PLEASE READ BEFORE POSTING
Hello Forumites! In order to help keep the Forum a useful, safe and friendly place for our users, discussions around non-MoneySaving matters are not permitted per the Forum rules. While we understand that mentioning house prices may sometimes be relevant to a user's specific MoneySaving situation, we ask that you please avoid veering into broad, general debates about the market, the economy and politics, as these can unfortunately lead to abusive or hateful behaviour. Threads that are found to have derailed into wider discussions may be removed. Users who repeatedly disregard this may have their Forum account banned. Please also avoid posting personally identifiable information, including links to your own online property listing which may reveal your address. Thank you for your understanding.1 Bedroom House New Build - Is It A Bad Idea?
Options
mystic_bertie
Posts: 592 Forumite
Hi guys.
I am looking to buy a house, at the moment im in a private rented property, im not a first time buyer. I live between Coventry and Leicester and the standard of pre owned houses it atrocious, to the point i cant find something i like and that meets my requirements.
I have found a detached 1 bedroom bungalow for sale, its a new build for £199k and available through the help to buy scheme. This makes it affordable for me. I would not normally go for a 1 bedroom house but it meets my needs. It has a large living room and 1 upstairs large main bedroom, i mean large by today's new house standard. The alternative is a 2 bedroom semi house for the same price, i dont like these tiny boxes that are all crammed together with no gardens and an allocated parking space. So i have no need for a second bedroom other than to store junk. Is buying a one bedroom bungalow a bad idea. I dont want to buy a house that im going to struggle to sell. I know it wont appeal to most people but is it going to be nearly impossible to sell later on?
As this is a new detached one bedroom bungalow house with the bedroom in the 1st floor it is quite spacious, how do i know what to offer as i cant compare it to anything else that has sold because there is nothing similar. All the other new build bungalows are 2 bedroom. Any i have seen in a wider radius are old and in a bad decorative condition, so you cant compare the prices. I just know i would rather buy this 1 bedroom bungalow that the small 2 bedroom semi detached houses that are available.
I am looking to buy a house, at the moment im in a private rented property, im not a first time buyer. I live between Coventry and Leicester and the standard of pre owned houses it atrocious, to the point i cant find something i like and that meets my requirements.
I have found a detached 1 bedroom bungalow for sale, its a new build for £199k and available through the help to buy scheme. This makes it affordable for me. I would not normally go for a 1 bedroom house but it meets my needs. It has a large living room and 1 upstairs large main bedroom, i mean large by today's new house standard. The alternative is a 2 bedroom semi house for the same price, i dont like these tiny boxes that are all crammed together with no gardens and an allocated parking space. So i have no need for a second bedroom other than to store junk. Is buying a one bedroom bungalow a bad idea. I dont want to buy a house that im going to struggle to sell. I know it wont appeal to most people but is it going to be nearly impossible to sell later on?
As this is a new detached one bedroom bungalow house with the bedroom in the 1st floor it is quite spacious, how do i know what to offer as i cant compare it to anything else that has sold because there is nothing similar. All the other new build bungalows are 2 bedroom. Any i have seen in a wider radius are old and in a bad decorative condition, so you cant compare the prices. I just know i would rather buy this 1 bedroom bungalow that the small 2 bedroom semi detached houses that are available.
0
Comments
-
Do you have a link to the development, or the same property on another development? A one bedroom bungalow is not going to appeal to many, add to that the new build premium you'll pay, and I doubt you'd get £150K at resale.0
-
I think you would find significantly reduced demand when you come to sell it, compared to other property types.
Most people who are in the market for a 'house' rather than a flat, are looking for more space than just the one room to live in and one room to sleep in. They might go for a 2-3 bed house rather than a 2-3 bed flat because they value the extra privacy of not having someone above/below or on both sides. But if they only need 1 bedroom they will very often accept the compromise of just living in a flat. If their budget supports more than a flat, they'll get a 'conventional' house with the space and privacy that brings. The second bedroom can be for guests (so visiting family or friends don't need to get a hotel when visiting) or as an office / study / segregated living area for non-loungy stuff.
So even if your prospctive buyers don't have any friends or family that they want to host, if they're of working age they might want something like a home office, or if they're childbearing age they might want space for an addition to the family. If they're not of working age or parenting age and never want guests staying over, maybe they are older or infirm which is a key demographic of people who buy bungalows. Aha - a target market for your future sale!
Except people who get old and want to move into a bungalow due to reduced mobility, don't really want an upstairs bedroom. They would prefer everything to be on the ground floor.
So, while all the above is only generalising, there are not many people who would want a 'split level 1-bed flat without another flat above it' if they could have a more conventional 2-bed semi for the same money. Is your 'two storey bungalow' a detached?0 -
BorisThomson wrote: »Do you have a link to the development, or the same property on another development? A one bedroom bungalow is not going to appeal to many, add to that the new build premium you'll pay, and I doubt you'd get £150K at resale.
Yeah i kind of thought that. There is only 2 built becaus eits just on a bit of spare land.
http://www.rightmove.co.uk/new-homes-for-sale/property-63899266.htmlbowlhead99 wrote: »I think you would find significantly reduced demand when you come to sell it, compared to other property types.
Most people who are in the market for a 'house' rather than a flat, are looking for more space than just the one room to live in and one room to sleep in. They might go for a 2-3 bed house rather than a 2-3 bed flat because they value the extra privacy of not having someone above/below or on both sides. But if they only need 1 bedroom they will very often accept the compromise of just living in a flat. If their budget supports more than a flat, they'll get a 'conventional' house with the space and privacy that brings. The second bedroom can be for guests (so visiting family or friends don't need to get a hotel when visiting) or as an office / study / segregated living area for non-loungy stuff.
