When you plan on making a UK property investment, there are things that must be done or shall we say necessities attended to. This is nothing like your holiday shopping. Not even your car purchase comes close. Such an acquisition requires a huge sum of money and not to mention it touches quite an amount of legal documents. You have to know what you’re doing. You ought to be prepared. On that note, we’ve come up with this UK property investment checklist to help you see to it that nothing goes amiss or is forgotten.
- Be sure that you’ve worked out on your budget. You need to know how much you are capable of and are willing to spend. No time for guesswork here.
- Have your financing ready. There are many ways in which you can finance such an investment. We have personal savings, bank loans, bridges, proceeds from a sale, business income, salary and credit among others. These are not always readily available and thus needs planning. You need to have them in check because their timing and availability is crucial.
- Choose a preferred location. Depending on your need, you have to choose one or at least make a short list of locations, spots or localities in which you want to invest in.
- List down the features you seek. No two assets are exactly alike. Moreover, not all of us want the same things. To skip the dill-dally of things and save time, work out the features that you want the property to have. Think about location, size, building type, number of rooms, floor size, parking area and the list practically goes on. This established your goal and keeps you from straying and getting too overwhelmed with the variety of options.
- Inspect like properties. You need to canvass or else you won’t make the best bang for your buck. This helps you compare and get the better deal.
- Have it inspected. You want to get a property surveyor into the equation to check on the asset’s condition, useful life, market value, and etcetera. This shall help ensure that the property being presented to you is indeed what it is and not the agent or seller sugarcoating their way to a sale.
- Keep the legal requirements ready. A contract or deed of sale for instance will be put to play upon making a UK property investment. Titles need to be transferred and ownership established. Be sure that you comply with what the law requires and carefully read through the papers before signing anything.