Let’s Watch this New Build from Demolition to Erection
I have been keeping a close eye on a property located at the bottom of my Grove which was purchased by the Investor back in July 2013. The property has remained empty for 3 years whilst going through planning applications.
Driving home last week, I noticed some activity at the property with the metal fencing now erected by the Demolition Company. As sad as this sounds, I was fairly excited by this as I really enjoy watching and monitoring houses from demolition right up until the finished product! It will also be much more appealing on the eye as I head out to work each morning, well once finished it will be!
It gave me an idea that I will add this to the blog and monitor this property along its journey from the current derelict bungalow to the proposed 5 Bedroom House including a Cinema Room and Bat Loft!!
The property located on Woodside Way in Solihull was purchased for £450,000, I would anticipate that the build cost may be in the region of £350,000, however once complete this would be on the market for £1,000,000 +….. not a bad return for a 3 year project! The house opposite sold in December 2013 for £500,000, and has now been through the demolition and build process and looks very impressive, if it were to be marketed for sale I would anticipate it achieving around £1,100,000.
I can personally see the attraction of buying a property with the plan to demolish and build a new house, a few of the main reasons behind this being the following:-
Guarantees: new-build homes come with a 10-year NHBC warranty covering structural defects. Most developers/builders also provide their own two-year warranty.
Personalisation: If you are building a property from scratch then you are able to choose your fixtures and finishes. This is great as you can put your own stamp on the property from day one!
Specification: New homes are built to the latest specifications, so major repairs should be unnecessary for the first few years. They tend to be more energy-efficient, too, so you could benefit from lower utility bills.
Re-Sale Value: Very often if the existing property is picked up at the right price and the property is done to a good standard at the right build cost, very often new build houses can also generate decent profits when the time comes to sell as per the comments above.
Should you have any property related queries please do not hesitate to contact me on 07540 462 033.
Estate Agent in Shirley Estate Agents in Solihull