I visited the show home at Acorn Grove in Fishbourne to see how the development of 24 homes was going. Rather well it turns out, as they were all sold, except for the just released soon to be ex-show home and ex-sales office, which are both two bedroom semi-detached houses. Asking prices were due to be released imminently but it should be £285,000 for the ex-sales office and £295,000 for the ex-show home (which features some specification upgrades & furnishings).
That seemed pretty reasonable to me, considering a second-hand two bedroom house on the next door development (The Oaks) has just sold within a week of being marketed at £289,950. Considering you could get a brand new property, complete with warranty, for £5,000 less, that seemed worth investigating further. One snag is that there're unlikely to be available until November, as they are still being used for the marketing of Taylor Wimpey's Hambrook site, but that means you can lock in a purchase at today's price for six month's time (which could be a good or bad thing depending on how house prices develop I suppose).
They are obviously immaculately-presented houses, which will appeal to discerning tenants. They have a good layout, even managing to fit an en-suite into the master bedroom. The bedrooms aren't huge, but then that's true of most new-builds nowadays and something I think future generations will get used to and accept as 'normal'. The house overall is 673 square feet, which is quite a bit smaller than the recently sold one I mentioned (795 square feet but without an en-suite). It also forgoes a garage, again like most newer build plots (particularly two bedroom homes) but gets two allocated parking spaces, which is good.
Some people think buying new-build homes is a bad idea as you are overpaying to cover the developer's premium. Like a new car, as soon as someone uses it it is no longer new and thus loses some value. For many though, who want the assurances a new-build provides, it makes a very simple buy-to-let purchase whereby there is nothing to do and tenants can move-in from day one, safe in the knowledge that any maintenance issues for the next couple of years will be covered by the builder.
The fact it generates a decent yield in a popular area I often cite as being a great place to live, buy and invest in and I think it stacks up as a good buy-to-let prospect.
If that sounds like something worth paying a little extra for compared to some older homes, visit the sales office at Acorn Grove and take a look at what I think is a pleasant development in a great location, just on the outskirts of Chichester.
It is on the market with Taylor Wimpey and full details can be found on Rightmove via the following link: http://www.rightmove.co.uk/property-for-sale/property-48503070.html
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