The north east of England is a beloved corner of the country. With estimations predicting that 2.4 million people reside somewhere in the north east, this popular corner of England has been growing its population since 2002. The vibrant and picturesque part of the country has thriving cities, striking beaches and plenty of hiking tracks to explore.
It is understandable why more people have been relocating over the years to one of the handful of cities that reside in the north east. In recent years, those looking to relocate or buy their first home will usually lean more towards investing in a new build. Although each individual has reasons for choosing a new build, one common point is that they are low maintenance but energy efficient and offer low energy bills – ideal factors in the current climate.
If you are looking into a new build development in the north east, here are a few factors worth considering before moving forward.
Setting The Budget
Of course, a crucial aspect of a new build development project is establishing the budget. The project’s budget will influence the choices made moving forward with the new build development project. When setting the budget, consider all of the factors in the project that need financing. These include materials used, contractors and equipment required for work to be completed.
Remember to factor in unforeseen circumstances and costs that might need to be covered. It is likely that there might be issues with materials, such as a shortage or damage that has occurred. As such, funds will be needed to order more or find replacements. Ensure that your budget has factored in these potential unforeseen costs involved and even hidden fees that might not have been considered in the initial planning stages of the project.
Getting The Right Insurance
Of course, safety on the project is paramount. Implementing health and safety measures before any building work can begin is crucial. It helps to avoid any costly expenses being made for employee injuries. As such, you will likely have measures in place to prevent this from occurring. It could be having updated health and safety training for workers before they start the project. Ensuring everyone working is wearing suitable safety gear to keep them protected. Also, you will have insurance in place to protect employees and the business if something occurs.
Along with the safety of employees on-site, you also want to ensure the build is protected by insurance. For instance, look at the builder warranty insurance options from BuildSafe. Spend time looking through their policies till you find the ideal one for you and your project.
Consider The Location
One of the most crucial aspects of planning a new build project. It will impact how much interest there is from potential buyers looking to invest in a new build, whether it be for their first home or their second. When planning a new build project in the north east, there are a few areas that you could choose between. Some of the most popular spots include Durham, Newcastle upon Tyne and Sunderland.
Each city boasts its own strengths that have enticed thousands to relocate and settle in one of these areas over the years. After choosing one of these popular areas, you can look further into suburbs within each city to develop a new build project. Consider reaching out to locals about areas to avoid, and research what parts are considered the most desirable. Partaking in extensive research into the location could work in your favour. It will help you select the ideal location, one that could attract the interest of a few potential homebuyers.
Decide On Ideal Property Size
Aside from location, it is also worth thinking about the property size. Who would be the ideal tenant for the property? Is it a young couple looking to purchase their first home? A family wanting space for their growing household, or a young professional wanting to get their foot on the property ladder? Knowing who the ideal tenant is for the house will help in planning the size of the property. If the ideal tenant is a family, you will likely design a space that has enough rooms and that they are large enough for a growing family to live in.
Additionally, you will consider other amenities, such as having a driveway and if it can fit one car or two. Think about the size of the garden and if it is suitable for a growing family. However, if the property is for a young professional wanting to get on the property ladder, you might create a smaller property best suited for a single tenant.
Think About Weather Conditions
The north east of England is known for not having the most unfavourable weather conditions. When it snows, residents are often limited on mobility, with roads being closed and driveways being blocked. If it rains, some areas will have weather warnings, highlighting the high chances of floods. When planning a new build project in the north east, ensure that you have considered these weather conditions when deciding what materials to use and where to build.
Understandably, you do not want to develop a property in an area that often experiences frequent flood risk warnings. Aside from putting the property at risk for flooding, it could impact the interest surrounding the property. Potential buyers will look at crime rates and flood risks of properties they are interested in. A property in a high flood-risk area will likely move down a potential buyers’ list or be taken off entirely. Ensuring that you consider the area’s weather conditions is crucial in a successful new build development project.
Preparing For The Next Step
After careful planning and consideration for where the new build will be located, amongst all the other factors mentioned above, work can begin bringing the project to life. Constant checks and updates should occur throughout the development process of building the property to ensure no issues go unnoticed. Before you know it, work will have been completed, and your new build will be ready to welcome your new tenants.