If you’ve been thinking about buying a property in London for quite some time now but are not sure when exactly you should start getting everything rolling, it’s a good idea to think about which time of year you should move and which factors should come into play when making this decision. Here are some of the things you need to think about before putting an offer down on a property.
- Is there a chain?
This is one of the questions which many people viewing a property will ask. It’s important to know if the sellers of the property are in a chain. This simply means that they are moving into a property which needs to be sold, and those sellers are moving into a property which needs to be sold, and so on and so forth. Properties without a chain are great for buyers, since it means that the time frame can be more flexible. Nobody needs to wait for another house to be sold before they can move out.
- Think about the weather
If you are thinking about moving to the Fitzrovia area of London and have been reading a Fitzrovia property guide, you will probably have gathered that moving during the winter is a bad time in the UK. You should bear this in mind if you are moving from another country where the temperature and weather conditions are different to those in the UK. Not only is the weather very cold from November to February and you could have trouble settling into your new home, but the city tends to get very busy around Christmas, which could slow things down and make it difficult to find the services you need, such as removal services and decorating.
- Check out the property market
Before buying property anywhere, you should check out the current property market and see what it is like for sale properties. It could be the case that you will get a better deal during the winter, so if saving money is the most important factor for you, you could get a bargain property since people are struggling to get the interest and therefore lower the price to get a quick sale. You should always ask the sellers why they are selling in order to ascertain the reasons for their property being on the market.
- Look at mortgages and interest rates
It’s very rare for somebody to be able to buy a property with cash in London, so if you need a mortgage, you should try to secure a good deal while interest rates are at their lowest. Get a fixed rate if possible so that you don’t have to worry about the rate of interest rising for at least a few years.