Buying A London Rental Property Make Sure You Do Your Homework

If youre planning to buy a London residential property

, whether to rent or to live in yourself, there are several issues to consider before you buy. Our guide pinpoints some of the areas you should look at before making that important investment decision.

1. Location: Check out the local area and find out what type of amenities it offers. This could range from schools and parks to leisure centres, shops and restaurants.

2. Transport links: An easy commute is at the top of most tenants wish lists so find out where the nearest train, tube or bus links are and how long it takes to get into the centre of town. Most tenants are happy to rent a property further out as long as the transport links are good.

3. Local neighbourhood: Look at other streets in the area. Are houses well maintained? Or is the area up and coming with lots of regeneration going on? Both are clearly good signs if you are planning to buy locally.

4. Crime and safety: What is the crime rate locally? This could have an effect on how keen tenants are to rent your property. Look at the Police website www.police.uk to find out local crime statistics.

5. Refurbishment: If youre buying a period property, maybe an apartment in a conversion, check out whether it is listed or situated in a Conservation Area. If it is a listed building, there may be restrictions as to what refurbishment work can be carried out.

6. Major works: Look at major works that might need doing such as electrical systems, central heating or plumbing. If systems need replacing or upgrading, organise quotes from local contractors to see how much it will cost.

7. Structural work: If any structural work needs doing (maybe knocking through a wall to create a more spacious kitchen/dining area), again, arrange for some quotes from local tradesmen to confirm the cost.

8. Kitchens and bathrooms: Tenants have high standards when it comes to kitchens and bathrooms and these will often be a major influence in their decision to rent. If these rooms are tatty it might pay to replace them so factor in these costs too.

9. Consult a property refurbishment company in London: If youre buying a property that needs extensive refurbishment services in London, consider using a renovation specialist.

10. Rental values: Last but certainly not least, find out the rental value of similar properties in the area so you know what income your property is likely to achieve. Talk to a local letting agent for expert advice.

by: Lynelle Thompson

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