Things You Should Think About When Buying a House in London

London is an incredible place to live and work, but getting on the property ladder can take a while for a lot of people. However, if you’re ready to settle down and invest in your own flat or house, here are all the tips you need to prepare yourself.

The next steps you take will set you on an incredible journey, helping you to feel more comfortable and secure in the city you call home.

Decide on your budget

Setting your budget is one of the most important things to do before you even start looking at properties. Work out how much you have for a deposit and how much lenders are likely to give you based on your income. Remember, you need to have some extra money left over for fees and unexpected costs, so don’t put everything you have into that initial down payment.

Don’t forget about home insurance

Some mortgage lenders won’t accept you without home insurance, so it’s worth being prepared and armed with all the knowledge you need. Your first step should be to get home insurance quotes, as this will give you a good idea of how much a policy might cost. Then it’s time to consider how much cover you’ll need, whether you want both contents and buildings covered and whether you should get any add-ons such as accidental damage cover.

Understanding the type of property you want

It can take a long time to find a house you want to buy, so start looking early. Remember, your dream home needs to be one you can also afford, so you may have to compromise on a few things, especially if this is your first home. Contact local estate agents while browsing the web where you may also want to set up alerts for properties in your chosen areas and price range. And when you see a property become available, you should act quickly to avoid missing out.

Explore different areas of London

Prices in London can vary a lot, so it can sometimes be a good idea to look outside of your comfort zone. Go on day trips to new areas that you may not have explored before – you might just fall in love and decide you want to live there!

Pay attention to transport links

Transport is generally very good in London and most areas are connected by bus, rail or the underground. However, you may want to have a tube stop near your new address if that’s how you commute to work. Think about which line you’ll need to get on and how your move could affect the way you get to the office.

Don’t rule out places outside of London

If you don’t need to live in London but want to be close by, there are plenty of neighbouring areas that could be good options when thinking about your move.

Areas like Essex, Buckinghamshire and Surrey are all a train ride away from London and may be better suited to your needs if you’re looking for a little less hustle and bustle or to make some savings.