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The UK real estate market has properties available for different investors. Every investor has unique must-haves and preferences. When deciding between a new build property and a second hand property, it is crucial to analyze your needs, weigh your options, and select the property that ticks the most boxes for you.
Benefits of new build properties in the UK
1. Financial and non-financial incentive
In a bid to sell property faster, developers often offer extras to their clients to motivate them to buy properties. Incentives can have a significant impact on your budget. For every investor, saving money is a huge advantage.
Financial incentives offered can be buying property with stamp duty offers, cash back, furniture packs and possibly discounts. Non-financial incentives may include kitchen upgrades, soft furnishing or flooring with no extra costs. It is essential to discuss these incentives which Pitchbook Property will advise you on.
2. Warranties
A safe, habitable, and durable property reduces the risk of extra costs in the future. New build warranties are always available because developers are responsible for the structural stability of the buildings they construct. Warranties are an assurance that the property you purchase is safe for habitation, and in case the developers do not meet any specific quality, the developers can replace or repair it at no extra charge.
3. Opportunity to design your new property
A new build property is a blank canvas. You can purchase this property based on your design plans. This allows you to pick the layout, the paintwork, the tiling, and any other specifications you may have. By designing the property to your taste, you are assured of its functionality and are more likely to value it more.
4. Energy efficiency
With the rising cost of living in the UK, energy efficiency is a priority for investors. New build properties are more energy efficient because of the high-quality roof and wall insulation. Energy-efficient properties significantly reduce the cost of utility bills for the occupant.
5. Modern living
As expected, new build properties are built to serve the modern individual. As such, they have modern and more functional designs, easily accessible amenities, and upon your request, they can include the latest home technology.
Drawbacks of new build properties in the UK
1. Potential delays
Delays can happen with any new construction due to factors like poor weather or limited supply of materials for example. Some of these challenges are beyond anyone’s control. They are inconvenient because of the stress and the increased expenses caused. However, with effective planning, proper communication, and patience, your developer can help you weather these challenges successfully. This is why it’s important to choose a reputable developer for your next property investment. Here at Pitchbook Property, we work with top tier developers who have a reputable track record in delivering quality properties.
Benefits of secondhand properties in the UK
1. Established community
Secondhand properties are mostly located in areas where other people have lived for a long time. You will most likely find welcoming neighbours, accessible bars, restaurants, parks, schools, hospitals, and other amenities, as well as support and connection from people with shared interests. An established community is an important source of social connection.
2. Character
Secondhand properties have features that bring out the historic charm that only older houses have. Features like stained glass windows, exposed beams, and beautiful fireplaces for open fires. If these are the features that you are looking for, you can get them in secondhand houses.
Drawbacks of secondhand properties
1. More buyers
Secondhand properties are more likely to have a chain of buyers hoping to get their foot up the ladder to homeownership. While this is good news for sellers, a chain of buyers can be stressful because the seller will want to sell at a profit and all buyers have to be considered.
2. Extra expenses
Secondhand properties are not always going to tick all your boxes. Often, you will need to do some renovations to ensure that the house is comfortable and up to your standards. The costs of renovation and the stress associated with the renovation can be quite high.
3. Higher maintenance costs
Secondhand properties need more frequent maintenance. Ensuring that the structure of the house is safe and protected can be costly. The cost of frequent repairs can be expensive, averaging about £2,784 without counting taxes and utility bills.
Before buying any property, you are advised to seek professional advice from real estate experts who understand the property market in the UK. You are more likely to find a property that best suits you with professional assistance.
