Making a property investment calls for a gamut of activities such as the studying of the prevailing price of properties, the council tax structure, and the future growth of the prices there. Because, you are making an investment on a property and NOT buying one to put up there. Your purpose of buying a property, therefore, is aimed at making some quick bucks. Isn’t it? The London property investments are no different.
Key features for making London property investments:
Like all other advanced countries in the world, London property investments call for an in-depth understanding on a couple of issues befitting the purpose of an investment such as the following.
1) The aging of the property: Whether you are making an investment on a fresh property or a second-hand one will have an impact on the property price. You must keep it in mind while negotiating or simply considering to buy a property. Because, you will usually have to carry out some repairs or customisation of the interiors according to the demand of the situation. Costs incurred for these can be proved dearer to you in case you buy the property without considering the renovation cost.
2) Council tax:Council tax too can be considered as a strong deciding factor for your coveted London property investments. Because, council tax structure in London hovers between 600 – 1900 pounds annually based on the band. So, you have to take council tax structure in mind while investing in London property.
3) Property location:The location of a property will greatly impact your investment decision here. Because, you have to work within a budget against every single purchase a.k.a. investment on property in the City of London. There are eight bands named A to H based on which council tax in London varies, so goes the price of the properties there. Therefore, you have to make a conscious choice on the location of the property.
4) Prospect of the area:You will always find some developing areas especially on the fringes of the City of London where property prices may be low at any point of time compared to the other areas. But, you know what some upcoming projects such as any government office or the company headquarter, metro rail connectivity or the upcoming highways add value to the properties virtually in no time. Such areas may be construed as the good investment destinations for properties. Target those areas where London property investments can give you a decent return in the short term. For instance, Hounslow borough is expected to hit 20% growth record in 5 years.
5) Transport facility:Connectivity of a place becomes one of the selection criteria of a potential investment destination. Whichever place you choose, it must have the good transport facility. This is a strong determinant here as an investment destination.Because, the poor connectivity will negatively impact your property prices over the time. Moreover, you can’t get the high-paying tenants easily.
Does your homework properly before you set out for the London property investments.