Are you looking forward to climbing up the property ladder? Well, buying a home in Essex is the best move you should look forward to.
Essex is found in the Southeast of England and covers at least 3,670 square Km. The city has an average population of 1.85 million, one of the largest in the UK. With the high population growth, the property market in Essex is fast-growing, making it one of the places property investors want to look at.
If you’re buying property in the UK, you should hire conveyancing property lawyers in Essex to take you through the process.
Property values in Essex
Essex is part of Southeast England. This place has one of the highest house prices in the UK. According to Rightmove, the average property price in Essex has been £394,806 for the last 12 months. Terraced properties sell at an average price of £354,931, and semi-detached properties are sold at £408,326. Detached properties in Essex go for £589,888.
According to the HM Land Registry, the average property price in London is around £500,000, and that of Essex is around £337,000. Essex has the most affordable homes you can buy in the UK. It has some of the cheap property investment hotspots in the UK.
In most locations of Essex, the average house price is below the southeast average.
Still, there are other places with expensive property in Essex. Therefore, when you’re buying property in these locations, you should make a bargain. Brentwood offers the most expensive property in Essex, and Colchester offers the cheapest properties you can invest in. Zoopla reports that with as little as £40,000, you can own property in Essex.
How to get started in Essex real estate
Investing in real estate should be that difficult if you’re buying property for the first time. These are some of the steps you should follow if you want to invest in real estate:
Step #1 – Save money
It is basic economics that before you can invest in property, you have to save. Real estate is expensive for most people, especially if you don’t have some savings to back you up. If you’re getting started, you should have some money to pay off the high debt mortgage and the initial deposit.
Step #2 – Have a strategy
If you’re buying property in the UK for the first time, you should set a strategy. You should research the best places you want to buy property in Essex and what type of property suits your budget.
Research online on some of the best options you may have in the market. You also have to choose your ideal market to buy a physical property like land and a house.
Step #3 – Have a team
There is a lot involved in buying property in the UK. Doing all the searches and going through the lengthy legal process. Therefore, you should have a team to assist you in the process. If you’re conveyancing for the first time, you need an estate agent or a conveyancing solicitor to take you through the process and save you time.
Once you have the property keys, you also need a professional to manage the property and handle your finances. Your team will also help you get investors for the property if you want to sell.
Step #4 – Do due diligence
The worst mistake you can make when buying property in the UK is forgetting to do due diligence. Whether you are investing your money in commercial or residential real estate, you should do due diligence; research more about the property to lower the risk of being conned.
You should also do deal analysis. You want to find out if the deal is worth your money. What expenses will you meet when buying the property, and how much do you expect to sell the property in the future.
Step #5 – Deal closed
In the final step, you should close the deal. Pay for the property, complete the contract, and get the keys to your property.
When you’re buying property for the first time, it can be a bit intimidating. Not everybody can look for the right homes in Essex, get the best deal, and do due diligence. When investing in real estate, you should set your goals, save money, and get a conveyancer to assist you in buying.