What Factors should be considered when looking to purchase a property in UK?
And If you’ve never done it before the process can be daunting.
When it comes to purchase a property, some inquiries always shoot up in your mind as a buyers perspective isn’t It?
However, you managed with your finances but still Purchasing a property in UK requires many clearances through concerned government authorities. Here are some of the steps to consider.
Does the selected property falls in your budget?
Make sure you have included all of the costs listed below in your overall budget before going for a deal. As it looks bit effortless to conclude all the estimates before, but still every penny counts for an exceeding budget. As per the BBC reviews for months of April to June 2013 the Average house price in UK do cost approx £242,415. However the flat costs bit higher than residential houses that’s about £250,101. Now this seems to be a healthy investment.
Lets see what are the different payment slabs that make this amount that much calculative when going for a property investment.
- Deposit fee
- Survey fees
- Valuation fees
- Stamp Duty Land Tax
- Land registry fee
- Local authority searches
- Fees charged by the mortgage lender or someone who arranges the mortgage, for example a mortgage broker
- The buyer’s solicitor’s costs (if applicable)
What about the Lending factors to be considered?
Having insufficient funds does not make much difference now days, as there are different loan schemes designed to meet the requirements of all types of consumers. Before buying any of the property lets know about some different types of loans:-
- Construction loan
- Low-Doc loan
- Bridging loans
- Mortgage loans
Opt for a loan that offers less interest part, suits you and discuss this matter with as many people as you can for having a wise idea.
What about the Environmental factors, do they matter?
Let’s consider the area where you are going to buy property. What if it’s prone to earthquakes, flood or any kind of cyclone. Will you like to live there or can you spend an easy going life there?
No? Then, before buying any property do consider all these points to ensure you are away from these risks. And in case you have to buy property there, look for the houses that are earthquake & cyclone proof or such structures that can somewhat resist them.
Which Area/location is preferable?
What strikes your mind when you think about the area preferences for your dream home. Is it for a low budgeted area which will benefit you financially or looking for a highly urbanized & full of amenities nearby. But for this, chance of price hike is more. But it will worth it rather than going for some cheap property which doesn’t have all these facilities. Lets see some area preferences:
School and hospitals are the two major parts of a person’s life which should be close enough to residence. If you have children, it’s hard letting them go far away from you. Whereas, hospitals are needed in every emergency situation related to medical aid.
Transportation is a vital part of our life, with transport ease you can travel easily to interlinked cities and suburbs without having much difficulty.
A property near a highway or in the industrial sector may create noise & air pollution, which somehow might affect the health, green space is another alternative that is utilized, these days in Uk, people prefer to live in green societies far away from industrial plants yet are productive as on an industrial scale.
Do the survey, is that area prone to criminal activities often or some illegal activity is going on nearby your premises? It’s a serious issue for example, areas like Peckham and Hackney are prone to criminal activities.
Do Interiors qualifies for your living?
Check out the interior, are the rooms spacious? Are they comfortable for your family to live. If there is any draw back in the architecture of the house.
Another lookout for Feng Shui belivers?
According to Chinese mythology Feng Shui has a meaning itself, i.e. wind and water are the two elements required for the survival of human beings. Thus, we can use the principles of feng shui to position our interior decor such a manner that it maximizes the positive influences and minimizes the negative ones. Its not compulsory to believe it yet it is followed by many people now days.
As per the Feng Shui rules –
- The entrance of a house should never face south as it is considered very negative.
- It is always advised to avoid having staircases facing the entrance as it attracts the negative energy.
- The door should open with a lot of rooms appearing in front of you which is known to have a positive effect.
- A wall in front of you during the time of leaving the home is very inauspicious.
- A toilet while facing your main door, as you go out, will affect your business and career.
- A toilet facing the main door, as you enter home, will drain out all your wealth.
- Three doors in a row continuously are considered unlucky.
- Avoid a house facing hospital, cemetery, jail, police station and morgues which are known as to invite disasters to your life and family.
Legal disputes –
In order to check if the property has any kind of legal dues, one can inspect or check the encumbrance certificate which will then testify if the property is free of all legal dues, any kind of capturing and mortgages. If the property is present in a society, then no objection certificate (NOC) from the society is required to check the legal status.
Architectural approval –
Every house map has to be approved by the local government before being utilized. But in case the rules are violated or has not been implemented, legal penalties can take place.
These all steps have their own value in the selection process, you may consider all, skip one or customized it in your own way, this guide will always help to make your decision in a right way.