When buying an apartment in Central London, there are certain things to think about. We outline a few in this article.
London is a city which is experiencing real change. It's always experiencing change, but the sheer number of redevelopment projects and transport upgrades are having a positive impact all over town. Whole areas are being revitalised, and as a result, new 'property hotspots' are being created all the time.
Central London is still as sought-after as ever, yet sharp property price rises in recent years have placed it out of reach for many investors and buyers. However, if you're keen to either buy or invest in the Central London area, we've come up with a few things to focus on before you begin your search:
It's still all about location, location, location
This much-used mantra still rings true, and if it's location you're focused on, then you can't go far wrong with Central London. Most agents will advise you to buy in the best street you can afford. Of course, what constitutes a 'good location' will vary from person to person, so it's as well to do your market research, and be advised by your agent.
Where's the nearest tube station?
Whether you intend to buy a property in central London to live in it yourself or let it out, proximity to a tube station will probably be a priority for you. If you're letting the property out, prospective tenants will be pleased to know that there's a tube station nearby, even if there's a regular bus service. The tube offers a speedy way to travel around the capital.
Scrutinise the décor and furnishings
Appearances can be deceiving. When viewing an apartment, try and be as (quietly) critical as possible, and look at the property with an objective eye. The fixtures and furnishings might look good, but have they been installed well? If you bear this in mind, you might be able to pick up on things you otherwise wouldn't have spotted.
Check on any annual charges for maintenance
Ask what the annual charges or maintenance/building costs are. This is relevant if you are buying an apartment in a communal building, where you often contribute to the cost of those communal areas. Any annual charges like this, on top of everything else, can tip the balance in favour of an apartment in a non-communal building which doesn't come with these extra costs.
Hire an estate agent
Take on a reputable local agent. This can make all the difference to the process of searching for, finding and buying an apartment, or any property for that matter. A local agent will know the market you're interested in well, and they will be able to offer advice and support when you need it most, which, with the general stresses involved in buying property, can prove invaluable.
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