Property Investing V Property Developing-The Big Debate
Fairtech Contracting Ltd is an architects in Warrington. We know better than anyone the massive benefits owning properties can have for those that are willing to invest.
Those that have worked hard throughout their lives and put money aside as savings, often find themselves seeking to invest their money and turn it into more. This may be as part of a retirement plan or just to generate an additional source of income.
Investing in Property is a Common Cause of Action for Many
Whatever a person’s reason for wanting to invest- property is a potential avenue for investment due to the huge amount of earning potential it can generate.
But when it comes to property, are you better investing in existing property or building entirely new buildings to sell or lease?
This architects Warrington is here to shed some light on the big debate.
Buying Existing Properties Means Buying Their Faults
Buying an existing property in the UK can be a nightmare due to the average age of houses in the UK. With so many Edwardian and Georgian houses still in use, houses often have dated features that have not aged well over time.
When you buy one of these properties, you take on all of the problems that they may have. For a landlord, a house that has an abundance of potential problems to fix, can be costly when it comes to profit margins and can drastically impact their ROI.
Build a New Home to Avoid Maintenance Costs
Building an entirely new home may seem like a big expense. The reality Is however, the expenses you will incur further down the line through fixing and maintain and older property will amass to an equally big expense.
The difference is however, if you build your home from scratch, you will be left with an entirely new, contemporary home which is a much more marketable commodity than a dated and dilapidated property.
Investing in a new build in this instance is a much smarter option for long term financial goals, contact an architects in Warrington such as Fairtech Contracting Ltd- today in order to get your new build started.
Changing a Home Can Be Costly or Even Impossible
Upon buying a new property you may realise that the house itself needs updating. Whether that be a new bathroom, kitchen or new infrastructure such as plumbing and electrical work.
Many homes drastically need these types of updates, but because they are so old, the structural integrity of the home can be put at risk from extensive amounts of work remodelling and changing the property.
If this is the case, the bill for changing the property can be near endless through hiring specialists or it may just be an impossibility.
Hire an Architects in Warrington
If you still are undecided on whether to buy an existing property or build an entirely new property, contact Fairtech Contracting Ltd today. We are your most trusted architects in Warrington and can give you free help and advice to help you decide between investing or building.