London has always been a special city for those who want to have a home there. On the one hand, there are the large popular and middle-class housing estates that abound in the outskirts of the city; and on the other, are the urban-isms designed for high society. There has always been a market for these two social classes.
But in this article, we will focus on the options that people have in general to acquire a house in London.
Housing options available:
Like every city, London offers several ways, according to each type of contract, so that you can acquire a house in the British capital; these are:
- Housing: here we will talk about the advantages and disadvantages of renting and
buying a house in London.
Buying a home is the most logical and safe thing that a person looking for a home can do. But be realistic about your budget. The prices in London are high, so it is always recommended to be aware of our real financial situation and how much we are willing to pay for a home.
Likewise, you must choose which neighborhood you can reach, always taking into consideration your budget.
The good: you will have the property of the house. You will have the security of having your own roof, and you will not have to pay rent. That is excellent in any country.
The bad: the houses have a high price, depending on the neighborhood. Your budget may not reach your ideal home.
As for renting a house, the options are enough. This will always be an option for those who do not have all the capital necessary to buy a house. It is also perfect for people who are starting their independent walk in their lives.
But renting always brings certain disadvantages: the property does not belong to you, and you cannot do more with the house. Just use it.
The good: ideal for people who do not want to tie themselves to property. Renting is the fastest way for those who want a home.
The bad: you are not the owner of the house. Depending on the owner of the house, you can ask for contract requirements, very expensive.
- Flats: In recent times it is one of the most sought-after options in London. The flats are always a good option to take into account. Their prices vary depending on the area in the city, but will always be cheaper than a house (either for rent or for sale).
However, it can also be said that depending on the area of London it may be the same to have a house or a flat, for the prices of each one and the added value that each offers you.
The good: the flats are very comfortable and cozy. There is no garden or patio to care for or maintain. And the repairs are run by the condominium.
The bad: share with other people on the floors below and above. In many of them, you cannot have pets. Problems with the condominium could arise.
- Flatshares: these can accommodate several tenants inside. This in theory lowers the costs for each of them. But many people do not like sharing a home with other people; even if you like it, the time will come when you want to have your own space or if you are going to have a family, you are obliged to look for a home without sharing.
The good: payments for services and housing prorated according to the number of renters. It can be the ideal housing for students.
The bad: Finding flatshares is hard, with many landlords not choosing this approach, luckily services like SplitRent have been created to alleviate this pain of finding a room.
- Council flats: the social housing program built by local municipalities may be a good option. Many people see it as an opportunity to have a decent housing with the basic benefits. In addition, the houses have nothing to envy to one of a private builder.
However, it has always been a problem that the adjudication lists for these homes are long and bureaucratic. It takes time to award each one.
The good: Affordable houses for almost every pocket. The houses are not bad in quality; it offers good benefits.
The Bad: the adjudication takes a really long time. It can take forever to get a house by this route.
If you want to buy a house in London you must take into account these factors other than those already mentioned:
If you are going to need a mortgage, you’d better hire a broker who has access to them.
Do not just look at some houses. Make sure you see at least 30 potential homes to purchase prior to actual purchase and make sure you use authoritative resources as certain services like Gumtree or SpareRoom have a lot of fake rooms on show.
You must know that you will always encounter “gazumping” a period that elapses since the buyer makes the offer until the seller accepts it formally. It can happen everything in between stages. For example, the case in which the seller, even with several accepted offers, can continue receiving other offers and accept them; or even may decide to raise the price of the property, which puts the buyer in some distress.