25 Jan 2023
Looking to buy a property in the UK but don’t know where to start? We’ve put together a list of handy tips to help you begin the journey towards owning a rental or residential property in the UK…
It’s important to identify the things that a property needs to have before you even consider it as a possibility. Your list of 'must-haves' may contain crucial factors like cost, location and size.
Your 'should-haves' list will consist of the aspects that you would like your property to have, even if they aren't necessarily deal-breakers. With these elements, there can be more flexibility.
You can choose your property 'must-haves' and 'should-haves' in a variety of ways. One popular approach is to visualise your future home before working backwards. To put it another way, start by making a list of all the specific elements you'd want to have in your ideal property, and then rank them from most to least important. It will become easier to start separating your wants from your needs as you define your priorities.
Looking at your own financial situation will help you figure out what you can afford to buy, how much you can pay as a down payment, and what monthly finance payments you would be able to pay each month.
Although you may have identified the maximum price you could afford, you may want to make offers that are slightly below this figure. If other potential buyers are interested in the property as well, you may find yourself in a bidding war, so having some wiggle room could help! The property may also need some work done, so you might want to save some money on the purchase just in case.
If you’re planning to rent out the property to tenants, you may want to look at what the rental yield is for the area, so you can get an indication of how much you might make each month by renting out the property. This could affect how much you’re prepared to pay for the property.
Not sure whether you like an area or not? Taking the time to visit different locations can help you get a feel for a place – which might be an important factor if you’re buying a second home in the UK.
There are many different reasons to buy a house in the UK. It could be that you’re buying a flat for one of your children studying there, or simply buying a comfortable place for your family vacations. Identifying the top locations that you and your family enjoy spending time in can make your property search much easier.
Purchasing a UK property as an overseas buyer may seem daunting, but by visiting the place you can get to know its character. And ultimately, if you feel at home in a certain, you may decide that that’s the right place for you.
Don’t know where to begin your search for a UK property? Head online to start browsing. Property search engines like Zoopla and Rightmove are two of the most popular sites for finding the best UK property. You can change the search criteria depending on what you’re looking for, so you’re only shown relevant properties.
Advice and guidance from a property agent who knows the UK market can be hugely valuable during your property search. Not only will they know what to look for and at what price, but their knowledge of the property-buying process might prove to be very useful on your journey.
A UK-based property agent can act as your eyes and ears in the UK property market, finding potential properties that you might like, arranging viewings, and acting as a line of communication to the seller if you’re ready to make an offer.
So you’ve found a UK property you want to buy. What’s next? If you need finance to help you with the purchase, you need to find yourself a finance provider. If you’re living in Kuwait, this can be tricky.
Nomo Property Finance can support you to buy a residential or rental property in the UK by offering finance to help you with the purchase (subject to status and eligibility criteria).
For those looking to invest in a property in the UK (England or Wales) to rent out to long-term tenants and earn regular income, Nomo offers:
● Digital application from your smartphone
● Up to 70% of the property value covered by Nomo
● Property finance calculator that tells you how much finance you could receive
For those looking to buy a property in the UK (England or Wales) to use as a second home, or for family living or studying in the UK, Nomo offers:
● Digital application from your smartphone
● Up to 75% of the property value covered by Nomo
● Advice from a Nomo Property Finance advisor
Want to take the first step to getting property finance from Nomo? Drop us an email at email@example.com
YOUR PROPERTY MAY BE AT RISK IF YOU DO NOT KEEP UP THE PAYMENTS ON YOUR NOMO PROPERTY FINANCE