When you are looking for a property, it is essential to make the decision systematically. It applies everywhere, London or Cornwall.
Whether to buy a new one or resale property depends on your choice. The blog talks about some driving factors affecting your decision.
Are you in a hurry?
If your investment has to finish within a specific timeframe, then it is better to go for an old property. There is always a chance of getting the timelines of a new property extended.
The reason could be anything, but you will be at the receiving end.
The situation gets bad further if you arrange the mortgage in advance. Usually, the mortgage arrangement expires within six months. You will be in a tough condition if the investment takes a longer time than your expectations.
In the resale property, it is less likely to happen.
Do you need a ready-to-move property?
The condition of the property delivered to you depends on whether it is a new property or resale one?
The new property is ready to live when it is delivered to you. The resale property may need some improvement or renovation before it is delivered to you.
When you are searching for a second home in Cornwall, it is essential to decide your priority. Do you want a home where you can stay in the upcoming vacation? Or you want to buy a property from a long-term perspective?
Pick a home that meets your needs.
Energy efficiency, another crucial issue
When you want to buy the new property for rentals, it is essential to look into energy efficiency. Always try to acquire a property that has a high energy rating.
In Cornwall, you may find some resale properties that reach high energy rating than the new buildings. However, you have to spend considerable time in research and analysis.
Ask the consultant if you have some doubts. Whether new or resale, a building with a high energy efficiency rating could end up being the best investment for you.
What is the ‘icing on the cake’?
When you buy a property, it is “what you see is what you get”. You don’t expect any extra things.
However, with many buildings, you get some unexpected things. It is an added bonus. For example, fitness suites, concierge services, and advanced security measures are some examples.
AS far as value for money is concerned, whatever additional benefit you get is right for you. From the perspective of value for money, it is a great deal.
Take a situation where you are offered some valuable add-ons with a resale home in Cornwall. On the other hand, there is nothing additional when you choose a newly constructed home. Whether you choose the new one or resale depends on all other selection parameters.
Thus, the add-on is one amongst various criteria for selection.
To buy a new property or give preference to an old one has always been a bone of contention. When you decide to buy a property in Cornwall, study all aspects well before signing the cheque.