The property market offers a variety of homes for potential buyers, from older Victorian builds with vintage charm to new builds boasting the latest in modern conveniences. While each has its own unique allure, today we focus on new builds and their investment potential. Is buying a new build a good investment? The answer depends on a variety of factors.
The Advantages of Buying a New Build
If you’re deliberating between buying a new build property instead of an older home, there are a few things you’ll want to weigh up and some questions you’ll want answered. To help you determine which option is best for you, let’s go over some of the advantages of buying a new build property:
Energy Efficiency and Maintenance
New builds adhere to the latest building regulations, often resulting in homes that are more energy-efficient than their older counterparts. They usually come equipped with the newest appliances, central heating systems and insulation materials, all of which can contribute to lower energy bills.
What’s more, because everything is new, maintenance costs during the first few years are typically lower compared to older properties. The lack of immediate repair needs can be a strong selling point for both potential renters and future buyers.
Initial Costs and Customisation
Another significant advantage of investing in a new build is the possibility for customisation. As a new build is essentially a blank canvas, buyers often have the option to choose finishes, appliances, and sometimes even the flooring - depending on the developer and stage of the build. This allows you to tailor the property to your specific needs or aesthetic preferences. This can add a personal touch to your investment and potentially increase its future value.
Market Conditions and Location
It's important to think about the broader property market and the specific location when evaluating the investment potential of a new build. New builds often pop up in developing areas like Watling Gate.in Sittingbourne and Green Vale in Evesham. These areas have the potential to grow into thriving locales, so it’s well worth looking into these neighbourhoods to find the right one for you.
Financing and Incentives
Some developers offer financing options and schemes like Shared Ownership (England) or New Supply Shared Equity (Scotland).These schemes can go a long way to helping you secure your new build property, particularly if you’re new to the property market. Just make sure that you’ve looked into the eligibility requirements for these affordable buying options before making a final decision.
Find the Perfect Investment in a New Build Home
Investing in a new build can offer several advantages, from customisation and lower maintenance to energy efficiency and the prospect of affordable schemes like shared ownership. As with any investment, due diligence is pivotal. So make sure that you consider your long-term goals, and what you can afford before signing on the dotted line.
If you would like to know more about purchasing a new build property, or if you have any questions about things like shared ownership, reach out to our team at Sanctuary today.