What property choice would you make should there be a crash?

catshark88

Only my opinion, but I would go for an older house.

They were built robustley and to last, tend to have better room sizes & higher ceilings (which give you a feeling of spaciousness) and tend to be on larger plots so you have space to expand/ add value. They may also have bigger gardens/ parking space.

I really recommend getting a full survey though so you really know what you are dealing with. You must expect maintenance with any property but at least you shouldn't get any nasty surprises if you have had the thorough survey done!

Happy house hunting.

c4rly

i would agree with newish2this, there are quite a fewhouse built around 20 years ago and now they do look a bit out dated but thy have more rrom then the new propeties being built today, and often cheaper!

Then it would be a compromise between you and your hubby!

gremlin

Thanks all for your opinions. Makes interesting reading.

Isn't it amazing what women will do to get their own way eh?;)

auntie_brenda wrote: »

Sorry hubby .

Nicky,
I'm so sorry to hear the trouble you had it must have been a nightmare. I know that older houses can have a lot of problems if they haven't been looked after and the fact that we're planning on moving near the coast means we have to be doubly careful in checking for damage due to harsh conditions and poor maintenance - so its a warning well heeded thanks.

I love the original features and get over excited when there tall windows and original front doors on them:rotfl: but he wants the minimum maintenance ( basically a rest) from renovation that a new build will offer. But I will wear him down.


Jane x

gremlin

Just to add

Out of interest is there any of the house expert bods who can validate my feeling about new builds losing value more/quicker than the older type ones if there were a stagnation or crash?

I know on here many people thin this is a logical idea but is there any evidence for or contrary to this?

jane x

nicola1982_2

I would go for the house you love the most. If there is a crash the most important thing is that you are happy to remain in the property until you no longer have neg equity. Buy a house as a home not a money maker.

dannyboycey

gremlin wrote: »

should there be a crash or even a downturn the newer built houses will be more affected.

Absolutely correct.

Having said that, if it's a family home and you intend to stay there long term, go with the one you are happiest with, assuming you are happy with the monthly payments.

epz_2

gremlin wrote: »

Just to add

Out of interest is there any of the house expert bods who can validate my feeling about new builds losing value more/quicker than the older type ones if there were a stagnation or crash?

I know on here many people thin this is a logical idea but is there any evidence for or contrary to this?

jane x

not getting a newbuild because of residual value is about fifth down the list after

lack of space,
poor construction,
worrying location,
infrastructure issues like road access

that said it is a concern but as you can see there is a large bias against newbuilds, even if its just a bad perception by the general public(which i doubt) it still means people will pick an older place vs new build.

olly300

I would choose the property with:
1. The best parking spaces
2. The largest rooms
3. The largest garden

Why?
1. There are lots of neighbour disputes over parking and people have been killed over it so if you can ensure that you have your own drive which you can park two cars on and block them in if you chose you can avoid this. If you have allocated parking spaces it doesn't stop people parking in them.

2. If you have large rooms you can remodel them after a few years. I've got a friend who has lived in their house over 40 years who has done this. I also rented a 30's house and the landlord added a bathroom and laundry to the downstairs.

3. If you have a big garden you can extend widthways and upwards rather than just up wards. Also gardens can add a preimum to the property price simply because lots of people don't have a garden or have a really small one. Just don't concrete/ gravel over the garden when you move in though.
There are pros and cons with both houses but they are small and can be worked around i.e. 30's houses have tend to have wide windows while modern houses have small windows.

Also where I live in London lots of new houses are shoved in amongst existing properties either building over gardens, on church land or on previous industrial land as the developers know that if they try and get planning permission for a block of flats on those v.small bits of land the local residents have enough knowledge on how to challenge it due to envirnomental reasons.

nicola1982_2

Another point is you are less likely to be able to extend a newbuild. My childhood home was extended twice (1930s semi) because my family loved it so much (but needed more room). I don't think in a new build 3 bed semi you could do the same.

Melissa177

In a crash, you want to be in the most desirable location possible. Buy in the best location you can afford.

However, in absence of any info about the location, I would go for the older house - more solidly built.