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As more and more new build properties complete in our area, we are being contacted by landlords who have bought off plan or pre-completion.
Almost always the owners preconception of achievable rent is far too high!
You see developers are really smart at making new developments look nice, prices good and rents high to entice buyers.
It is really important to factor in the other units in the development all coming to market, whether for resale or rent, at the same time. This will inevitably create competition between owners and almost always end in reduced prices.
Not all bad though.
Now I'm not saying all off plan and pre-completion purchases are bad, its just that due diligence really is key to avoid disappointment or short term financial loss.
The best way to get a better idea of rental returns or resale prices is to;
Speak with several local agents ASAP
Walk around the local area and speak with tenants and owners
Research on Rightmove and other portal all similar properties
If this information seems really simple and too easy to do, then yes it is, so my apologies.
You see the fact is far too many first time investors, and experienced landlords, do not do this simple due diligence, and when we have to give realistic valuations it can be disheartening for the owner.
Are you looking at buying a new property for investment?
Let me know if you want a second opinion on resale price or rental price;
... Or call us 0114 299 4188