We share tips based on years of experience in the purchases of flats and houses!
Buying a property-flat or house-is one of the most significant investments anyone will make, so the decision has to be well-informed. As all buyers invest their savings or enter into long-term mortgages, and the property either has to become a comfortable home for those buying as occupiers, or generate return for buy-to-let buyers, it is advisable to consult an experienced and professional agency to provide guidance.
The purchase of a flat or house should be rational and well-planned, especially when buying with a mortgage.
The location of a flat or house is always important. Choose the one which suits you best for everyday life, but ensure that it also has some objective advantages, to protect your investment, and to make the property more rentable or sellable in the future. The vicinity of public transport, schools and nurseries, shop, doctor's surgery, park…always increases the desirability of a property. The flat or house itself should be 'quality', which does not neccessarily mean that it has to have expensive fittngs. The layout, which way it faces, the amount of natural light, the floor within the building, outside space, off-street parking and storage, are much more important. Flats with different characteristics have to be priced differently.
You prefer new builds or properties for refurbishment? Why not consider both, as each property type has some advantages and disadvantages. Flats in new builds will understandably incur less investment, but investigate the reputation and reliability of the developer to ensure the building is well-built. Also ensure that you can obtain the relevant building and use permits, because banks will not issue mortgages unless you provide them with these documents. Flats in older buildings are a good investment, especially if the purchase price is below average market value, because they are often on better locations than new builds, you can refurbish them to your standards and taste, and you can install fittings within your budget. Bear in mind that the refurbishemt can be costly and lengthy, depending on whether you are just touching up, or carrying out major works such as demolition or change of wiring and plumbing. The outcome, costs and timelines will also depend on how skillful the builders are. In any case, do not overinvest, to ensure that you have no losses in the future.
Before making an offer, ensure that all the paperwork for the property is 'clean'. Property agencies are required to check the title deeds and permits of all the properties they list, and they should draw your attention to any legal issues.
When you have found a suitable flat or house, are confident this is the right choice for you, and have checked all the paperwork, make and offer through your agency. A reputable agency will negotiate with the goal of completing the purchase to the benefit of all sides involved. After your offer has been accepted, you will sign Pre-Sale or Sale Agreements. Seek advice to be sure that you are legally protected.
When choosing a partner agency, check its credentials and references, how long it has been on the market (which will make it more experienced in all apsects of the mediating process) and whether it will support you in all the stages of the purchase. It's risky collaborating with agencies you can't rely on, as you could be ill-advised about one of the most significant investments you might ever make.