New Build Experience

Craig.C

Morning all,

I am currently looking into purchasing a first home. I have already asked a question on here specific to Gleeson and it has revealed some concerning background on them. My preferred development (Calder View, Mirfield) is a Gleesons one and was very competitve.

I wonder if anyone has had any experience of other developers? One of my main concerns is the 'extras', does this usually just cover basically everything or have you, in your experience, purchase properties with items (such as white goods) included?

I was planning to save £5,000 for furnishing, on a seperate note, have people found that this is a modest sum for everything needed or should I revise it upwards?

Thanks!
Craig

middleclassbutpoor

There are good/bad/indifferent new build companies and often you can find good and bad with each dependent on the development itself (site manager/whether they are building on land which is easy or more difficult.

If I could offer one piece of advice to a first time buyer and that would be to avoid buying with HTB if you can...

Its got the next 125% mortgage prisoner story written all over it because if prices fall you could find yourself in a position of struggling to sell.

Why could new build house prices fall? This is because new build prices have been inflated because they can ask more for properties without it seeming more unaffordable for the first 5 years with the HTB equity loan in place. You will think - I will sort that out in 5 years time OR I will remortgage etc..

With any new build, you pay a premium, you are unlikely to make money on it short term. Add into the fact that there are changes to HTB coming in over next 5 years where it will be limited to price/and who can buy even further... unless you are in a prime location, you may find that you are in a tricky position. This is because as was said on your other thread, your home becomes like any other pre-owned house when you come to sell so I can see examples of flats/homes selling for less locally..

You need to work out also whether there are any additional costs - such as management charges for the site - this can increase over time and is almost like another debt to pay with an additional monthly/annual premium to pay. Who wants to pay that when they could get another similar priced home where it's not a consideration.

Ive owned new builds previously and I know that the shiny new look is attractive but I don't think I could own a new build ever again unless it was self-build and/or not done by one of the large developers where its all about volume...

Jane_B

It depends on who you go with, I personally wouldn't ever go with any developer who offered less than a 2 year warranty with themselves, for snag fixes (as quite a bit comes up in the first 24 months)

Again some developers include options, some do not so ask before even looking at properties. I have recently gone with a developer (a luxury smaller one) who includes everything as standard - granite work tops, all integrated miele appliances, flooring. However I previously went with Taylor Wimpey who didn't include anything, so we ended up spending over £10,000 on options for a 2 bed maisonette!

Cakeguts

The only experience I have of Gleeson homes was a building site in probably one of the worst areas in Rochdale next to a big council estate where 3 bed ex council houses were selling for about half what the new Gleeson 2 bed homes were being sold for new. It was obvious what was going to happen next. The Gleeson homes were going to lose about half of their value once someone had lived in them and they became 2nd hand homes in this cheap area which people tried to avoid living in.



As guessed the development is next to a what looks like a mainline railway line and a river so could flood as well.

A two bed house close by has sold for this https://www.rightmove.co.uk/property-for-sale/property-73263938.html So if the two bed houses on this development are more than the price of this 2nd hand property this is what you can expect to sell it for in that nasty location.



You will need to check the prices very carefully because you are not going to get more for a 3 bed than you can for an ex local authority house on the development on the otherside of the river.


House builders are out to make money. Any advert that mentions the word affordable and new housing means that the developers have got hold of a cheap piece of land. The reason why the land is cheap is because most house builders don't want to build on it because of its location. So expect cheap houses with cheap fittings and noise from the railway line.