Buying as an investment
Significant regeneration along the Thames combined with demand from buyers willing to pay a premium to enjoy a river view has led to a huge focus on riverside development. A riverside location can add as much as 5 to 10% to a property’s asking price, yet high demand among renters makes it is easy to see why they remain popular as buy-to-let purchases.
Outside space adds more
But it’s not just about the view. Buyers will pay a premium for outdoor space, which is why developers are building as many riverside properties with balconies as possible. Improvements in transport along the Thames, including the frequent river taxi services, are also adding to the appeal.
Boating for beginners
With riverside properties commanding high prices in an already buoyant market, some are seeking more budget ways to live on the water. Buying a houseboat is one option that offers not just lower costs but freedom of movement too. However, proceed with as much caution as you would any other property. Talk to a mortgage advisor, as specialist marine loans are available.
Avoid that sinking feeling
Make sure you inspect the boat thoroughly, ask how many hours the engine has clocked up and find out its service history. A surveyor with particular knowledge of boats should be able to check whether the vessel and its equipment are sound and seaworthy as maintenance costs can be substantial. Also be sure that all ownership and marina documents are in order.
More to come
The surge in riverside development that has taken place over the last two to three years is set to continue. There are still parts of the river such as Chambers Wharf and Convoys Wharf that remain undeveloped so expect more opportunities to purchase your very own view of the river to come. Keep your eyes open.
Call KFH Land and New Homes on 020 8222 7200 or email email@example.com