London is the UK’s property hotspot. If you’re looking for a safe bet for a property investment, the capital is the answer. Whether you’re buying a new home or looking for a buy-to-let property, these handy hints will help you to maximise your investment.
Do your research
If you’re buying property, it’s always essential to do your research. What kind of home are you looking for? What is your target market? Which area is best for your investment? Once you know what you’re looking for, and you have a set budget in mind, you can start your property search. Visit the areas you’re most interested in and delve deeper into their potential. Have a look at facts and figures.
Get friendly with agents
The London housing market is incredibly buoyant, and you have to move rapidly to secure deals. Houses and flats can sell within minutes in the most desirable parts of the city. It pays to get friendly with local agents. They can inform you about new properties and give you first refusal when it comes to arranging viewings. Keep in touch with some local agencies, so that you know what is going on at all times.
If you don’t live in London, consider visiting the city for a few days each month to have a look around some potential investments. Check out sites such as RoomClub for short-term accommodation options. Book a number of viewings and draw up a shortlist. If you do like the look of a property, arrange a second viewing as quickly as possible. Take a list of questions with you and have a good look around the area.
Look for potential
If you’re investing in bricks and mortar in London, it’s always advisable to try and stay ahead of the game. If you can’t afford houses or flats in the most affluent areas, look for up and coming boroughs. Try and spot tell-tale signs of regeneration. Examples include financial investment, building new homes and renovation of rundown estates and buildings. Look for opportunities to do up houses that have fallen into disrepair and those that need updating. Think about your target market. Are you aiming to attract young professionals? If so, look out for signs of cafe culture, good transport links and independent eateries and boutiques. If you’re trying to appeal to families, go for areas with good schools and green spaces. Close proximity to underground and train stations will always add value.
If you’re considering a property, think about how you could add value. Could you extend or convert an attic or basement? Is there scope to create an off-road parking space? Could you knock through and open up your living space?
Buying in London is usually a safe option when it comes to making money on property. But there are ways of maximising your investment. Look out for up and coming areas and don’t be afraid to get your hands dirty and take on a renovation project. Search for houses, which tick the boxes for potential buyers, and be prepared to act quickly.