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  • Benefits of buying New Build property in Croydon

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Dated:
Mar 01, 2023
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Topic:
Estate Agent

Benefits of buying New Build property in Croydon

You could have chosen that 2022 is the year you finally make a real estate investment after the UK real estate market experienced a record-breaking year. Even though there are numerous ways, a new build home investment plan will be among the most well-liked in 2023.

Many real estate investors find new construction homes to be an appealing alternative due to their lesser maintenance requirements and superior modern amenities compared to pre-existing homes. You might be hesitant if investing in new construction is the best course of action, as the so-called "new build premium" has caused property prices to soar to new heights.

The article will discuss whether new builds are a wise investment in 2023.

Topics include:

• Why invest in new builds? • Why Purchase in Croydon? • Where to buy a new building property? • Property Prices in Croydon

Why Invest In New Builds?

After a record-breaking year, buy-to-let real estate has become a popular investment in 2022. According to Nationwide, UK's average home price has increased dramatically, reaching a record high of £254,822 in December 2021.

Considering that, the average rental income in the UK closed the year at approximately £1,060 per month, just £1 over the previous high, it makes sense why so many individuals are considering investing.

But are recently built properties the best option? The advantages of purchasing a new build property in 2023 will help us determine this.

Ready To Move In

Moving in your renters on the first day is one of the most excellent aspects of new construction property investing. Investors in real estate can start realizing returns on their investments immediately because new construction frequently comes completely furnished and equipped with all necessary white goods.

Even though you need to search for a tenant before making money, working with a property management business can frequently help you locate a renter before the building is even finished.

Simpler Purchasing Process

New construction properties are typically bought directly from the project's developer, which can significantly speed up the purchasing process.

As purchasers don't have to wait for separate sellers to obtain a mortgage to purchase another home, this is frequently a "chain-free" transaction.

Low Maintenance Costs

Since new constructions are new homes, initial ownership upkeep costs are lower. Investors in real estate will benefit greatly from not having to spend money maintaining the property in a renter-friendly condition.

Better For The Environment

When you purchase a newly constructed home, the environment will benefit you as much as yourself. Newer homes were built using sustainable materials that significantly less damaged the environment during a time when people were more environmentally concerned.

More energy-efficient construction techniques are used in newly constructed homes than in older homes, resulting in significantly less expensive heating and insulation costs.

By doing this, you'll be able to save money on your energy costs while also doing your part to protect Mother Nature.

Why Purchase In Croydon?

Croydon's neighbourhood facilities are a huge perk of living there. With London Square's Croydon project near the West Croydon Station and a short stroll from the East Croydon Station, it offers quick access to almost anything in the surrounding area and Central London.

Due to this, it is well-liked as a student rental market and a buy-to-let home market. With Croydon being greener than Wimbledon, the second-largest borough in London draws people in part because of its abundance of green space, which is a crucial asset given the 80% rise in demand for residences close to green space.

Croydon, already a thriving neighbourhood, is now viewed as a hip spot to hang out for fantastic music, food, and beverages, thanks to Boxpark. London Bridge or Gatwick Airport can be reached in just 14 minutes by train, the London Overground in 15 minutes, the West End in 35 minutes, and St. Pancras and the Eurostar in 35 minutes, thanks to the excellent connectivity. The combination of Croydon's lifestyle, accessibility, and connectivity has helped the city gain well-deserved prominence during the past ten years. Croydon has the third-lowest property sales value, according to statistics. In contrast to much of London, Croydon offers attractive chances for real estate investors. It is understandable why it has been recognized as one of the most significant regions to invest in for potential future growth.

Where To Buy A New Build Property In Croydon?

On the outskirts of the town centre in central Croydon, investors will discover both newly constructed apartment buildings and some older terrace homes. In general, the real estate there is affordable. Broad Green, Norwood New Town, Selhurst, Thornton Heath, Norbury, and South Norwood are all located in North Croydon.

You can choose areas like West Norwood and Upper Norwood border other London boroughs, including Lambeth, Southwark, and Bromley.

Croydon's areas are most accessible from the heart of London. They have a very London-like atmosphere and are more crowded, noisy, and busy. They provide convenient access to the Norbury, West Croydon, Selhurst, and Thornton Heath stations.

Croydon's North Croydon neighbourhood is frequently a terrific deal. It is well-liked by purchasers and tenants who need or want to live in London but can't afford the high rents and prices in the city's centre.

Addiscombe West, Addiscombe, Shirley Oaks, Shirley, and Long Lane Wood are all in East Croydon. These Croydon neighbourhoods are more suburban, with Lloyd Park and Lloyd Park South Norwood Country Park serving as green spaces.

Addington and New Addington, located further afield, are somewhat semi-rural but connected to the London Trams network and offer services into Croydon and Wimbledon.

The Bottom Line - Croydon Property Prices

Despite its promising future, Croydon is among the cheapest areas of London for renting and purchasing a property. In addition to several Victorian-era residences, Croydon has a growing selection of new residential developments.

The typical house price in Croydon as of November 2022 is slightly over £394,000. However, expensive detached homes raise this rate. Contrarily, the average cost of a flat in Croydon is only £266,000.

As a result, Croydon is among the top areas in London to hunt for a first-time buyer. Additionally, Croydon offers very affordable rent. The average monthly rent for rental properties is nearly £1,575. This is a significant difference compared to London's £3,050 monthly average.

If you are looking for an ideal property, contact [TRPE](C:\Users\Ritu Goel\Downloads\trpe.co.uk). We are a leading estate agency providing you with the best offers in buying and selling your property.

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