When you’re looking to invest in residential real estate, you can opt for resale and new construction properties.
New constructions in up-and-coming areas offer viable investment opportunities. With Colombia’s construction industry expected to reach $24.8 billion in value by 2021, there are countless prospects waiting for you to take advantage of.
Unlike resale properties that are bought from the current owners, new constructions are usually bought from the developers or builder. Here are some of the benefits of investing in such a property:
Fewer repair needs
Resale properties often change hands between owners several times before they end up with you. This means that the property you buy may be several decades old and in need of repair. Sometimes, property sellers don’t invest in the necessary repairs or don’t keep up with frequent property maintenance, leaving the bulk of the repair work to the new owners.
Conversely, new developments come with workmanship warranties that cover the structural elements of the property and are fitted with the latest fixtures. You can also rest assured that new builds meet all the building codes and meet the present-day building material requirements.
Real estate is a great investment for anyone who wants to maximize their returns. Since new developments are often built in competitive real estate markets that have the potential for growth, there’s a greater possibility that the value will appreciate over time.
Fast-growing markets with rental housing demand are key to appreciation. As new establishments and residential buildings start popping up to cater to the growing population’s needs in that region, your gains on a new build will continue to skyrocket.
New constructions are often located in up-and-coming markets, built in the top neighborhoods that offer the best schools, safety, and amenities. The new development often attracts businesses and amenities that start cropping up around it, making it a viable investment venture that’ll reap returns in the long run.
Are you looking to invest in new real estate projects?
You’ve come to the right place. In House Real Estate is the one-stop location for everything you need to know about new development investment in Medellin. Buying a gorgeous new home in Medellin has never been easier than with our expert guidance by your side.
From browsing through our property listings to gaining insight into real estate markets that interest you, we offer comprehensive services to local and foreign buyers.
Take a look at our services and start investing in your future today.