Q. I’m looking to buy in canary wharf and wondering whether I’m best to opt for one of the many new homes available or go for a resale in one of the older developments?
A. Good question and one that’s often asked. It very much depends on what is important to you as a buyer. New Build offers brand new and shiny interiors boasting the latest that developers have to offer with respect to what’s ‘hot’ in kitchens and bathrooms along with swish communal area’s and luxurious 24 hour concierge desks as well as impressive leisure facilities and in some cases even Valet parking. Of course to offer such superb facilities often developers want to make the most of the land they build on and tend to build smaller units and in vast amounts to make it worthwhile. For some they feel they are buying into a whole lifestyle and the whole glamour of a new development is just what they are looking for. Many buyers also feel that by purchasing a new build they won’t have to worry about tedious things like the boiler breaking down or the washing machine leaking as everything is obviously new. Resale property on the other hand is just as popular for very different reasons. Older property tends to be much larger, and the developments tend to house a smaller amount of units. Having been around for a few years any teething problems with the building would have already been both visible and rectified. Service chares and ground rents also are often a little less expensive and its easy to see how the managing agent is performing as the building will be in either a good or bad state of repair. You can also check how resale stock is fairing with regards to the capital appreciation over the years to see whether you are buying into something that has seen continual growth over the years or not. Whatever you decide, canary wharf has plenty to offer in both respects and certainly has both superb investment opportunities as well as being a great place to buy a home – new build or resale – it really does just come down to personal choice at the end of the day.