Fire safety advice for landlords
- 3 December 2014
- Tips for Landlords
In 2012 to 2013 the fire and rescue service attended 192,600 fires. More than a third of the fires which were in…Read More
At the time of looking for London property investments, landlords have two main options: buying a new property, or acquiring an old one. These two options have of course the positive and negative sides, and there are a few aspects to keep an eye on in order to precisely decide what really suits us:
Advantages of buying a new London property:
– Customization can be higher in newly built properties since you might ask for a certain color, a certain distribution and materials to fit whatever type of tenant you will be looking to have in (students, young professionals in London, families…)
– It will require less work, since you will have everything built in for you. If there is any problem in the building process, the construction company will cover it, saving you money, time and efforts.
– Maintenance is another aspect to consider, especially in the buy-to-let process. Newly-built houses are often built with the newest materials which are more resistant and reliable and new appliances, therefore these properties should be maintenance-free for a couple of years.
– Higher energy efficiency of the property as the materials and building techniques nowadays are emphasized towards low energy consumption.
– Your new property will often include the possibility of adding extra features to make it more appealing for you future tenants such as speakers, air conditioning, internet wiring, which can be a great plus for you at the time of renting your property out.
Drawbacks of investing in a newly built property:
– Price tend to be 20% higher as you will pay for basically every aspect mentioned above.
– All additional amenities you might want to have are costly and you must need a good budget to include a certain number of extras that will make your property much better than the others.
– Most of these properties are built in less populated areas of London and often they are further away from main schools and supermarkets. These areas require more time to develop as well, since they are full of new properties, they will need investors and buyers to start developing.
– The architectural value of the property is lower, since it usually follows a certain pattern that makes it less attractive than an older property.
– Newer properties are usually more residential, and are built following standards, thus giving less freedom to personalize them.
– There are many pros and cons in buying a newly built London property. The choice of whether to invest into new or an old house depends mainly on your life style or on which type of tenants you will want to you’re your property to. For your London property investment, think of your desired customer and seek information on our London Area section because after all you are not only buying a home but also a neighborhood.