In London, new properties or homes are the lifeblood of the changing housing market. The government keeps working hard to keep all the pipeline of properties flowing with smart billion-pound schemes, in order to stimulate some demand and the attempts to free the process of planning.
Although there is a clear influx of newly built properties cropping up on the property market, due to a high demand to house the swelling population of Britain, an increasing number of buyers visit estate agents in East Dulwichas first-time buyers. In addition, buy-to-let investors and homeowners are also finding the idea of investing in newly built properties more attractive.
In many parts of London, the number of new homes developers build continues to increase. In some areas, this is even up to 20% more compared to last year, and more and more Home Counties and other areas now bristle with construction cranes. This is actually good, new builds have become popular with landlords and for a good number of reasons, including they offer a different investment based opportunities when you compare it to older properties.
Regardless of whether you plan to take your first step onto the property ladder, or want to dip your toes into the pool of property investment, here is a look at some of the benefits of buying a newly built property to help you manage and weigh all your options.
They Are Well-liked By New Tenants
In most cases, newly built developments offer nearness and the kind of activities younger renters have in their lifestyle and hence, these developments all attract them. They provide access to bars, gyms, transport links, restaurants,and other facilities, which are important factors for most renters and newly built homes all offer the essential “must have” features.
Most tenants also feel that if they rent a newly built property, it will also upgrade their lifestyle, because compared to post-war properties and older Victorian properties, they have better designs, layout and fitted out designs.
Buying a newly built home, according to experienced estate agents such as Fish Need Water, takes off all the hassle with minimal changes required at the time of moving. Just a paint retouch and little personalisationare all that it needs. The landlords can all enjoy the relief of their investment, as it requires less or little sprucing and repairs, while first-time buyers can all ease themselves into the homeownership responsibilities without actually worrying about the need for extensive redecorating.
Many new homes also come with appliances integrated such as microwaves, ovens, fridges, induction hobs, dishwashers, and more to make it easier for tenants to process without the need to cater for hefty purchases.
From the perspective of a landlord, new-built properties rent for 10-20% higher compared to older types of properties. Even though this premium could erode, when many other large new developments emerge on stream and the supply becomes higher than the demand. Hence, you should choose your location well.
Quality is a Guarantee
In London, most newly built homes, whether houses or apartments come with the National House Building Council (NHBC) guarantee. This is the “Buildmark” and it offers people buying a new house with protection against any construction related errors for about 10 years after the build. This also protects those buying off-plan against the builders that lose their deposits.
Choosing Your View
Along with being able to select some customized finishes, buying early in the sales process of a newly built property enables buyers to opt for the type of view they prefer or would like. It gives buyers more choice rather than waiting and choosing from limited choices. In addition, with an existing property, most new buyers find exactly what they are searching for in terms of location and style, but other aspects may not be suitable for them, like the amount of light, the warmth it offers and more.
However, buyers can all enjoy the benefits of the premium specification, with a newly built home, along with their choice of floor level, the view and other aspectsof setting their abode.
The government offers help to buy equity loans, which applies to new-built properties, giving all first-time buyers the opportunity to purchase their new home with just about 5% deposit. With the success of this scheme, more brokers that are independent also offer 95% Loan to Value mortgages.
Whether you are a first-timebuyer or one who invests in buy-to-let properties, if you are considering buying newly built properties, you should know that you are making a smart decision. It is advisable that you explore your options, and search for the best options in your area. You should also work with estate agents who could help you with the task of finding newly built properties for you.