New build v old build

w00519772

I am a First Time Buyer. I have found two houses that I like for different reasons:

1) I like the location and I like the house. I would like to live there
2) I could live there but ideally it needs redecorating, new kitchen, new bathroom etc (looks like it was last touched in the 70's)

They are both the same price and I believe they are both priced fairly.

On Location, Location, Location (tv programme), they always advise FTB's to buy properties they can add value to. In that case I should choose option 2? I am interested to here other peoples opinions on this.

dimbo61

Have you got the MONEY to put in a new kitchen and new bathroom?
If you are looking at an older property does it also need a rewire, replaster, new double glazing etc.
If you buy a NEWISH property then if should have modern electrics, double glazing, better insulation and hence lower fuel bills.
If you are VERY good at DIY and can fit a bathroom or kitchen yourself or have family and friends in the trades IE PLUMBER, Electrician, Gas heating engineer, plaster ETC then great go for a project but think long term and plan on staying 4/5 years.

LisaLou1982

Depends on what you want!

Which house do you LOVE?

As the above poster says, have you got enough money to do the work? Could you cope with doing works to a house? Are you good at DIY? Do you know tradesmen that could do the work for you?

donfanatico

Newbuild for me.

Old houses can be a money pit, have a good think about it.

makeyourdaddyproud

donfanatico wrote: »

Newbuild for me.

Old houses can be a money pit, have a good think about it.

That's fine if you want to live in a shoebox that's destined to lose money and whole swathes of older buyers if you ever decide to sell.

Gonzo1987

donfanatico wrote: »

Newbuild for me.

Old houses can be a money pit, have a good think about it.

I'd never chose a newbuild. Must be like living in a rabbit hutch!

Friend's have just moved into a new build and the list of problems they had from lights falling out to the hob being broken before it even got used for the first time, and no one from the developers is willing to help them.

donfanatico

Gonzo1987 wrote: »

I'd never chose a newbuild. Must be like living in a rabbit hutch!

Friend's have just moved into a new build and the list of problems they had from lights falling out to the hob being broken before it even got used for the first time, and no one from the developers is willing to help them.

I meant a newer house rather than a new new build. Just to clarify.

Depends how much disposable income you have to be able to maintain an old house. If I was rich and money no object I would go for Victorian etc but for practical purposes a newer house may be easier to maintain

Paully232000

definitely number 1 for me, i would (an have just) choose a newer house every time.
But cant really answer for you, but just from your text sounds like you like number 1 more.

Do you have extra money for doing it up/do you want to be doing lots of work? How much do you think it will cost to do it up, is house 1 a lot smaller or no scope for extension.
Do you want it as an investment or just somewhere to live/how long there?
Lots of questions that you can only answer, but on the basic question of new v old, i would choose new.

Also, dont listen to property programmes.

Mojisola

w00519772 wrote: »

I am a First Time Buyer. I have found two houses that I like for different reasons:

1) I like the location and I like the house. I would like to live there
2) I could live there but ideally it needs redecorating, new kitchen, new bathroom etc (looks like it was last touched in the 70's)

They are both the same price and I believe they are both priced fairly.

Are they both the same size?

Are the gardens similar in size?

Is there space to park at the house?

katejo

makeyourdaddyproud wrote: »

That's fine if you want to live in a shoebox that's destined to lose money and whole swathes of older buyers if you ever decide to sell.

And which may have thin plasterboard walls through which you have to listen to loud music and your neighbours arguing. I am not a DIY expert but I have never regretted going for older homes. Is the older kitchen usable ? If so just save for a better one.

Doozergirl

If the older house really hasn mt beent ouched for a long time then you may have other issues to deal with before kitchens and bathrooms - that being the plumbing, electrics and structural things like roofing, guttering, windows etc.

I'd still buy the older house. When it's done I'll know it's been done properly.