Dss House to Rent | International buyers eye new homes in London
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The vast majority of overseas nationals looking to buy property in the UK are looking to acquire a new build home in London as a part time residence or rental investment, according to Sara Ransom of Stacks Property Search.
The property finder says that the new homes generally appeal to foreign purchasers because they feature a range of mod cons and are ready to move in to upon completion.Dss House to Rent
“Developers make it easy for overseas buyers by taking their developments overseas and presenting them directly to the buyer – in the shape of high-tech exhibition material, scale models, compelling artists impressions and other sales aids,” said Ransom.
She added: “Such is the degree of detail they are able to provide the buyer, it’s not unusual for a purchaser to buy a new property, that may not yet exist, without ever setting foot in the UK. This in itself may not necessarily be a problem, but whether or not the buyer chooses to visit the development site, there are a number of tips that will help them ensure they buy the right property at the right price.”
Ransom advises anyone investing in a new home to ensure that they conduct all necessary due diligence before parting with their money.Dss House to Rent
Ransom added: “As an investment purchaser, you will obviously need to be fully informed about rental values. The developer will present you with documents and evidence for likely values, but it makes sense to research the market yourself. Ask the opinion of agents who specialise in rentals in the area.
It’s always worth comparing similar ‘old’ properties, in terms of value, space, rental value etc. just so you are going into the purchase with your eyes fully open, and a full grasp of the local market. Check the price per square foot and compare it with the resale market so you understand the extent of any premium you’re paying.”
The property expert says that one way of getting a better deal on a new property is to consider buying off plan.
Ransom concludes: “It can be a high risk strategy in the current market, but if you’re looking at substantial discounts it may pay dividends. And remember that the first and last properties on a development are the ones the developer is most anxious to sell and are where the best deals are to be found.”
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