So even if your prospctive buyers don't have any friends or family that they want to host, if they're of working age they might want something like a home office, or if they're childbearing age they might want space for an addition to the family. If they're not of working age or parenting age and never want guests staying over, maybe they are older or infirm which is a key demographic of people who buy bungalows. Aha - a target market for your future sale!
Except people who get old and want to move into a bungalow due to reduced mobility, don't really want an upstairs bedroom. They would prefer everything to be on the ground floor.
So, while all the above is only generalising, there are not many people who would want a 'split level 1-bed flat without another flat above it' if they could have a more conventional 2-bed semi for the same money. Is your 'two storey bungalow' a detached?
I do like your common sense approach. You have ruled out everyone for a possible future buyer ha ha, its ok i like to hear the honest possibilities i may face. This property is detached which makes it a premium, new houses are also a premium, bungalows in general are more expensive too. Its between Nuneaton and Tamworth. For me detached is what i want but i cant afford a detached house. I like to play my movies and music loud and i also like my privacy. So the large living room is great and the large bedroom is great, i have room to park my car on my own garden, it has lovely kitchen and bathroom.
http://www.rightmove.co.uk/new-homes-for-sale/property-63899266.html0 -
It has a large living room and 1 upstairs large main bedroom
I might not be understanding it correctly, but an upstairs bedroom doesn't sound like a bungalow.
One bedroom properties are less desirable as people plan for the future with children etc. and would prefer a 2+ bedroom. However, in my area, bungalows attract a lot of buyers due to the scarcity of them. I true bungalow will always attract mature buyers looking to downsize and buyers that have a disability as everything is on one floor.
If the bedroom is upstairs, then you will lose these types of buyers, plus as it is a one bedroom, you are really restricting your resale market. From your description, it sounds like you are buying a one bedroom house, not a real bungalow.
That being said, if it fits your needs and you will be in there for the very long term, I wouldn't worry about it as much, but if you are looking to move on in the next 5-10 years, then I would really question if it is right for you, New builds mostly lose some value anyways and with a restricted market, you may not sell it for the price you hope.0 -
It's nicely presented, but it is very compact, and it's not even got a bath. Looking at other properties in the area, it is massively overpriced. If you do want it, I'd be offering no more than £140K.
(And with the others, it's not a bungalow.)0 -
I would love it!
But......I need a bungalow because I cannot manage stairs....0 -
Definitely not a bungalow0
-
I just can't see where the market is for such a property. Unless it is for a single person who wants a pied-a-terre and doesn't want an apartment or semi/terrace. Or someone who has no intention of living with anyone else.
But how many would really want to pay £200K to live in Atherstone in a 1 bed house.If you are querying your Council Tax band would you please state whether you are in England, Scotland or Wales0 -
BorisThomson wrote: »It's nicely presented, but it is very compact, and it's not even got a bath. Looking at other properties in the area, it is massively overpriced. If you do want it, I'd be offering no more than £140K.
(And with the others, it's not a bungalow.)
I forgot a bath would make a difference, i dont want a bath and a walk in shower is great but then it might make it less desirable than it is to future buyers. Any new build will be more expensive than nearby properties, a few i looked at online are 2 bedroom semi's starting around £190k. I can afford a preowned house up to 170k but as i said they are all pretty tatty. I dont want to buy a tatty house that i dont like and then spend loads making it nicer inside.fozziebeartoo wrote: »I would love it!
But......I need a bungalow because I cannot manage stairs....
Thanks for your reply.Jesus, I didn't even notice the price. You could get a three bed with a garden for less than that if you head a bit further south. You could spend the change getting it up to your preferred decorative condition.
Do you mean a three bedroom new build as they aint that price round here. The cheapest 3 bed new build semi i seen is in Barwell. No garden at front just a parking space, all the houses are crammed together and it is an eyesore even if they are new houses. Places like Beltway are selling houses near to my current house for about 190k for a 2 bed semi, 3 bed semi is 220k. I dont like either of them, too small inside and they way they lay out new building estates is truelly awful. As its help to but i can only afford 200k on a new build. My budget is 170k on a preowned house.0 -
Just move RM to a 5 mile radius, and there's a choice of new build 3beds with garden.Jesus, I didn't even notice the price. You could get a three bed with a garden for less than that if you head a bit further south.
http://www.rightmove.co.uk/new-homes-for-sale/property-51951780.html
http://www.rightmove.co.uk/new-homes-for-sale/property-52646322.html
If we get over the new-build hangup, then...
http://www.rightmove.co.uk/property-for-sale/property-70998680.html
http://www.rightmove.co.uk/property-for-sale/property-63711118.html
...or if the budget'll go up a little...
http://www.rightmove.co.uk/property-for-sale/property-58732399.html
All are a MUCH better bet than what's essentially a 1-bed detached flat.
Edit: Just seen the "But only £170k for non-new-build". Ah, the market-skewing effects of HtB. Just remember that when you come to sell it, those £170k non-new-builds are what you'll be selling against... Effectively, that £30k premium is straight down the bin.0
This discussion has been closed.
Categories
- All Categories
- 343.2K Banking & Borrowing
- 250.1K Reduce Debt & Boost Income
- 449.7K Spending & Discounts
- 235.3K Work, Benefits & Business
- 608.1K Mortgages, Homes & Bills
- 173.1K Life & Family
- 247.9K Travel & Transport
- 1.5M Hobbies & Leisure
- 15.9K Discuss & Feedback
- 15.1K Coronavirus Support Boards