buying a new build

robtheconfused

Hi there, as a ftb I am new to the property market so I though id seek out some advice from the experts. I am looking to make the step ontot he housing ladder with my girlfirend and we have seen a very nice new build property which we are very interested in. It is in a small development built by a company called aldbury housing in west Bolton (BL3 4QZ). I was wondering if anybody had any advice on the key questions we should be asking or things we should be looking at to ensure we do not get "stung". I am fairly confident we are getting a good price on the face of it and feel we would probably be able to sell on easily enough in a few years time. I am just very concious that neither of us have been in this situation before and may not be looking at the right things. Any help anyone out there can give would be great no matter how basic.

lynzpower

hi there

I bought a new build a couple of years ago, and am in the process of getting i all together to sell in the next year. ( saving up!)

the plus sides of new builds are
Builders guarantee ( check this is part of your buy)
Nice big rooms ( in mine anyway)
Secure ( new windows all with the "right locks" for your insurer)
No redecorating or "big jobs" like rewires or damp courses

On the down side ( and these are enough for me to want to move)
Noise. Everyone has laminate flooring in mine and neighbour noise is the norm)
Thin walls ( god knows what they are made of but they bend when you lean on them. I can hear my fella opening a can of coke 3 rooms away, thats noise.) If there was ever a fire in this flat the whole place would go up like a shot.
thin walls also make it nigh on impossible to put shelves up here and there as you would in a "normal" place.
few tweaks had to be done to the place ( one of the windows wouldnt close properly, electric point "smarting" although all covered under builders guarantee thank god.
Service charges. I pay £75 a month for mine (water included, so not too high) Find out what yours is.

gingerwizard

New builds are fine,i bought one a couple of years back, but the main considerations for you will be:
Are you buying off plan,if so ask about things like will your drive be level or have a incline,what will the rear garden be like upon completion in terms of manageability,these are the things that a simple plot plan cannot tell you if you buy off plan,if your buying a already completed house then all those questions will be answered by a visit anyway.Personally i would also prepare yourself for living on a building site for a while, till the development is complete,it will literally get you down after a while all the mud ,bumpy road,jcb's up an down all hours and the like, nothing can prepare you for that no matter what you think.On the plus side you do get everything covered with the 10 yr guarantee but after 2 yrs its a case of contacting the guarantors not your developer,so get all your snagging done in the first two years cos after that theres a minimum claim amount for anything, so if theres something wrong that only costs a couple of hundred to rectify your on your own.On the subject of snagging you will get loads of it,as the house gets broken in as it were.

Tassotti

What are you buying? 3 bed house, 2 bed flat?

New builds generally are a lot more expensive than older properties. Unless you have a fantastic deal (ie 30% below aasking price), forget it.

Look at older properties, compare what you get for your money. In contrast to the above posts, new builds are much smaller than older properties

Okay you get a buildings insurance, but look further into this. Doesn't cover everything. Buildings insurance can be attained anywhere for a good deal, if you search it out.

Don't forget, your brand new property, which may look fantastic now, will, in 5-10 years time NOT be a new build, and probably depreciate in value.

Tass

littlereddevil

I bought a new build cos that's what I wanted brand spanking new but after 10 years sold on and hardly made anything.

Searcher2

I bought a new build and made £150,000 on it! It depends on the market and the area. If I had bought an older property it would have also made similar money. However, if I had bought an older property (in Windsor), it would have been difficult to get off street parking/garage and the space I had.

dora37

Searcher2 wrote:

I bought a new build and made £150,000 on it! It depends on the market and the area. If I had bought an older property it would have also made similar money. However, if I had bought an older property (in Windsor), it would have been difficult to get off street parking/garage and the space I had.

We live in a new build (now 5 years old) - we have mainly large rooms and have also made quite a bit on it.(I accept until we want to sell, it is paper money). So not all new builds are cramped boxes that don't make any money!

We had initial hassles in the begining - With both the build and living on a building site. We live in a reasonably large detached property, so when we bought it, we were here for the foreseeable future (never say never). And these hassles have now become a distant memory.

So all in all, I would say buying a new build depends on the property you are buying (for us having a detached, didn't bring up the neighbour issue), the quality of build for the price and how long you intend to stay for. A young professional couple would have different wants and needs to a family.

Some people like new builds - many don't so you will get many varying opinions.

Others will come along and give you some great advice which you should take on board and 'do your homework', however personally, I would say definitely after doing your homework, work on gut feeling and always sleep on something before making the decision - it will still be there the day after - despite what the sales rep may tell you!

Good luck!