Action Items for London Property Sellers and Buyers who Plan to Move in 2021

Action Items for London Property Sellers and Buyers who Plan to Move in 2021

Numerous studies have shown that moving can be one of the most stressful and very inconvenient processes we face in the course of our lives. However, this isn’t a necessity, and there are several things homeowners can do to take the stress and aggravation out of the process.

First and foremost, people need to realize that buying real estate is, for most people, the single biggest purchases they will ever make in their life. Those selling a property to fund the purchase are effectively carrying out two highly complex and stressful transactions simultaneously.

For those planning a move, it is always best to prepare as much in advance as possible. The process almost always takes longer than expected. Some activities can be done ahead of time so that the actual move will be easier and quicker when the final decision is made.

The main activities that should be done in advance are:

Research prospective areas

People usually have a predefined idea of where they would like to move to, or several areas that are suitable or acceptable. However, until some research is done, it would be hard to know if the options are realistic or truly suitable. It is important to review local property prices, check schools, major construction or infrastructure initiatives planned that will impact the areas, verify crime rate and more.

Define the budget

A buyer should conduct a thorough review of personal finances to get a clear picture of the income and spending levels and to figure out what is affordable and within budget. People should figure out what their future priorities might be in the coming years, as this will have financial impact. For example, planning children or a career change significantly impacts budget and available income. A buyer should determine the size of the deposit needed, along with costs such as Stamp Duty, legal bills, surveying fees, mortgage insurance, and removals.

Research mortgages

The mortgage rates are currently at historical lows, which is great for buyers. On the other hand, uncertainty in the market means that buyers looking for a high loan-to-value mortgage may find it difficult to obtain one as many lenders do not offer them at this time. The more options buyers research ahead of time, the more chances they have of finding the best soliton for their needs.

Basic maintenance and refurbishment

Once buyers determine their goals and as the move becomes closer to reality, it is time to start getting the current property in order and ready to sell. Putting on fresh paint, fixing broken windows and doors, fixing appliances, giving the garden a touch-up – all this is easy to do and adds value to the property as well as shortens the time it will take to sell it.

In cases in which more major or complex renovations are required – installing a new kitchen or bathroom, changing plumbing, renovating floors, etc. – it is highly advised to get several quotes as well as expert opinion on whether it is worthwhile and whether the costs can be recuperated.

Organize and declutter

One of the main problems with moving is that people tend to collect a lot of unwanted or unnecessary items throughout their life, and then just move them from place to place. In advance of a move, people should get rid of unwanted or unneeded items. If an item has value it can be sold. If not, it should be thrown away or given away. Sorting through clutter now will make it much easier to move. It will also reduce time and cost.

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