Buying a house in London is looking tough as house prices are soaring and banks are tightening up lending criteria. With renting becoming the lone option for the middle class, saving a few bucks through some judicious steps will be prudent enough. If you do not want to pay astronomical rents and get the best rental for your money, look at these tips.
Set a budget
Before setting heart on a fascinating property work out exactly how much you can afford each month. Working out the upper limit will save you from stretching your finances from a breaking point. Also factor in the extra bills need to cover once you move in.
The chances of foreclosure inventories shrinking drastically look very apparent. They will level off because more homebuyers are snapping up bargain homes to turn them into cash cows by renting out on rent.
It makes good business sense since home prices and mortgage rates are down in more than a decade. In the process of buying a foreclosure home and turning it into a rental some, points need to be kept in mind. Sprucing up a newly purchased house into an attractive property for future tenants is the most important thing to do.
Disputes between landlords and tenants are a common sight due to lopsided due diligence while finalizing a rental deal. But due emphasis on procedural clarity can erase many infirmities on renting related issues.
The key word is—be methodical just the way many professional letting agencies pursue rental deals. Some legal aspects of renting that can come handy for all those looking for a property to rent in London long term are discussed here.