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If you plan to live long term in the UK, buying a home here can be an attractive option. The UK is a popular country in terms of real estate investment. Home prices vary based on location and features, and you can become a homeowner as you pay rent using a home loan. In addition, it is possible for foreigners to buy a house without having a residence permit.
The process of buying a home in the UK consists of the following steps:
When buying a house, there are two types of property rights:
House prices vary within and outside city centres. In 2023, the average house price is £285,000. For example, in Birmingham the price of m² in the center is 3,900 GBP, while outside the center is 2,960 GBP. Prices vary between cities as well.
Here are the sites that you can use in your search for a home in the UK:
You can choose detached houses because they offer you larger spaces and more private life. In addition, the rental yield will also be much higher compared to apartments. Prices for detached houses in the UK are around 400,000 GBP.
Prices for apartments vary considerably from city to city. Prices also vary depending on the number of rooms. For example, a one-bedroom apartment in Birmingham costs £115,000, while a two-bedroom apartment costs £150,000. In Manchester, these prices rise to over 200,000 GBP. Once you have set your budget, the first thing to do is to choose a city that fits your budget by looking at the average prices of the cities.
The most affordable homes are usually in the North East of England. You can find your ideal affordable home by searching real estate sites.
Renting out your home in the UK can be a lucrative investment when you take the right steps. First, remember that you must meet a number of legal requirements before renting your home. It's important to get an Energy Performance Certificate (EPC), have gas safety checks, and check if your insurance policy covers the tenant. You also have legal obligations, such as drawing up a lease agreement in accordance with local regulations and declaring your rental income.
At the stage of finding tenants, effectively promoting your home and working with a reliable real estate agency can make your job easier. Asking tenants for references and verifying their financial status is critical to a safe and hassle-free rental process. It is mandatory to deposit the tenant's deposit into a government-approved deposit protection program in order to protect the tenant's deposit. Finally, regularly checking and maintaining your home will help you build good relationships with your tenants and maintain the value of your property.
For Turks who own property in the UK and live in Turkey, getting rent payments can sometimes be complicated and troublesome. However, there are methods that make this process faster and more reliable. The UPTION app offers a modern and effective solution that makes it easy for you to receive rent payments from your tenants in the UK.
Thanks to the European Account that you can open for free with UPTION, you can have an IBAN in the UK. With this IBAN you can easily receive payments in Euros and Pounds from all over Europe to Turkey. Moreover, you only pay a 3€/3£ transaction fee for this transaction. As soon as your renter makes the payment to your UPTION Europe IBAN, the fee will be credited to your account and will be available directly in Turkey.
You can download the UPTION app from Play Store, App Store or Huawei App Gallery and complete your membership in 30 seconds. After verifying your account, you can activate your European Account by going to the “My Accounts” menu and get your unique UK IBAN.
