There are several advantages to investing in a new-build property in the UK. If you’re buying off-plan, you’ll have a lot of input regarding its appearance and décor, and of course, a new property is covered by a variety of warranties for greater peace of mind.
However, when investing in any kind of property, it’s important to purchase sensibly. Here’s a few things to keep in mind when looking for a new-build buy-to-let property for sale.
New-Build Property Investment Opportunities
- Find out more about the developer. It doesn’t matter if the new-build has already been constructed or you’re planning to purchase an off-plan property – it’s vital to find out as much as you can about the developer. What experience have they had? Have they got a good track record in the industry? If possible, try to speak to people who have purchased properties from them in the past, as this will provide invaluable insight into their reliability and quality of work.
- Understand what’s included. This is especially the case if you’re buying off-plan. For example, does the property come with a parking space? Will they landscape the garden? Will the walls be painted inside, and will all fixtures and fittings be included? Always find out what’s included in the price before agreeing to buy.
- Are you covered? It’s vital that the builder must be part of a warranty scheme, as this provides important financial protection if something goes wrong. NHBC’s Buildmark is the best known of the warranty schemes, but other acceptable schemes include LABC Warranty and Premier Guarantee. Make sure to check what the warranty does and doesn’t cover.
- Don’t be afraid to haggle. As with any property, prices are always up for negotiation, and this is especially the case when you’re buying off-plan. Do some investigative work and find out what similar properties have sold for in the area, as this will give you a good idea as to what a realistic price might be.
- View show-homes with a sceptical eye. Remember, a show home is exactly what it says on the box – a home designed to show off the property at its best. As a result, they’ll often be decked out with smaller than average furniture (to make the rooms appear more spacious) and will be designed to appear as light, airy and attractive as possible. Always view with a rational, realistic eye.
- Examine the plot. If you’re buying off-plan, assess the proposed plot carefully, and ask the right questions. How much land will come with your new-build? Will any surrounding houses block off light to your house? Will the garden be overlooked? These are all important questions that should be answered before you agree to buy.
- What will appeal to tenants? When looking for buy-to-let property for sale, it’s imperative to think like a tenant. What would appeal to them? Is the property in a good location? Does it offer a high standard of living? Always assess the property (or property plans) with a view to appealing to your target audience.
The Buy2Let Shop Limited
If you’re looking for buy-to-let property for sale, talk to The Buy2Let Shop. We’re a team of specialist property investment agents in London, who are here to help you find the right property, at the perfect price.
To find out more about our services, which include property auction assistance and property investment seminars, visit The Buy2Let Shop’s website today.