A Guide to Buying London Property in Malaysia
London is the most populous city in England and the United Kingdom, with more than 9.4 million inhabitants. Buying property in London is one of the best decisions you can make as a Malaysian investor. There are many benefits to investing in London property and several reasons why you should buy a house there. One of the benefits is the fact that taxes for non-UK residents are low compared to other countries. London property values also rose by nearly 20% in 2021 alone, indicating a healthy real estate market in that city. London is also one of the most multicultural cities in the world and as Malaysians, diversity and new experiences are what you’re looking for. With this in mind, London is a place where believers can find themselves with a new home and start anew. Here is a guide to investing in real estates in London.
Choosing Where to Buy
When looking for property in London, you can choose any part of the city depending on your needs and the buying criteria. However, the area depends on several factors such as location, property type, lifestyle, and even weather conditions. The average house price in London right now is £349,746 (approximately RM1.8 million), but you can expect that to rise year after year. It may get more expensive in the coming years, but this is worth your investment as a Malaysian. According to Forbes, London has been named the best city in the world as many investors look to buy property there.
Types of Property to Buy
When buying property in London, you can choose from houses, flats, and condominiums depending on your needs. In fact, buying property can be an apartment or condo will allow you to live among other people just like you and interact with others too. However, the main difference is that you’ll be paying a monthly fee to the landlord whereas you pay your mortgage payment. For example, buying property in London may be more favourable if you’re willing to live near other people.
Besides choosing an apartment or condo, you will also have to choose what type of property you want that suit your needs and budget. If you choose a house, then it’s the right time to choose a detached house or townhouse but if it’s an apartment or condo, then look for one that’s close to the city center and has easy access to public transport.
Hire a Consultant
Hiring a consultant will help you with making the right buying decision by providing enough information. A good property management company or realtor can help you get the right property and even find a tenant if you’re renting out your property in London. You can take the time to visit some of the property consultants to get an idea of how they manage their properties as well as what services they offer. When finding a consultant, make sure you look for a real estate agency that can provide you with all information you need. You can check whether they have a good reputation in the market and whether they effectively manage properties in London.
Getting a Mortgage to Buy London Property
When buying property in London, you will have to get a mortgage from a bank. Instead of taking on a large amount of debt, you should consider getting a mortgage loan instead. In fact, with a mortgage loan, you can work off the debt once you’re ready to sell the property in London. In addition to that, buying property in London with a mortgage gives you more security and assurance as it’s much more secure than if it were just cash. With a good agency, you will get the right advice to get the best mortgage deals for buying property in London.
Make Sure You get all Documentation Ready
When buying property in London, you’ll have to get the right documentation. Most banks and other financial institutions that offer mortgages will require a few documents such as proof of your income, salary slip, pension plan, education qualifications, and bank accounts. Some banks may also require proof of funds or local money to meet their requirements. With a good agency, you’ll be able to get your documents ready before you make a decision.
Buying property in London can be a good option for Malaysians. Besides the many benefits, you will also be able to live there with people just like you. You can easily get a mortgage loan and hire a consultant as well. Purchasing property in London is definitely worth your investment because it will increase your cash flow too. Being patient, the market will do its job and the house price value will keep rising.