The price of off-plan is definitely a valid point- properties bought off-plan are significantly less expensive than others on the market. Plus, often by the time many off-plan properties come to market they are worth tens of thousands pounds more than they were when originally sold.
However, any type of property investor who only focuses on what benefits them most (namely low prices and high returns) may miss out on the crucial point of looking for what benefits their potential tenants most.
Here again is where investing off-plan has its benefits- these kinds of properties naturally stand out from the crowd from those looking to rent.
Firstly, when built, an off-plan property will be brand new. It sounds obvious, but when it comes to the market, tenants will be eager to be the first to live there. Plus, with no tenants currently occupying the property, it will be ready to move in from the time of completion.
In a time when many tenants are stuck living in older, more run-down properties, there is an undeniable appeal to rent a contemporary property which was only completed in the past few years. The right off-plan property can offer high-spec facilities, modern décor and new or barely used fixtures and furnishings, all of which are appealing to tenants.
Another reason new properties appeal to tenants, more than just for the prestige, is that they are less likely to suffer maintenance issues. Having working appliances, whether as complicated as boilers or as simple as light bulbs, makes properties much more attractive to tenants and look more professional on viewing trips. Ultimately, the fewer calls to the maintenance team needed, the happier the tenant.
Plus, when the original tenant is ready to leave, the property should still be in good shape. The newer the property, the lower the maintenance, meaning it is faster to get the next tenant in, with fewer repairs required in the interim.
Alongside these more practical reasons, off-plan properties are also much more likely to be decorated in a modern, appealing way. As they have been created for the rental market they are likely to be decorated in neutral shades to appeal to the masses. Rooms like the bathroom and kitchen will look sleek and modern. Ultimately, the modern styles of off-plan properties are often more aesthetically pleasing to both tenants and investors alike.
All-in-all, buying an off-plan property will be sure to benefit both the investor and the future tenant. One example of an off plan property which will be sure to impress is Bridgewater Point in Salford. Made up of 220 stunning apartments, Bridgewater Point will be perfect for tenants, being contemporary and attractive. Plus, it will appeal to investors as it is located in an under supplied area with high tenant demand, and also promises high yields.
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