Does buying off-plan make great buy-to-let investments? The answer is in the affirmative, but should always remember the basics of investing in property. For buy-to-let investments to be successful in the long-term, it’s important that rental yields are sufficiently high to cover all your running costs. Otherwise, you are likely to lose money fast.
Is it a good idea to invest on New Homes in Denver?
Buying new homes has strong financial incentives, which can make homeownership quite affordable. Developers can give out bigger discounts compared to private vendors. This can significantly bring down the cost of owning a home.
Also, new homes give you peace of mind because you get a 10-year warranty that covers all matters structural, whether it’s wiring and plumbing, all the way to the roof. These appliances also come with their warranties, often for at least 2 years.
And then there is the benefit of occupying a new home. It’s fresh, clean and no immediate need to spend money as you move in. If you start the buying process before the property is finished, you can even personalize how it is decorated.
New-built homes also come with the latest technologies, especially with regards to energy efficiency. This makes them less expensive to run than older homes.
Tips to ensure that you are not ripped off
• Get the right developer: Before you invest in a new-build, it’s very important to research your developer. Read reviews about what other home buyers in Denver are saying about them, check their previous work, and avoid relying totally on their marketing. Getting an honest developer will go a long way into ensuring that you don’t get scammed.
• Watch out for unbelievably low prices: Some builders are known to use price baits in their advertising. They offer you very low prices on attractive-looking home, and later on pressure you into purchasing add-ons. This can bring nasty surprises on you. The trick is to avoid deals that look too good to be true.
• Avoid costly ‘upgrades’: Another rip-off tactic that developers use to exploit home buyers in Denver is overcharging you for products. First, they offer very low prices, and once they have locked you in, they suggest upgrades which they are the ones who do. But this is their chance to add a significant markup in the items they have suggested. When you get into a deal with a developer, make sure agreement doesn’t allow for future additions.
Conclusion
Despite the rip-off challenges, buying new homes in Denver has to offer comes with some massive advantages. If you get involved in the home construction early enough, it is possible to select the fittings and decoration fixtures, which avoids the stress of DIY that those moving into older homes face. Also, because it’s a newly-built home, you won’t spend money on repairs for some time.