How to rent or buy affordable property in London?
You can find offers for the sale of real estate in the UK on the Internet, specialized print publications, at thematic exhibitions and property auctions UK.
- Purchase at auction
London property auctions have a reputation for being sources of good property value. But buyers who buy real estate for the first time should be very attentive to prices. At auctions, you can also buy real estate that needs renovation, so the house can be redone according to its design.
- A small house is beautiful
Another budget option is to purchase a studio.
- All aboard
Another possibility is to live afloat. To buy a two-room narrow boat you will need from £140,000 to £180,000. This price also includes a mooring place in the beautiful central part of London.
Do not forget about the additional costs
The cost of the services of a lawyer is usually 0.3 to 0.5% of the transaction amount. The buyer also pays the costs of an attorney to collect information and register with the Land Registry.
If the buyer works through a real estate agent, when entering into a sales contract, he pays an agency commission (1-3%). The sales agent’s commission and legal fees for the sale are the responsibility of the seller.
Mandatory, but not major expenses include city fees when making a purchase. If the transaction involves a loan, then the price of the services of a tax advisor, broker or bank is about 0.5% of the loan amount.
Renting a property is also a good option
But if you are not financially well off yet to buy a house, then there is always an option to rent a house.
In the UK, real estate is divided into several types: high-rise buildings, small houses divided into apartments, and individual houses. In large cities, as a rule, high-rise buildings and small apartment buildings are the most popular. The buildings here stand in rows close together and share walls, as well as fences of small gardens.
The tenancy agreement for England and Wales is simple.
In addition to the standard owners who simply rent out their apartment or house, there are people like landlords in the UK. A landlord is a person who owns housing for commercial purposes. Landlords usually purchase housing and do not live in it themselves, but arrange a business out of it: all the real estate they own is rented to tenants. And get ready for the fact that you will have to deal with landlords: in big cities, they occupy the main share of the rental housing market.
When settling into an apartment, most landlords will ask to leave a deposit, and its amount will be equal to the amount of rent not for a month of residence, but for 5 or 6 weeks. Therefore, it is better to save up the amount in advance at least one and a half times higher than the planned rental cost. Most likely, you will also be asked for confirmation of financial solvency.
