How does a new build home save you money and increase your wealth?
It’s important to remember that when entering the property ladder or adding to your property portfolio, purchasing a property is an investment for the long term.
It will be an asset that you likely hold onto for some time, possibly as a rental property.
It will be an asset that you pay off for a long term – unless you are in a rare circumstance of being able to purchase the property outright.
What this means is that you will be exposed to the market (i.e. interest rate fluctuations) over a number of years.
This means that the point at which you enter the market in terms of interest rates that you are paying on the property at that time, need not be daunting.
You will be paying the property off over a number of years, so will experience fluctuations in the market.
I.e. there will be points where your repayments will be less, and some when they may be more.
What is key – is getting on the ladder!
Where a new build townhouse saves you money:
A brand new build does not require the investments in maintenance that existing homes require. The fittings and materials being new means that they will last for duration that you are likely to own the property.
When you purchase a fixed-price townhouse you can be sure what you are going to pay upfront to secure the property. You can also be sure what you are therefore going to pay towards paying it off. If you fix your mortgage then it gives you certainty of your outgoings for that duration. This can save you money by allowing you stability in payments rather than being at the mercy of interest rates
Heating/ Cooling costs
Keeping a townhouse at the most comfortable temperature is cheaper! New homes are not drafty but are built with efficiency in mind. Features like double glazing and insulation allow the heating and cooling of the property to be more efficient and saves you in your power bill!
Modern, efficient appliances
New build homes are fitted out with modern technology appliances. When you compare these with older models, they are much more efficient. They are also less likely to require maintenance or repair costs due to being newly installed.
Location is paramount
New builds offer you great locations as they make desirable locations available at a price point that you can reach. By building homes in a higher density, it allows the cost to be divided amongst them. This means you may have the option to walk or bike to the amenities that you travel to – an additional cost saving.
Building inspection costs
When you are buying a brand new home, when completing your due diligence on the property you would not need to get a Building Inspection. There will be no repairs or ongoing maintenance issues to report on.
How you gain wealth by investing in a townhouse:
When you buy a townhouse it offers you an attractive price point to suit your needs and also a property that won’t give you surprise costs.
You can then enter the property market or add to your portfolio with firm repayments (or an upfront payment) in mind.
The nature of property investing is that you are aiming to build equity. The low cost and stable costs of new builds allow you to build equity with piece of mind.
To find out about our Williams Corporation new build homes available to buy now, click here.