You are definitely seduced by the beauty of England and would like to spend a good part of your life there, if not the rest of your life… Then you may be very interested in buying a property in England. However, this is a long-term investment that, if you do it right, can satisfy you later on, so it is important to know how all this will work for you. To do this, here is a brief summary of everything that needs to be noticed and how it works in England if you want to buy a home.
Be well prepared
It is very important that you are certain of your choice and that you are totally ready to get started so that you do not find yourself overwhelmed or worse, make bad discoveries. The first thing to do is to inform yourself about prices. Like almost everywhere in Europe, house prices have risen and change very regularly. It is not always easy to find your way around, so it is essential that you make a preliminary “investigation” into the state of the market. On the other hand, the latter depends entirely on the city but also on the district where the housing is located. Depending on whether your home is in good condition in an unpleasant neighbourhood or in a less good condition in a high-end neighbourhood, the price may differ significantly. It is up to you to see what you want to give priority to the state of the accommodation or the atmosphere and appearance of the neighbourhood. You will also need to consider the choice of an apartment or a pavilion because again the prices are really different. In order to find the accommodation in England that best suits your wishes, it is worth checking whether the prices offered are reasonable in relation to the market you have studied previously but also whether the environment of the area meets your expectations: is there a car park, square, shopping centre, public transport, post office, etc. Remember also that you will stay there for the long term, so you need to think about the future and if you eventually have children, are there good schools nearby? These are all small elements that, when put together, can make your life really enjoyable or, if they are not present, could quickly cause you big problems. Be equally vigilant about the constructions around it because who knows, maybe a dreadful building is being built right in front of your house and later on, you may not like it as much. Look carefully at the possible renovation costs that your future home may present, such as windows (double glazing or not), insulation, etc.
It should be noted that depending on the type of home you buy (new, under construction or other), you may only be a co-owner. Let me explain: most new housing can be co-owned, which means that all co-owners will contribute financially to the maintenance of common areas such as gardens or car parks. As a result, you will also have to pay an additional charge each year that can range from £600 to £2,000. That’s why it’s important to be careful about what these charges are and if you can afford them.
In search of accommodation
Just as in cases where you would like to find a rental for example, you can find a home to buy in various ways.
The first one that is probably the most used at first in order to get an idea of the prices is the internet search. There are different real estate sales sites that are quite serious on the subject and will send you emails each time a property similar to what you are looking for is listed on the site.
Another way to find your accommodation is to take a short walk around the neighbourhoods that you want and maybe find some accommodation highlighted by one of these famous “for sale” signs. These signs usually indicate the name of the agency and a telephone number to contact if you are interested. The only problem is that sometimes these signs are misleading because they do not include the entire property but only a part of it, which you cannot know until you call. This in itself is a small waste of time.
Finally, everyone knows the agencies that are quite efficient and safe but expensive. These real estate agencies will search for you similar properties to what you are looking for, put you in contact with the owner if you are interested and act as an intermediary throughout the purchase process. This is very convenient for those with little experience in the field but on the condition that you have enough money to invest in this service, in addition to your real estate.
You wish to make a loan….
If you are considering borrowing, you need to know how much you are entitled to and what the interest rates are. These change daily so it is not always easy to know what you will have to pay. To do this, different sites can help you and this for free such as Moneysupermarket for example. There are of course many others.
Depending on the type of accommodation you will buy, the process of purchase may be different. First of all, when buying a home in England, you will have to pay the Stand-Duty, a mandatory tax of 2 to 4% of the sale price.
For example, in the case of a new home, you can buy it even before the end of its construction in order to be sure that you will own it once it is finished. To do this, you will have to pay an advance, find a notary and make a deed of ownership. Thereafter, you will have to pay a 10% deposit to the owner, which will be kept in a safe place until the work is completed. Once the property is finished, you are the proud owner of a property in England and all you have to do is pay the remaining 90% of the price.
If, on the other hand, your property is not new but already existing, you will have to negotiate the sale price with the owner who, more and more categorically refuses to sell his property at a lower price than he himself has paid. However, if you are dependent on a loan, you will have no choice but to negotiate. Once the price decided by mutual agreement, you will have to find a notary, make an official letter of offer, write the deed of ownership and once the exchange of contract is done, you are the owner!