In recent years, buyers have shown a strong preference for new development properties and this trend looks set to continue. As with any property investment, there are factors to consider before taking the final decision.
Financials
Choosing a new property in a development, over an existing home means you can save a large sum of money on upfront costs. This type of property removes the requirement for you to pay transfer duty on the property, VAT is included and all transaction costs are paid by the developer. There is the usual 10% deposit, but the rest of the payment is only due on completion of the development.
Customisation
When a new development property is built, early buyers will get a chance to choose their own property layout, size and finishes, but have to make sure that if specific looks are wanted, it is stipulated in the contract.
Modernisation
New developments use the latest materials and optimise homes for the latest technologies. If you’re looking for the most up-to-date looks, fittings and internet, then a development property could be for you.
Safety and Security
New developments offer high security, from controlled access and security guards to impenetrable walls and electric fences. This allows residents to feel safe in their homes no matter what time of the day or night.
Levies
Through the collection of monthly levies, maintenance of the development and its surrounds is carried out regularly. From structural, to garden and amenities maintenance, the upkeep is organised by the development, allowing owners the freedom to focus on other aspects for their properties and home lives.
Property size
New development homes usually don’t focus on garden space. They are built on smaller lots, with little backyard space and minimal space between houses. If you’re looking for a property that includes a big garden for a family and pets, a development property might not be what you’re looking for.
Whether you’re already in the market to buy, or still weighing up the idea of a buying a development property, remember these key factors before making your decision. Development property for sale has its own set of pros and cons, and thinking about how these factors fit into your lifestyle will determine whether it is for you.
