new build or old build

NATHANC

just wondering if someone can help. we have seen a new build from a good local builders in south wales and thay have the perfect house in the perfect area for me and my lady friend. the price is the same as resale 3 beds in the area at 129k. now the issue we have is do we buy in a not so nice area for less money or do we buy an old build in the area or new build ? i have some estate agent friends and they are convinced the bottom has hit because more and more people are coming through the door.

the issue is do we carry on renting and saving while interest rates rise as more demand for what little money the banks are lending or do we jump on now while we can still get a decent rate for a 90% mortgage.

Doozergirl

Old house, nice area. When you come to sell that new build it will be the same sort of price as any other 2 bed. So what's the point in paying more? You still have to spend money decorating and sorting out the garden if you want more than a bit of grass and some fence - even just a patio! There are expenses that you won't have considered you need to fork out on with new build. Some developers charge extra for things like outside taps!

If you are concerned about 'the bottom' and about the cost of your mortgage then it makes no sense to pay attention to that and not to the fact that new builds are always overpriced, as you're telling us yourself!

Swans1912

I'm in South Wales, do you mind me asking which new build development you are looking at?

cattie

It's a matter of personal choice really, but I'd always choose an older property over a new build. Usually more character in an older property & the build quality much more solid. A lot of new builds have thin walls.

On the plus side, new builds have good insulation, which is one area where an older property may lose a few points, although there are things you can do to improve insulation in older homes with cavity walls. Another plus with new builds is that everything is nice & sparkly when you move in. With an older property, maybe you need to spend money to bring it up to a standard you like.

Interest rates aren't going to stay low forever, so it's a bit of a guessing game as to when they will rise. It's the same with house prices, who knows when things will begin to improve. But if you are buying to put a roof over your head & intend to stay there a few years then it's not worth worrying about whether prices may drop a bit more. At some point they will begin to rise, though nobody knows when that will happen, but happen it will.

You're spending money on rent at the moment & unless it's very low, you'd be better putting the money into getting somewhere of your own.

gabyjane

Hmm knew the 'newbuild crew' would jump straight in!! well just my opinion but we have a new builld and love it..depends on what you want really..where we live apart from not being able to afford anything i would house my cat in and the fact that lots are cottage type proertys and again you couldn't swing my cat in, this is bigger and cheaper and a lot nicer looking than most houses where we live (imo!). Is there anything that would make it easier to decide..i.e either the house or future plans..like for example us buying an older house where we are would mean years of hard graft to get it up to scratch re decorating, heating etc the list is endless..OR this house which i just pop new furniture in every so often!!
Decisions decisions!! Good luck though whatever you choose x

NATHANC

thanks all, the site is in llanharan just outside of llantrisant. kinda along the lines of what we were thinking the old build is a litttle cheaper but we would have to spend money making it look as we would want it and the new build is great for what we want nice big rooms we can add our own character too. we currently rent in cardiff city centre so rent is quite high. doing quick quotes on the internet with a 10% deposit works out around 100 pound a month more than rent. just so may numbers going through our heads. should we stay and save or should we go ?? meeting bank on friday for thier mortgage quote after a rubbish finnancial advisor in that area

gabyjane

Again hard one (not much help am i!!) we waited years to buy a house and were always told 'wait wait wait, things will get cheaper etc' they didn't and where we live it never seems to be the case tbh..we would still be renting our friends house now if we hadn't have bit the bullet! Ours too worked out at approx £100 per month more for the mortgage and we had to add on insurance..i.e life etc just incase so a bit more but it doesn't break the bank and the sheer satisfaction of having our own place is great! see what they say on friday it might make some bits clearer for you then..Good luck x

Banderman

NATHANC wrote: »

i have some estate agent friends and they are convinced the bottom has hit because more and more people are coming through the door.
.

You should be more careful how you choose your friends.

Swans1912

Llanmoor homes by any chance? OH and I are looking to buy there too, its a lovely area indeed. I currently live in a newbuild home (well, its now 9 years old so new-ish!) in Margam Village, what I will say is that if your heart is set on a new build and you can afford to buy a 3 bed detached (like the Marcross) then do it, because the walls are very thin in new build properties. I can hear next door's washing machine and hoover! I will only look to buy detached properties from now on.

bumpoowee

New builds are awful, every single one I have seen has followed the same model of making as many tiny rooms as possible with no storage space or privacy and having all sorts of annoying little faults. They are also crammed together onto the road to fit as many houses in as possible, which leads to cars being parked all over the place as too many people are living in a small area.

I'd never go for a new build myself, however obviously the ones near you may be different.

cronos

There are a number of variables here.

New builds obviously have the advantage of being shiney and new, with little maintance and lower running costs. On the downside they are likely to lack character, space and the privacy you could find in an older property. You will also pay a premium for a new build.

Older buildings have the advantage of being in established areas and known quantities. They will be more expensive to run and maintain, but can offer greater space, privacy and character.

Personally I would take the safer option of going for an established older property rather than go for a new build. There are builders and adminstrators of builders in liquidation who are selling of new builds at cost and driving down the cost (and therefore value) of new builds. I know of a couple of examples of a £300k new build flat being sold off for £200k and £1.2m new build houses being sold off for $800k.