HALO handy hint: As a last word, here are our Ten Top Tips for buying a UK property

1. Be clear on the exact purpose of the home you are buying before you purchase it.

The ideal location of the property will differ depending on whether you are looking to make money through rental yields, capital appreciation or for your own use.

2. Beware of older properties.

Buying a property in need of renovation may appear cheap at first, but keep in mind that getting dilapidated homes to a decent standard can take time and effort and, in some instances, could require you tearing the entire building down and starting again. What’s more, you will also need planning permission which can be expensive and a bureaucratic nightmare to receive. Carry out in depth checks first and get a second opinion if you feel you need it.

3. Learn how the property purchase process works.

A property may look great value at its given price, but does this price include ‘hidden costs’, such as property taxes, agent fees, legal fees, etcetera. Always take legal advice.

4. Haggle over the price.

Sure, a property may be listed for a certain amount, but this doesn’t mean the seller might not consider dropping the price slightly. If you don’t ask, then you don’t get.

5. Check the credentials of any professionals you are using.

Ask for testimonials and don’t take anything a company tells you for granted without making your own checks first. You should be fully confident and comfortable with anyone who is involved in the process, and believe they have your best interests in mind.

6. Always visit the property

Or at least the area if you are buying off-plan – before purchasing. If you don’t, how can you be sure that the promised two-minute walk from the local amenities/beach isn’t actually a 30 minute car drive?

7. Check to see whether there are any financial factors that could affect potential profits.

For example, how much Capital Gains Tax you will need to pay should you wish to sell your property? How much income tax will you have to pay on rental yields? You need to be clear on all financial aspects of owning a property, before you can start planning to make money from your purchase.

8. Beware of figures.

In this guide, we have provided some figures for property prices, salaries etcetera. However, just because some properties are appreciating on average in value at a certain rate doesn’t mean that all will be. Your property is more likely to increase in value if it is located in a popular location – but then you will also need to take into account that there may be other people selling similar properties at the same time you are. Research is essential.

9. Consider property maintenance.

If you plan to let your property out throughout the year, think about how you will maintain it in between tenants. Flying out to the property to check it over yourself will be expensive, time consuming and, in many instances, not a viable option. Managing agents are a popular option. Again, though, such services cost money - further eating into any potential profit margins. If you’re buying an unfurnished property, there will also be an outlay on furniture to consider.

10. It’s not a get rich quick scheme!

Finally, if buying a house purely for investment, don’t bank on becoming rich overnight – the UK property market has changed considerably since the early noughties when quick gains were readily achievable through rapidly rising prices – especially in the South East. Investing for profit should be considered a long-term strategy.