Buying a House in the UK – What you Need to Know
Besides London, there are other scenic places Kenny you can buy a home and settle. However, you will have to decide whether you want to live in the cosmopolitan areas or the countryside. The first thing you need to understand is the process of buying a house in the UK. Buying a home is a lifetime investment and if you are considering buying a home in the UK, you need to study the market to make sound decisions. As a result of the financial crisis and the 2016 BREXIT referendum, the UK real estate market is taking time to recover from low prices. However, the changes to the UK stamp duty increased the upfront cost for buyers especially those buying second-hand homes and buy-to-let property. This is one of the reasons why you should do a little research about the market before you start the process of buying a house.
Therefore, if you are planning to live in the UK for a long period of time or you are certain that you will live in a particular area for a long period of time, buying a UK apartment or house can be a feasible solution. This is due to the low-interest rates on mortgages in the recent years which makes it easy for potential homeowners to own a home. However, if you are a foreigner or you are not planning to settle in the UK for a long time, renting a house is the better option. First, it would be difficult to recuperate stamp duties and other additional costs if you are buying a house for a short period of time. Secondly, there are 18-28% potential tax gains if you sell the house later on. Therefore, if you are temporarily living in the UK, consider renting a house/an apartment depending on your needs and preference. There are numerous places to choose from, different types of houses and apartments of different sizes, tastes and finishing. If you are new in the UK, find a letting agent to help get what you are looking for. Besides getting numerous options from the agent, he/she will help you settle with ease because he is familiar with different locations.
Finding UK houses for sale
If you are to buy a house, they are mainly listed with real estate agents and on their websites. Alternatively, you can check classifieds from a newspaper or from online property websites. It is important to understand that regardless of how you find the listing, there are contact details for either a real estate agent or a private seller. Working with an agent is recommended because they tailor their searches to meet your specifications, have a wide variety of property listing to choose from and they have extensive knowledge about the locality. Finally, an agent can arrange the viewing on your behalf depending on when you will be available and due to their extensive knowledge and experience in real estate business, an agent can help you with price negotiations and the entire buying process.
If you are to buy property in the UK with the help of a real estate agent, it is important to ask the kind of services they offer. In the UK, most agents offer both mortgage arrangement and solicitor services to make the buying process effective and easy. Finally, consider several agents to get the expertise you are looking for within the allocated budget.