Posted on 16.6.16
It is a perennial question for those looking to invest their money into bricks and mortar to hopefully make a pound or two further down the line – should I invest in an old property or a new build?
The answer is always a question of circumstance and numbers. Contrary to true legal style, that’s not to say there isn’t a definite answer to the question, it’s just a case of assessing the situation in relation to your own circumstances, for example: How much time do you have if you’re refurbishing? What’s your cash flow situation? What are your long term plans?
Most buyers tend to focus on two key components: price and location. However if you are looking to invest then the condition of the property should also be a major consideration.
You may specifically want a property with a sense of ‘character’ and distinctive features; if that’s the case then a new build probably isn’t going to fit the bill. If on the other hand you want a clean cut, tidy and modern house and your plan is to get it on the rental market as soon as you can, a new build may be your best option.
There are many nuances to consider for both options especially from a financial point of view which is going to be your absolute driver if you are investing. There are four main steps to consider from a financial point of view: Initial purchase price, repair work costs, potential rental yield and resale value to make a profit (hopefully).
If a property has taken your fancy and you want to put an offer in then get in touch with our Residential Conveyancing team for a free, quick and no-obligation quote. The quote you receive is the final price and you will get a complete breakdown of all the costs with nothing hidden in an email before you decide to instruct us.
Call us today on 0161 930 5151 or email your details to us via the contact form.