The cost of flats in London is getting more and more expensive. This might be attributed to the influx of foreigners and general migration of other Englanders into the city. Newly built houses are generally more costly than older ones because they are modern and elegant. The rising cost of has left many wondering how to buy a flat in London. Other people have had to seek tenancy in order to avoid the prohibitive cost of actually owning a flat.
It should come as a solace to many that owning a flat is not as hard as it may seem. There are many ways that you can buy an affordable flat in London. What you need is to keep your ear one the ground and to look around keenly. There is always someone around the corner with a good deal for a nice flat.
What to consider?
One of the things that you have to consider before buying a flat is the location of the flat. Prices of flats differ from one place to the other. Expensive flats could be those that are closer to the city centre or those in the suburbs.
Of course, you must also figure out if your chosen location is close to your place of work. You do not want to spend huge sums of money on the house only to spend a lot more on transport to and from work. Remember, your house payment will soon be over, but you will have to continue commuting to work for a long time. The chosen location should also be close to shopping centres and some entertainment venues.
Most agents allow for booking of apartments when they are still under construction. Buying flats off-plan is a good way of avoiding unexpected inflation in prices of houses. The price tags of uncompleted flats are way less than those for fully built flats. You can locate a suitable construction and ask about prices of flats. If you are interested in the flat, you will be guided through the procedures of buying the flat off-plan.
Price and affordability
Given, the rising prices of flats, many people choose to pull their resources together to pay off the price. This method of buying was common among spouses. A husband and his wife would each get a mortgage against their salaries and use this to buy a flat. Fewer people are getting married these days. Therefore, the number of spouses buying flat together has reduced.
You do not have to be married to pool your resources for a flat. Brothers can get together and buy a flat. Even friends can buy flats together. The problem with this kind of arrangement is the possibility of dispute of ownership in the long run. It is important for those who join hands in buying flats to come up with agreements governing the dissolution of the ownership.
Auctions can be a choice
Auctions provide an alternative to buying flats at reasonable prices. Auctioneers do advertise for flats on auction. They provide a lot of background information about the property and the whole auctioneering process. It is important to know all about the flat before going for the auction. You should be aware of the location, architecture and the possible cost of the property.