Top Three Reasons Why You Should Prefer New Construction Properties
Investing in real estate is not a child’s game, especially in Miami where there is a myriad of choices in each type of property. Many investors look for old construction properties due to low price, but there are sometimes more cons than pros in investing them. If you want to invest in a property that can give you a huge turnover or convenience of living comfortably without frequent repairing work, going for new construction properties is the right choice for you. If you are still wondering why invest in a newly built property, check out the below benefits.
Reduces maintenance overhead
Whether you are buying a condominium, an apartment or a villa, new construction means you would have to spend significantly less money over time on maintenance. Investors who are not experienced enough or new in real estate generally disregard this principle at their own peril. However, even during buying a new construction property, it would be best that you do a good research on the reputation of the builder, condition of the property or you can even take advice from professionals to know if the building is strong enough and no cheap material is used in making it.
Remember that when you buy a newly constructed home, after 10 years, it will be just 10 years old. But, if you are investing in a home which is already 10 years old, after ten years, it would be 20 years old and you know such old buildings have serious maintenance and repair issues.
No shortage of options and supply
Unlike foreclosure buildings or short sale listing homes, new construction properties are plentiful in the market. So, you can easily pay your attention on which asset is offering the best package of location, amenities, price and incentives rather than getting caught into the bidding war with other investors. The ability to acquire an asset as per requirement at any time can make a world of difference. It is always better to invest in a new construction property that is available at a good deal rather than chasing for a foreclosure deal that is not going to materialize.
Convenience and faster turnaround
The best part about investing in a new construction property is that if you want to give your home or office property on lease, you can easily swap the builder’s sign for a For Lease sign the same day. On the other hand, if you invest in a distressed property, there are higher chances that you will need some repairs prior to giving it on lease or rent. This really takes your precious time away from showing your property to the potential tenants. In case you are planning to move in or renting a new construction home, you don’t have to wait.
So, you can easily gather that there are short-term as well as long-term benefits of investing in a new construction property.