New build properties tend to come at a premium because they offer several benefits including being ready to move into straight away with minimal work. Generally the only thing that needs doing to a new home is decorating to personalise it. Older homes may need everything from a new kitchen to landscaping work.
The biggest benefit of new builds is they are built to the current regulations and building codes. That means they are more energy efficient and economical than older properties. This can translate into much lower energy bills and more in terms of sustainability. This is very attractive to buyers, including owner occupiers and renters.
With the new build homes ready to inhabit upon completion it is no surprise they can prove to be good investment properties. Owners can start looking for tenants right away and don’t have to invest as much on upkeep and maintenance from the off. In fact costs for decorating and repairs may not be needed for a number of years.
In London the lack of free space means many new homes are built on land that is available including Brownfield sites. This means that the location for some of them can be less than ideal. Fortunately demand is high and there are such great transport links that there will generally always be interested buyers and tenants.
New builds are proving to be popular investment properties in Bromley and many other areas. Those in areas with the aforementioned good transport links and amenities such as quality schools are the most popular.
An interesting thing to note is that investors who get in early can enjoy two chances for good capital growth. The value can go up during construction if there is a big boom in demand and again once properties are completed. This can provide very good returns as well as long term potential.
At Finefair we offer assistance if you are looking for investment properties in Bromley or any other London Borough. We are a well established team and provide the same great services for every investor, regardless of their requirements. Call us today to get started.