There are many UK property investment opportunities to be found, if you know where to look. Part of the challenge is sifting through the many offers and advertisements to find the one that’s right for you. If you know how to look, and narrow down your search criteria, you can save yourself time and possibly money as well.
Set Your Budget
The first thing you need to know about any property is whether you can afford it. Find out your financing options before you start looking. This way you won’t waste time looking at something you won’t be able to finance. When you set your budget, don’t overextend your resources. Always look for options that don’t involve using your money up front. It’s a good idea to consult with an accountant or attorney specialising in real estate for advice about financing.
Choose A Location
Where you want to buy will depend on your needs and preferences and what is available right now. It’s best to narrow down an area as specifically as possible. This way you can thoroughly research any relevant information about the local economy, proximity to highways and public transportation, crime statistics and other data you may need.
Keep in mind that even a short distance can make a big difference in such data. For example, one neighborhood within a city may have much higher property values and a lower crime rate than one only a few blocks away. So if you are considering more than one neighborhood, make sure you thoroughly explore each one.
Facts About the Property
There are many things you need to know about a property before you consider investing in it. Some aspects of the overall condition will be obvious upon sight. Others, such as structural soundness and electrical wiring, will require inspections by experts. Be sure to research everything that is relevant about a property. This may include the condition of any grounds, parking and any zoning issues or legal permits if it’s a commercial property.
Every aspect of the property’s condition come into play when negotiating with a seller. You may ask if the seller can make certain repairs or improvements. If he does not want to, you can ask for a lower price based on these
expenses you will have to take on.
If you decide to make an offer on a property, you may want to offer a sum considerably lower than the asking price. There are exceptions, of course. In some cases, the property may be an especially good bargain for some reason and there may not be any room for haggling. If you do make a lower offer, however, decide ahead of time what you are willing to pay and stick to it.
In most cases, the seller is more anxious to sell than the buyer is to buy. After all, there are many properties on the market, but if someone has an urgent need to sell, they cannot predict when the next offer will come along.