If you’ve decided to take the leap and finally invest in property, then a new build could be the ideal solution for you. Whether you’re planning on renting it out of living there yourself, there are many benefits to opting for a new build or even off-plan property. New builds can be bought while they’re still under construction, and you’ll be able to get a better deal. You’ll also have more peace of mind with a new build, as they tend to be safe and more efficient. Here are five reasons to invest in a new build.
Cheaper to buy
If you’re looking for value for money when buying property there are many factors to consider. In order to save money, you could think about buying off-plan. This means before the new build is completely finished. The value of the property will likely increase once it’s built so it’s more economical to get in early. If you’re looking for more information about buying off the plan, check out Meriton Apartments.
Efficient to run
New builds are often fit with clever gadgets and complete with smart home features. Even if they’re not the most high-tech, they’ll still have completely new appliances, insulation, and plumbing. This means they run much more efficiently than older properties. You’ll not only save money on your bills but it’s also much better for the environment.
No need for repairs
One of the main benefits of buying a new build is that there will be no need for costly repairs. If the property is brand new, kitted out with the latest technology, and all new plumbing and electrics, the chances it won’t need maintenance for a while. First-time buyers often opt for new builds to save money on home renovations.
There are several mortgage options, even for off-plan properties. You can read more about them in this off-plan buying guide. Different lenders may have varying criteria for new builds and off-plan properties so it’s advisable to speak to a professional and do your research. It’s also a good idea to maintain regular communication with the property develops to ensure you’re kept up to date with any changes to the timeframe of the project. If you look for a new build in an up-and-coming area this should be the most profitable and lower risk.
Technological advances in the world of real estate such as virtual reality mean it’s possible to get a realistic impression of what the finished property will look like, inside and out. You’ll be able to take a virtual tour and with 3D imaging get a good idea of the dimensions and layout. You can also get all the information you need from the property developers in advance.
Investing in property is a big decision and shouldn’t be taken lightly. Get as much information as you can and seek professional advice. A financial advisor or mortgage broker will be able to help you understand what’s the best investment solution for you.