In the recent years, the property market world over has seen an upward rise in prices. This has been due to an increase in mortgage interest rates, increasing the cost of building and a surge in demand for property due to the ever-growing world population. This trend is expected to continue and due to this, there are several factors to consider when buying property in the UK.
Factors to Consider When Buying Property in The United Kingdom. #1. The Neighbourhood and The People. Before buying property it is important to check whether it is located in a secure location conducive to you and your family and how tolerable the neighbours are. Another thing to consider is the accessibility of social amenities such as schools, hospitals and markets where you can access goods and services at your convenience.
#2. Your future plans. Before buying any property it is important to put into consideration what you want to do in future. For instance, there is no need for buying a small apartment if you would love to have to have a big family in future. Similarly, if you are not planning to live long at a particular location it is necessary to consider tenancy rather than buying.
#3. Know the difference between leasehold and freehold properties. Leasehold is whereby for a set amount of time say 100 years while freehold is whereby you out rightly own the property together with the land its on and are therefore allowed to do as you please with it unlike with leasehold where such liberty is denied since you do not own the property. Leaseholds which are like long-term rentals are cheaper than freeholds and it is, therefore, necessary to find out the difference before making any buying decisions. Real estate agents websites like https://www.mouseprice.com/ will state whether a property is freehold or leasehold.
#4. Understand the difference between old build and new build. Property 10 years and below is in most cases considered as new-build while that older than 10 years is considered as old-build. Old-build properties are cheaper though they may come with old age problems and end up costing as much as new-build if not more. New-builds, on the other hand, are expensive and are deemed overpriced although they are advantageous since no repairs are required.
#5. Building your own house. Before thinking of purchasing the property it is important to compare the cost of building your own property vis-à-vis that of buying. In most cases building your own house is more cost effective than buying. It also gives you an opportunity to model your own house to your liking. So with circumstances allowing it is important to consider building rather than buying.