Property ownership is one of the most expensive investments yet very profitable and worthwhile. Bearing this in mind, there are critical questions you need to ask yourself before considering buying a property:
- What type of property best suits my needs?
- How much can I afford, or am I eligible to be financed by mortgage?
- What other costs will I foot apart from the cost of the property?
- What services will I need to engage in the exercise?
- What are the after-sale costs that I will need to bear?
- Will I be able to continue saving after the purchase of a property?
With this in mind, property buying in Enfield, North London is a huge investment decision one can ever make in life. It is one of the most costly investments one can ever make. This calls for careful and well-calculated steps that help in ensuring that one gets the most value out of their hard-earned money.
Therefore, it is important to follow key tips that can filter out risks like scammers, financial loss, and unawareness. The following steps can be a guide to this process.
Table of Contents
1. Research
Research is essential, and it entails several aspects that can help explore vital elements in property acquisition. These include; the current market prices, location, and new trends in the market, among other aspects. Depending on the prevailing market state, one can also know when to invest and when not to invest.
Location may vary depending on the type of your family. For example, you may consider the availability of schools, playgrounds, hospitals in the vicinity if you have a young family compared to a retirement home that may only require fewer facilities like malls and hospitals, etc.
The research will also assist in exploring the market values, new developments, and different property listings available. Authentic Estate Agents are specialists in the knowledge of the property market and may help a great deal in this area.
You may also consider doing online searches on various websites to acquaint yourself with new trends and narrow your search to your preferences.
2. Engaging a Conveyance Solicitor
As soon as you have completed market research, filtered out options, and considered the affordability of the preferable property, it is important to embark on the procedure of acquiring the property.
You must engage the services of conveyancing solicitors in Enfield at this stage for legal representation.
A conveyance solicitor will inform you of the credibility of the property. They will conduct searches on the property to ensure that it is legally saleable.
They will also advise and guide you throughout all the legal procedures between you, the buyer, and any other required stakeholder; up to the transfer of the property. There is an after-sale checklist that some conveyancing lawyers may provide you with.
This includes buying building insurance for your property. It is essential to check the requirements and ensure that your building is safe for occupation. This checklist will also include water fixtures, electrical wiring, drainage systems, and other essential fixtures necessary and important for occupation.
Conveyance services are not free. It is a cost, among other vital costs, and is not included in the cost of the property. It is good to know that some conveyances include the Insurance of the building in their cost. Conveyance services can also be done online.
3. Affordability
Property buying involves a lot more costs other than just the price. Apart from the 10% deposit of the property value, a buyer may need to pay, there are legal costs, levies, after-sale costs, and loans that need to be facilitated.
A buyer will need to consider what mortgage is affordable and most efficient. You may consider the government schemes that encourage citizens to buy property. The mortgage will carry out a credit check on you to determine the affordability of their loan facility.
Once satisfied, they will offer you a pre-approval which assures the seller that you are indeed a serious buyer. It is notable to consider an efficient mortgage plan that you will still afford to save alongside monthly repayments.
Final Words
Owning property is a great investment decision that one should consider before reaching retirement age. It gives security and peace of mind. You will have your place to stay in your old age, and to make the buying of a property a seamless process hire a conveyance solicitor.