Packing up and relocating to another city, or, for that matter, to another country, is a major undertaking. RE/MAX London offers advice.
It is imperative to do necessary research and weigh up all the options before making the final decision. Whether you are emigrating or moving within the UK, there are essential aspects that should be assessed in every prospective location to ensure you will feel at home, whether you are planning to buy or rent.
Transport
Location is of utmost importance when it comes to searching for a new property. Proximity to reliable public transport can have a positive impact on your quality of life as well as the appreciation of the home’s value over time if you are looking to buy. The majority of people spend a fair bit of their day commuting to and from work, so it is important to consider the distance from your chosen area to your place of work.
Studies have shown that home values tend to rise faster in areas that are close to bus, train and Tube stops. For instance, we believe a Tube station within 500 metres adds £42,000 on average to the price of a London house. If the walk to the station is just another 250 metres the price drops by more than £10,000 and if the station is a mile away, the price premium disappears altogether.
Local businesses
Consider the retailers and businesses that you often frequent, such as the bank, pharmacy, supermarket and gym. Are these services conveniently available within close proximity to your prospective new home? While a gourmet deli and coffee shop is a great place to meet with friends, being near to a supermarket that stocks your daily staples is far more practical.
Schools
For a family with children or a couple planning to have children in the future, the quality of the schools in the area is an essential element to consider. In fact, even if you don’t plan on having children it is an important issue because if you are buying it will have an impact on the home’s potential appreciation in value. Homes close to schools that are highly sought-after will sell for higher prices.According to Government research, being near to a top-performing primary school in London can add £38,800 to the average house price. A study by the Department for Education (DfE) has found prices are eight per cent higher near the best-performing primary schools and 6.8 per cent higher near the best secondary schools.
Amenities
While proximity to amenities is important because it will influence the home’s investment potential, there is another element that relates to the buyer’s personal needs and wants. Someone who enjoys culture will want to be near to art galleries and theatres, whereas someone who enjoys the nightlife will want to be close to restaurants, pubs or clubs. A sports enthusiast will want to know the distance to the stadiums and athletic arenas in the area. There is also the matter of free entertainment, such as parks, museums and libraries.
Economy
Economic and environmental factors are not just those relating to the country as a whole but also those specifically influencing a certain area. A good example is the local crime rate. There will be tell-tale signs if an area is experiencing a financial decline, such as houses in need of attention, run-down parks, littered streets and businesses closing down. Many people will want to move out of the area so look for a prevalence of ‘for sale’ signs.
Using these guidelines will assist you to find the right neighbourhood that will meet all your needs, regardless of whether you are moving in the UK or abroad.
