Owning a property may sound simple, but buying one is tedious and complex. There are a lot of factors to consider, such as the circumstances you are in, especially your personal and financial stability, your career, and your willingness to commit because buying a property is a major financial commitment.
There are a lot of houses and flats in London which you can choose from if you want to buy a property in the capital of the UK. When you buy a property, you can experience London or rent your space out for additional income.
Why should you invest in a property in London?
There sure are a lot of other places you can buy a property from, but even with the looming Brexit issue at hand, London is still, up to this day, a very well-sought place. Most speculate that the market will soon turn, and a lot of people, especially those from other countries, still believe that it is a good place to settle in or run a business. While the market is yet to hike up again, it is good to invest in these properties when the prices are still low.
What properties can you buy in London?
There are two types of properties you can buy in London.
A flat might be more well-known in other places as an apartment. Just like apartments, these are properties within shared blocks and developments. Flats are probably the most affordable type of housing in the UK as they are cheaper than houses, making them ideal for single individuals or those belonging to small families.
Flats can be purpose-built — like residential tower blocks, or they can be large houses that have been divided. Converted houses are called “maisonettes”, which are flats with two floors and usually come with separate entrances. There are also studio flats — a single, large room that houses everything, usually divided into different areas by furniture or partial walls, except for the bathroom. The kitchen, living area, and bedroom are typically all in the same room.
A house, on the other hand, is a detached infrastructure with its front door and has more than one bedroom. Since houses are separated from other buildings and stands on its grounds, it is often quiet, and the people living in it have more privacy than those who live in flats. Aside from this, there are many more advantages to living in a house, such as the wide and designated spaces, making them considerably more expensive.
There are subtypes or subcategories of houses in London, namely:
These are single-storey, ground level, detached houses which are cheaper to produce and are popular only among the elderly and disabled. They can also have extensions for an extra storey.
A terraced house is in a row of uniform homes that share walls, built-in a continuous line. This is one of the most common forms of housing in the United Kingdom as their shared walls give space and allow more homes to be built in a single plot of land.
Simply put, a detached house is a standalone property someone can own which does not share any walls with another property. This type of home is the most private housing you can buy.
Benefits of buying a property in London
With the proper research and choosing of which part of London you’ll invest in, here are some of the best benefits you can get when you decide to invest in buying a property in London:
- Everything will be built-in for you, so it does not require much work on your part. If there would be any problem during the process, the construction company is the one that will cover it, saving you money, time, and effort.
- Although London property prices are still generally higher than in other places, there are areas in London that offer low and good prices for a home. Researching these places is not hard when you are determined to have a good investment.
- New properties are often built with new and reliable materials and even new appliances.
- It gives you a higher level of control over your home, and you can make improvements as you like and deem necessary.
- Since London is full of great theatres, museums, galleries, and attractions, having a property in London and living there lets you experience the culture. If you plan to rent out the property, the rich arts surrounding the city is an asset you can include to entice tenants.
- You have access to different cities and resources and can travel easily.
- Owning a property means you’ll have reduced living costs since there will be no rent or mortgage to pay.