HELP DESP NEEDED - Do You Lose Money on New Builds...?

googler

For what it's worth, there's a development near me that went up around 2007/8.

There's a five-bed detached with double garage there that was bought for £399,000 according to Zoopla; it's currently on the market at £345,000

Others in the same development are for sale at £50-60,000 above what they paid in 2007/8 ..... make of that what you will. Whether above or below the 2007/8 prices - they're not selling.

sonastin

SuzieSue wrote: »

Until the Government passes legislation which sets minimum build standards

Perhaps we could call that legislation Building Regulations?

Or am I thinking of something else?

SuzieSue

sonastin wrote: »

Perhaps we could call that legislation Building Regulations?

Or am I thinking of something else?

Yes, I meant decent standards, not the carp we have at the moment.

mynameisdave

I received a surveyors valuation through the post this afternoon for a remortgage. They have valued the property 30% higher than the price I paid in March 2009. Whether you lose money will depend on how much you pay and the local market conditions.

googler

mynameisdave wrote: »

I received a surveyors valuation through the post this afternoon for a remortgage. They have valued the property 30% higher than the price I paid in March 2009. Whether you lose money will depend on how much you pay and the local market conditions.

I think it would help to know which part of the country this refers to.....

It would also help to know if the surveyor visited your home or did a drive-by valuation.

jimpix12

I'm going to chime in here with my support for new builds:

1. They are new, nobody has lived there before. No unpleasant finds such as suspicious brown gunk under the floorboards (personal experience....)
2. Neutrally decorated so you can get an idea of each room, with no blood red carpet or clutter giving you a fright.
3. All the neighbours are also new so you won't be the only new person around.
4. Lower energy costs
5. No greedy seller wanting to get 2007 rates for their home (some developers are still quite greedy though!)
6. No emotional attachment from the previous owner(s) or weird surprises, i.e. "we buried my father over there under that tree" (personal experience again)
7. No mould/less likely to be problems with appliances etc (depends on the housebuilder however)
8. NHBC

SuzieSue

spunko2010 wrote: »

I'm going to chime in here with my support for new builds:


8. NHBC

How is the NHBC an advantage?

GDB2222

There was someone who complained that their new build house was subject to constant flooding. I can't remember how or even whether this was ever resolved. If you buy a secondhand house it's obvious to a surveyor whether it's liable to flood. When you buy a new build off-plan, you are taking a risk.

louisa_84

We moved into a new build 2 months ago, i love my house so much and am so glad we went down this route. Ours was reduced from £300k to £250k and we knocked a further £15k off, which is far less than our next door neighbour bought their for 12 months ago - as ours had been sat empty for that long! It may loose value, but we dont plan on moving until all our children have finished schooling - which is 15 years away, though that is unlikey tbh, as we really like the area etc. Also waiting till the development was completed meant no building site living for us. I wouldnt go back to an older house again tbh! We went from reservation to moving in in 4 weeks, totally stress and hassle free Also, we have huge rooms [4 double beds] and a huge garden, a separate garage and drive space for 3 cars, not overlooked or squeezed in like sardines

GDB2222

I think you were so wise to buy one of the last houses in the development, rather than having to live on a construction site with no guarantee of when/if it will be completed.