Should I buy a new build?

Jmuz

Hello

We are first time buyers and have seen a new build property that we really like in an area that we love in Inverness, Scotland. It is a 3 bed semi with an ensuite. We are hoping to get a 95% new build mortgage but are worried that in the long term we might have the risk of having to sell for less than we paid. Has anyone else recently bought a new build property? Would you recommend it? Thank you.

BitterAndTwisted

You always pay a premium for a new-build and people rarely pay as much for a second-hand house. But if you're really going to be in there long-term this shouldn't affect you much, you'll have inflation and mortgage-payments on your side.

sammyjammy

Have you looked around to see what you would get in the area for an older house? Personally I would never buy a new house, not only because of the value etc but as they are soul-less.

Poppy9

Location is the key to selling. Buying the best you can for your money in the right area should mean you can sell on easily.

Not sure about Scotland but in Wales and in the areas of high demands new builds are on such small plots that you can barely get your car down the drive -I was looking at new estate on Saturday and one house was occupied and the next house vacant and OH said the drive is tight and he tried parking the car (we had my fiesta with us) and you could only park to comfortably open either passenger or drivers side but not both!! This was a large 4 bed detached house.

The house we found okay in size but it was just the garden, driveway and general proximity of the neighbouring houses we found too close. The bedroom had a double aspect and from one window I could see into house across the road and from the other a rear bedroom!

Depending on how far along the estate build is then you can judge parking issues when finished. Buyers are put off with lack of parking and very small gardens (and the way they face) so choosing a good plot is essential.

If you are looking to make money and move up the property ladder then you need to buy something you can add value to. Doing work on a house is much easier when you are child free!

Lord_Baltimore

A new build's greatest advantage is that everything is guaranteed; this could be an important issue for first time buyers.

Older properties swallow cash by the bucket load. The rooms are bigger (more to heat), they might be poorly insulated and, you'll probably end up with a terrace (twice the number of neighbours to get on with).

Old properties have endearing features such as dado rails, coving, fireplaces, nooks and crannies. But who in their right mind wants all that? People live differently today. They like open plan, outdoor bbq's and spending money on living a life rather than pumping it endlessly into leaky rooves, wet rot, dry rot, woodworm and utility suppliers.

Get a new build. There are no guarantees about house prices new or old. It will be a nice starter home for you to decide if you're into property enough to want to spend all your weekends fixing up something victorian or edwardian.

scottishblondie

I bought a new build house in Glasgow last year from Springfield. I've been living here for 6 months now and I love my house. I got to chose all the finishes, the kitchen, make changes to the layout and generally just have everything how I wanted it. The level of choice was one of the big draws for me, as well as the location being great. I plan on staying here long term - in the short term there is no way I would recoup my money as I bought it for £5 short of a stamp duty band, and then spent more money on getting extras/upgrades and installing flooring.

A lot of people will tell you to steer clear of new builds because of a general perception of them being overpriced, but a it really depends on your circumstances, preferences and the local market. Just don't jump into anything too fast!

Poppy9

Lord_Baltimore wrote: »

A new build's greatest advantage is that everything is guaranteed; this could be an important issue for first time buyers.

Older properties swallow cash by the bucket load. The rooms are bigger (more to heat), they might be poorly insulated and, you'll probably end up with a terrace (twice the number of neighbours to get on with).

Old properties have endearing features such as dado rails, coving, fireplaces, nooks and crannies. But who in their right mind wants all that? People live differently today. They like open plan, outdoor bbq's and spending money on living a life rather than pumping it endlessly into leaky rooves, wet rot, dry rot, woodworm and utility suppliers.

Get a new build. There are no guarantees about house prices new or old. It will be a nice starter home for you to decide if you're into property enough to want to spend all your weekends fixing up something victorian or edwardian.

You get better quality with older houses and not always expensive to heat or run. My 4 bed 1900 mid terrace was so cheap to heat as most walls internal walls! We did the majority of work ourselves aside from rewiring. We replaced ceilings, moved the bathroom, replaced the kitchen, created a rear parking space. We added value which enabled us to jump up the property ladder. Our current house is our best ever investment and it's due to location and size of house. It's a 1950s house and on a huge plot, with plenty of large rooms, solid oak floors, stairs etc. Houses sell so quickly here regardless of condition (providing price reflects work needed) i.e. 3 neighbours in the last 2 years all sold within days of coming on the market. Indeed we bought our current house within an hour of it being valued by EA - you really have to make friends with EA to get the nod for the most sought after areas.

Buying well has enabled us to now look to downsize to a cheaper property and still have a decent size house in a decent area and enjoy ourselves. We no longer need the space. This was always our target.

So think about your life plan, have targets. If children on the agenda think school catchment area (makes house easier to sell). If you want to start your business will it involve working from home, do you have the room. Don't be seduced by a showhome with it's miniture furniture!

New homes are ideal for many. I would buy new if I could find one on a decent size plot but I cannot live on top of someone. OH wants to self build!!!

I_have_spoken

Inverness, Scotland

The biggest risk to Scottish house prices is independence vote. If that's a "yes", unlikely though it seems now, prices will collapse. Until Sep 2014 it's depressing the market, so if you're gambler now's the time to drive a very hard bargain.

With a new build, it's worthwhile paying a 'snagger' to find all the bodges while it's still possible to get the developer to fix them.

New builds will be very, very tightly grouped on the ground so don't expect any garden. Also check if parking enforcement rights have been sold so visitors get ticketed. Also, check where the HA houses are, you probably don't want to be next door.

Andyt1981

I_have_spoken wrote: »

The biggest risk to Scottish house prices is independence vote. If that's a "yes", unlikely though it seems now, prices will collapse. Until Sep 2014 it's depressing the market, so if you're gambler now's the time to drive a very hard bargain.

With a new build, it's worthwhile paying a 'snagger' to find all the bodges while it's still possible to get the developer to fix them.

New builds will be very, very tightly grouped on the ground so don't expect any garden. Also check if parking enforcement rights have been sold so visitors get ticketed. Also, check where the HA houses are, you probably don't want to be next door.

Why would independence mean a collapse in house prices?

Lord_Baltimore

Poppy9 wrote: »

......but I cannot live on top of someone. OH wants to self build!!!

You lived in a terrace?

I'm surprised that in downsizing you didn't go for a new build. I'd have thought you'd have had enough of the renovation game.

ElkyElky

I_have_spoken wrote: »

The biggest risk to Scottish house prices is independence vote. If that's a "yes", unlikely though it seems now, prices will collapse. Until Sep 2014 it's depressing the market, so if you're gambler now's the time to drive a very hard bargain.

Utter tosh! The residents of Scotland will still continue buying and selling properties and people will continue to relocate to and from Scotland. Life will continue moving along just fine whether it's a 'yes' or 'no'. Whether a 'yes' vote will dramatically affect the housing market/prices, no one can say with any real certainty.

The scaremongering from both sides is getting very tiresome.