When it comes to buying a property, there are some things you need to be honest with yourself about so that you can decide what you’re willing to compromise on – and what you’re not.
We all have a picture in our heads of our perfect property. My perfect home has a big garden, a water slide and a ball pool, and is in zone 2, naturally. However, asking yourself these all-important questions will help get your priorities in place and make finding the right property a little bit easier.
Question 1: Am I more concerned with investment potential or kerb appeal?
We always encourage people to decide if this is long-term home or part of a 3-5 year plan. If it’s the latter, often being able to afford the long-term home on the next move becomes the focus for this search.
The two can certainly go hand in hand, however it will often be the places that allow you to add kerb appeal that will give you the best long-term investment. Often buyers are concerned with what friends and family will think of their considerable investment, but you need to decide if you want them to be blown away by the beautiful road it’s on, or how successful an investment it was.
Question 2: How far is ‘too far’ from the station?
When you find a property you love, the extra few minutes’ walk to the station often becomes less important. It’s essential not to miss out on great properties by being set on a few particular roads.
So you want to be near transport links? The great news is we are in London, a capital city with 402km of tube networks, plus buses, trams, bikes, the DLR, river boats and a cable car. We also live in a hard-working city, so naturally no one wants to spend longer on their commute than necessary. However, bear in mind this will always affect property prices. A three minute walk to the tube would of course be ideal, but how about a 15 minute walk and save on the gym membership?
See for yourself how flexible your property search could be with our travel time search tool.
Question 3: How much work do I really want to do?
Many buyers love the idea of having a ‘property project’ to stamp their own mark on. However the reality of a project is often very different to what buyers had in mind.
The great thing about property is that it is the one investment you can physically add value to yourself. Many people are attracted to the idea of redecorating, maybe adding a new kitchen, but these things are never as simple as they seem. Your time is valuable, so make sure you are committed to coming home after a long day at work and picking up a paintbrush, organising building materials, or managing a team of contractors. The monetary costs are of course a big factor, so make sure you have a contingency fund ready for any last-minute emergencies.
If you're looking for a renovation project, then take a look at our properties requiring major refurbishment.
The London property market moves fast and properties can come and go quickly. Thinking ahead of the game and deciding what your real priorities are can help you find your perfect property faster than you thought.
