Checklists
Checklist provided by
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Check what is happening to property prices in the area you are looking at to buy, eg Use the Land Registry. | |
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Find out what price premium you will pay for a new home versus a home already built. |
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Check what prices similar properties have sold for locally eg Rightmove sold property prices. | |
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Calculate the property’s net income. Take the costs of running your property (finance, letting agent fees, maintenance, voids when the property is empty) away from the rental income. | |
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Work out the yield of any properties you consider by taking the annual rental income / property price. London yields tend to be 3-4%; in other areas they can be as high as 10-15% |
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Find out what property taxes, like stamp duty, you will have to pay. | |
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Check the best way to finance your property purchase eg cash, mortgage. | |
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Work out how much your legals, finance and surveying costs will be. | |
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Find an independent legal company from the new build developer to purchase the property. |
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Make sure you have a survey from a Royal Institute of Chartered Surveyor – even on a new build property. | |
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Calculate the costs you will have to pay when the property is empty eg Council tax, utility bills (gas, electric, water). | |
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Speak to a property tax expert in the UK or your own country to find out what tax you will have to pay in the UK and in your own country if/when you sell the property eg Capital Gains Tax. | |
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Make sure you have a will which leaves the property to your family. | |
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Choose a NALS or ARLA letting agent to manage your property so your rent is protected by insurance should the company fail. | |
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Work out what the impact of changes to currency rates would have on your purchase. What would happen if the £ went up? What would happen if it went down? Check how much money you can take in and out of the United Kingdom. | |
