Buying a house can be a difficult endeavour – but buying in London can be almost impossible. Not only can it be hard to find a property at a suitable location – close to transport links, a safe and populated area, local amenities and not too much of a commute to work – but it can also be difficult to know how to go about buying a property. Here are some simple solutions to consider when looking to become a London property owner.
Should I Buy or Rent?
The first question is to decide whether you want to buy a house outright or to rent it. There are pros and cons to both. The main one is that by renting you don’t have as much of a commitment to the property, but renting is dead money, especially when there are options for you to mitigate the costs of buying a property. Indeed, first-time buyers are given incentives to make the purchase and to get onto the housing ladder to prevent the market from stagnating.
It’s not as difficult as you’d expect to begin your property-owning journey. With the addition of some bank help-to-buy schemes, first-time buyers can expect to get competitive deals that take into account the capital and interest repayments, fees and incentives over the period. As Trussle shows through their variable rate mortgage comparison, first-time buyers can also receive a competitive initial variable rate of 1.77% for the first two years of their mortgage before reverting to the standard rate, which is of a similar level available to those looking to remortgage, saving buyers 3.22% interest each month. With comparison technology available, first-time buyers and those looking to remortgage their property have never had so much assistance available during this process.
What Should I Look to Live Near?
Choosing the house may come down to what is nearby. Living in London, it’s crucial that transport links are nearby. London Underground stations are ideal, with house prices variable to the station, but London also has a connected network of buses that can also be beneficial to have nearby. Another issue that has arisen in recent years when it comes to finding somewhere to live is air pollution – which can be monitored through services such as the London Air map. This outlines where the worst affected areas are, so if you are prone to respiratory conditions, you can ensure you don’t live too close to busy roads but you’re instead near green spaces. Many areas of West London specifically pass the air pollution test when it comes to the average amount of pollutants in the air. Local amenities are also important, but you can expect almost all areas in the capital to be equipped with the basics. Some areas concentrate on different trends and specialities, so shopping around each could be useful if there is something you are looking to live near.
Choosing a home can seem like a huge task, but breaking it down into smaller chunks can make the process more manageable. There is a lot to be said about living in London. Ensuring that you have made the right steps to owning a house and chosen the right area for this house to be in, you’ll be well on your way.