What to expect with property in London

Finding a property in London isn’t easy – there is no argument about that. No matter what part of the city you want to live in you will not just walk into a house or an apartment hassle free, even with the help of some of the most professional estate agents in London such as Leo Newman. Money is always an issue, but there are numerous factors which you have to consider when looking for a property. Of course, the salaries and opportunities in the South East are the highest and most numerous in the country but it is all relative to the higher standards and cost of living. In addition, the social side of the city is rich in culture and incredibly cosmopolitan; just living in London isn’t enough, you need to experience it. As a result, finding a place to call home in the ‘Big Smoke’ will unearth snags which you have probably never come across before. No one wants to walk into the process unaware and uninformed, especially if living in the capital is your dream. To make life a lot simpler look out for these issues.

 

  1. Deposits

You have searched high and low, found a property in the right area and also one within you’re budget, and you’re floating on a cloud as all the hard work seems like it is behind you. But, in reality, it is just beginning. Whether renting or buying there is always the tricky issue of finding a deposit big enough to hold down the property. London isn’t like any other city in the United Kingdom or the world if a recent survey by The Guardian is to be believed, so a couple of hundred quid won’t be enough. On top of that there is stamp duty and legal fees, and before a key is in the door that is fifteen to twenty grand of hard earned cash splashed out. To be honest there isn’t much to be done about the cost but what can be done elsewhere is a little bit of bookkeeping to get all your accounts in order and to be mindful of what is to come. Remember, your estate agent is your best friend!

 

  1. Think again

As a knock on effect you might soon find yourself lowering your expectations. Ask anyone who has moved to London and they will tell you the same thing as the issue of money and expenses raise their ugly heads. Obviously, everyone wants a nice little starter home in a central zone with atmosphere and brilliant transport links, but all this costs and if you soon realise you don’t have the funds then you are going to have to rethink. Try as hard as you can to fulfil your dreams but be realistic at the same time and have a back-up plan as London’s property market has a way of turning dreams on their heads. Your new property might not be in zones one or two and it might not be in the heart of the action, but the tube is the great equaliser so as long as your next to it then you can be anywhere in central London within an hour.

 

  1. Boracic lint (skint!)

Regardless of what you end up in or where you end up, expect to be broke for the foreseeable future. Now, you might think you are a professional when it comes to having no money, a specialist even who could ironically charge for seminars in how to be skint, but London is a whole different level. You might be the proud owner of some walls, a bit of carpet and a couch but every time your friends mention ‘getting a round in’ you are sure to break out in a cold sweat. This might not be you and your wage might be enough to sustain the life that you already have but don’t be too sure and do be prepared for twelve months of scrimping and saving.

 

  1. The right thing

All this amounts to one thought which is inevitable – am I doing the right thing? Getting cold feet is predictable and it would be irresponsible not to give the move the once over so be wary of overthinking and scaring yourself into pulling out. Yes, for the same money you could probably get a manor house in Cheshire instead of a one bedroom apartment in Wimbledon, but then again Cheshire isn’t London. Just remember if it’s what you want then you have to make the tough decision. Go on, go for it!

Comments are closed.

Please wait...

Subscribe to our newsletter

Want to be notified when our article is published? Enter your email address and name below to be the first to know.