Interested in the growing property landscape in the UK, and perhaps looking into investing for 2020 and beyond? Here are some of the many reasons why modern property development is more efficient that even before, and so worthy of your attention.
It slots into the city nicely
When looking at cities around the country, the demand for prime living spots is high. There is often reduced space to work with, and it might feel like securing a lucrative property within one of the top areas can be impossible. However, many properties actually make the most of the space that’s available, and there is still an abundance of new properties being constructed in desired areas each day.
If you look at Liverpool, for example, the Baltic Triangle area was a once abandoned warehouse sector of the city. Today, the area has now been refurbished and retrofitted with modern, residential property, and a ton of different digital businesses that have quickly become a significant pillar in the city’s thriving economy. So much so, in fact, that new developments are ongoing as the spot is deemed by many as one of the trendiest areas to live in the UK.
Other spots in Liverpool are also founding the basis for ideally located accommodation. A £5bn Liverpool Docks regeneration project is also ongoing, forming the basis for even more job opportunity, tourist attractions and residential property. This is the trend with many cities around the country, as statistics show that more people are beginning to migrate to urban areas in search of better overall wellbeing with regard to wealth and job opportunity.
- Inside the property
This efficient usage of space also translates from the architecture and design of modern building blocks and towers, into the insides of the individual studios, one bed and two bed apartments themselves. If you look at some of the properties around the Liverpool and Manchester area, many of the apartments that they offer to investors come fully furnished with innovative solutions such as beds with storage compartments and wall hanging space. Look to the Poets Place or Fabric District Residence developments for examples of how modern builds use sleek designs and compact spaces to their advantage.
Remember, if you’re an investor looking to purchase a city-centre apartment or flat within a new build complex, it’s important to consider the amenities and facilities within the building itself, not just the individual apartment. Many of these properties offer luxury add-ons and bonuses in order to both entice students by making the property stand out, and make up for the smaller space by way of bonuses. Examples of these modern luxury amenities include built-in spas, gyms and even swimming pools; generally, the idea is to give tenants somewhere exclusive to unwind and socialise outside of their immediate personal apartment space.
It uses technology to its advantage
Another huge benefit of investing in modern property is that you can utilise its modern sensibilities and integration of technology, and this can help down the line in a ton of different ways. Not only is your investment forward thinking and better futureproofed for in the years to come (which is an extremely important factor to think about when you consider that property is a long-term investment strategy), but technology is an enticing factor to tenants and young people, and it can actually save significant amounts of money down the line due to better building materials. Modern apartments and houses tend to have far fewer leaks and better insulation, so you can expect the heating quality to be better of a winter.
Being brand new, modern build property developments are also free from long-standing problems that start to pop up in an existing house. When you purchase or inherit an existing house, you’re also inheriting all of its issues, and the outstanding literal cracks begin to show themselves as the weeks and months progress. These issues can be costly to fix and also an extreme inconvenience for both you and any potential tenants, who won’t thank you for any disturbances and problems they weren’t made aware of when originally moving in.
There might be a couple of initial hitches and stutters when things are getting set up and off the ground for the first time in a new property, but so long as you choose to go with an established developer that has a proven track record, you will typically find the process much smoother and more stress-free than with an old-style property.
It’s competitively priced
Despite increasingly integrating technology into designs and building structures more thoughtfully with modern trimmings and sensibilities, new properties are often affordably priced for investors, especially those that are in off-plan stages of development:
Off Plan Property in the investment, market refers to a brand new property that is still its development phases, and so hasn’t yet been completed. With building work going on at many opportune spots throughout the country there are a lot of spots that will be valuable in the years to come thanks to strong capital growth.
Another great feature to off-plan property is that it is usually offered at a below-market-rate, meaning that as an investor you can get a brilliant deal on a property that is projected to grow in value. Purchasing the prospected property initially at a lower price, many investors have experienced capital appreciation/house price growth in their purchase before it has even been completed, and keys handed over to the first tenant.
There is some uncertainty surrounding new build property, specifically off-plan and its safety as an investment strategy, and this is understandable. After all, you are investing in something that doesn’t yet exist. Thankfully, in the same way, that strides are being made with technology and its use within property construction itself, modern tech such as drone footage and VR viewings give immersive insight to investors.