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Welcome to the Park Lane Estates Guide to Buying In Central London. Here we have compiled a wealth of information, links and resources to give you as much information as possible for you to make the most informed and well balanced decision on your purchase here in Central London. It can be a very daunting task when you first start to hunt for the perfect property so we have put together a guide that takes you through each step of the process, from working out what you need, what you can afford, how you can afford it, which areas you can look at and also what you can do once you have moved in. You can skip to chapters using this navigation bar.
Introduction to Buying in Central London Buying or selling a property in Central London can be a very daunting task. The market is very different to the rest of the country and is very dynamic and complicated one. In order to find and buy what you really want, you will need to carry out lots of research and create a list of exactly what is essential and what you can compromise on. No matter what your budget you will need to compromise on one or a few key things. The keys things to think about are, what and why. Here are some examples: LOCATION It is very important that you have researched the location of where you are looking to buy. Transport links, shops and local services and amenities are all important factors that should influence your decision as well as being factors that will directly affect the attractiveness and prices of certain areas. It is always said that Location is the most important of any factor when looking for a property and this is true whether you are looking for a main home, pied a terre or an investment. Remember, the best locations will always fetch a premium, but best is also a matter of opinion and will differ from buyer to buyer. NUMBER OF BEDROOMS Many buyers confuse the number of bedrooms with the size of the property. In central London there are many diverse sizes depending on the lifestyle choices of the current owners and developers. It is not uncommon to see a 4 storey 4000 square foot house arranged as a one bedroom property with plenty of reception and entertainment space. Also we often see small properties with many small rooms. It is worth asking yourself more about the size of the property you would like and the space flexibility rather than just the number of bedrooms. If you are looking for a 2 bedroom flat as you might have someone to stay over occasionally, do think about whether you would rather have a large 1 bed and buy a sofa bed instead of a tiny 2 bed. STORAGE Often
overlooked and of incredible importance is how much actual and potential
storage you need. If you are downsizing this can be a critical point. Do
also remember that to keep you options open you may have to offload some
of your furniture or put it in storage, otherwise you will reject
anything smaller than the place you are moving from and end up having to
increase your budget or change your location. The more desirable the
area the smaller the space for your money. Most
people like the idea of some outside space, but in London this also
comes at a premium and is not common. You may need to compromise on
budget or on one of the other areas in order to gain a small terrace or
balcony. The
general trend seems to be swaying towards a shower based lifestyle, but
cut out the option of the bath at your peril. Many buyers and tenants do
like a soak in the bath and buying a property without one can limit your
rental and sales options in the future. Where there is no space for one,
then a good shower unit is essential. In
central London you have a wealth of different property types to choose
from, depending on the history of the area as well as the preferences
you have as a buyer. Period properties and conversions offer historic
charm, but also can have certain drawbacks, where as purpose build flats
will vary in quality and charm depending on your budget and the area you
choose. Sometimes it is best to keep an open mind until you have seen
enough examples and have thought through the complete pros and cons of
each to make a firm choice. The
service charges and ground rents will vary immensely depending on the
type of property, the services it offers and the lease length remaining.
Sometimes these details are hidden within the lease documents, but we do
advise to make sure you get an accurate set of figures on these before
making up your decision on a purchase. Sometimes a bargain can hide huge
future service charge costs, which make it less of a bargain in reality. Depending on what you intend to use your future property purchase for, you will need to make sure that you have read and understood any lease restrictions held against it. Sometimes these include restrictions on renting the property out, whether or not you can have pets, when and if you are allowed or have to carry out works and improvements. Again some buyers can get into problems if they buy something using assumptions rather than facts. Make sure you know the whole picture first. PETS London properties are not all pet friendly. Many of the Central London mansion flats will have restrictions on whether or not you will be allowed any pets and if so, which ones. Make sure you tell us whether you have a pet so we can eliminate pointless viewings on properties which will not allow it. |
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Copyright Park Lane Estate
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