go from a money-maker to a money sink. If you don’t do your research, you might make one of the innumerable blunders that could turn your investment into a headache or worse. Before you ever contemplate making a purchase, there is a lot that needs to be done.
Begin with your financial situation. Understand your finances before looking for a home. Do you have enough cash to buy a house in cash? Will you take out a mortgage? How much money have you allocated for a down payment?
Be truthful to yourself. Many people cannot afford to purchase an investment property. You must have enough cash not just for the down payment or purchase but also for the inevitable mishaps:
- Maintenance will cost more than you think
- Renting may not be easy
- Tenants can be annoying
- Cities and towns’ projects can damage the property
- Weather happens
Real Estate Agent
Not all estate agents in London are excellent with prime central London properties. We’ve previously established that fees should not be your primary consideration when selecting an agency. However, the typical house in the UK now costs a quarter of a million pounds. Even a fraction of a percentage may add up to a substantial sum.
The essential aspects for an estate agent in London are stated below.
- For a sole agency arrangement, the average estate agent charge in the UK is 1.18 percent Plus VAT. It is generally higher in London.
- When conversing with agents, keep an eye out for hidden fees. All essential services, including images, floorplans, marketing, and controlled viewings, should be included in their charge.
- Be careful of estate agents that charge less than 1% – there’s generally a reason they’re so low.
- It would be ideal if you chose a no-sale, no-fee option. Estate brokers only sell around half of the houses on their books, so don’t bet the farm on such a significant investment.
- Always bargain on the fee.
- A multi-agency contract with a typical agent (which usually results in higher selling prices) might be more expensive.
Prime Central London Properties
The most desired property attributes for clients wanting to purchase in prime Central London are listed below.
- Gardens and outdoor space
- A ‘village’ feel
- Period features
- Light, bright spaces
Throughout the epidemic, there has been a growth in demand for properties with significant outside space and gardens. This demand has been both in prime Central London Properties and around the UK. During the recent ‘race for space,’ domestic purchasers and London-based overseas buyers concentrated their attention on residences with outdoor space in an attempt to upsize. Similarly, purchasers will find plenty of outside space in Knightsbridge and Belgravia, making these places quite enticing.
Many more people are working from home than before and are likely to do so in the future. Desirable neighbourhoods such as Holland Park, Hampstead Heath, and Notting Hill, which provide a more laid-back ‘village’ atmosphere, have become increasingly appealing to high-net-worth individuals (HNWI).
Central London’s best period houses have long been popular with HNWIs, particularly outside ones, due to their rich historical appeal and typically English traits. Large windows and high ceilings are in great demand as purchasers desire light, airy areas that create a more calm and uplifting environment to eat, work, and entertain loved ones.
Many of our clients seek well-restored traditional period elements like finely crafted cornices, ornate ceiling roses, and genuine parquet flooring that have endured the test of time. High ceilings are also quite desirable since they provide much volume to a room. Clients adore the thought of having something one-of-a-kind to them, which is what makes their house fascinatingly different.
Clients are increasingly searching for houses with new appliances and fashionable, refurbished areas, such as sleek marble bathrooms, so it’s critical to balance painstakingly preserved period elements and modern additions.