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Properties Articles

'New Build' vs. 'Fixer Upper'

Published by: Jonathon Burks

When considering purchasing a property, one must take into consideration the idea of buying a 'turn key' property or adding value. Whilst pondering on which option is more suitable for yourself and your family, we have taken the initiative to make the decision easier for you. 

Find below the positives of both the generic 'new build' property and the 'fixer upper'.

'The New Build'

One cannot deny the fact that modern conveniences are a major benefit of purchasing a new property. From digital home automation to induction stoves and fixed hyper optic internet, there is a plethora of technological advancements that make life more commodious

On site management teams, porters and concierge now seem to be a common feature of the majority of newly developed residences. Having a team of individuals 24/7 at your development can only be seen as plus in terms of security.

The facilities that now accompany most new developments would include amenities such as; Health Club & Spa, Cinema Room, Gymnasium, Resident’s Lounge etc. These amenities are now begging to become more of a compulsory feature when purchasing within a new development.

‘The Fixer Upper’

The most fundamental advantage of buying a property with work required is the notion of adding value. With the ability to conduct necessary work, the individual is able to use their own contractors to refurbish the property to any standard of their choosing. This type of flexibility allows creative minds to be unhinged and there are no limits as to how you modify your property.

It is clear that the purchase price of a unmodernised property will always be lower than a ‘new build’. This allows individuals to get on the property ladder without breaking the bank.

With the current Stamp Duty Tax Reliefs, individuals looking to conduct work on properties with a value of under £500,000 should aim to purchase before the 31st March.

The notion of a fixer upper is suitable for individuals looking to construct their ‘dream home’. Buyers can put extra work into areas that matter the most to them. This can range from an open plan kitchen with ‘Quartz Marble Countertops’ to ‘African Blackwood’ office desks in custom interior designed rooms. The sky is the limit as to where one can add value and change interiors.

Stay tuned for the negatives due on Friday 27th October