Maximising on Value: New Builds by Jessica Foreman

Tuesday, 15 November 2016

Creating new homes can be a daunting task.     As property values keep rising, it’s important to build houses that offer great value to all future purchasers, so they feel their investment will increase as time goes on.

What does the public want? 

New homes are increasingly being created either by people who buy houses and renovate them to turn them into something better, or construction companies who completely demolish the old in favour of something new. The core rules of creating a house to sell are the same whether you're a private individual or a construction company: make something people want to buy. Selling any product involves looking at what consumers want, and then tailoring your offering to fill that niche. New build houses have seen fairly low levels of popularity in the UK recently, due to their perception as being too small and rigidly-designed. When creating new homes, think about the kind of house you’d like to live in – something with lots of natural light, storage space, and flexibility. While it’s tempting to do whatever you can to increase the original sales price, it’s important to think about the value you’re imparting on the house’s potential buyers.

Include value-adding elements 

There are a huge number of things which can add value to a new house, and not all of them can easily be added by later homeowners. The house has its most potential in its planning and original development phases – so adding some value-boosting features at that stage could help maximise its future price tag. Popular wish list items for a house are a home office, a garage, and quality, useful bathrooms – an ensuite for the master bedroom, and ample space for the family’s usual bathroom. Other valuable features are probably standard in a new home: double glazing, security lights and alarms, and high energy efficiency. Small investments at the building stage will pay off when you eventually sell. Private new build projects often see 20-30% profit when they are sold, so the more money you put in, the more you are likely to get out of it. Put simply, new build houses will always be the most valuable when they contain the elements which are most sought-after. And to make sure that a newly built house is sought-after in the wider marketplace too, can take care of everything while saving you money.

Jessica Foreman is a Durham University graduate specialising in business and lifestyle based writing. She has developed her skills on projects surrounding The British Broadcasting Company, and running a print and online based magazine whilst at university. She is currently looking towards starting her Masters in Mobile and Personal Communications as well as broadening her horizons through travelling.