PLEASE READ BEFORE POSTING: Hello Forumites! In order to help keep the Forum a useful, safe and friendly place for our users, discussions around non-MoneySaving matters are not permitted per the Forum rules. While we understand that mentioning house prices may sometimes be relevant to a user's specific MoneySaving situation, we ask that you please avoid veering into broad, general debates about the market, the economy and politics, as these can unfortunately lead to abusive or hateful behaviour. Threads that are found to have derailed into wider discussions may be removed. Users who repeatedly disregard this may have their Forum account banned. Please also avoid posting personally identifiable information, including links to your own online property listing which may reveal your address. Thank you for your understanding.

1st time buyer - Should i buy a PRC concrete (non defective) house?

isidore
isidore Posts: 9 Forumite
edited 10 March 2019 at 10:00AM in House buying, renting & selling
Hi,

i found a PRC house (Precast Reinforced Concrete), one which is not in the defective list.
it's a non standard construction, it's not a "common" prc.

being in 2019, would you advise to buy this kind of house?

my main concern is if that will still be mortgageable as lenders could be confused or reluctant when hearing "PRC" whether it's defective or not.

All i know is the seller got a mortgage from a high street bank few years ago.
Mortgage lenders could change their conditions anytime as time pass by.
Concrete could develop an issue in the futur which we don't know

i don't want to be with something with something tough to mortgage.

in term of price it's cheaper than traditional building but not that much.
the concrete doesn't show any crack.
because it's not defective, it doesn't have a PRC certificate to say "all is ok". It doesn't have a cavity wall insulation.

what is your advice or opinion please?

i feel PRC could be very risky

Comments

  • isidore
    isidore Posts: 9 Forumite
    hi
    Would you buy a PRC (Precast Reinforced Concrete) nowadays ?
    Thanks
  • mick1111
    mick1111 Posts: 25 Forumite
    We pulled out of a PRC purchase last week, a couple of days before exchange. There were many reasons, but one consideration for us was that the property has been on the market for a couple of years. As FTBs going in at 95% LTV, we decided not to risk being stuck with a huge debt and unsellable house, should we decide to move in a couple of years for work. We're now going to wait a year to get a bigger deposit and look for something of a more standard construction.
  • Davesnave
    Davesnave Posts: 34,741 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    isidore wrote: »

    in term of price it's cheaper than traditional building but not that much.

    i feel PRC could be very risky


    There are the main points to consider.

    Many houses have some kind of obvious down-side; not just physical issues, but perhaps legal ones, or the reputation and appearance of the neighbourhood.

    All these things affect the bang for your buck. Most people feel that non-conventionally built houses are too risky, even when mortgageable, so the price has to reflect that. If it doesn't adequately compensate, potential buyers walk away and the house stays on the market.

    If there's no huge incentive to buy and you have other options available, I'd take them, even if, like the above poster, it means waiting a little longer.
  • AnotherJoe
    AnotherJoe Posts: 19,622 Forumite
    10,000 Posts Fifth Anniversary Name Dropper Photogenic
    Isidore, I'd say it's a risky buy for the reasons you mention. Any future buyers will have the same doubts you do now.
  • isidore
    isidore Posts: 9 Forumite
    Thank you for your replies.
    Obviously the EA didn't make all of that clear at the beginning, as i got mislead by the outer skin. Lost of time and money for buyer and seller.
  • Davesnave
    Davesnave Posts: 34,741 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    isidore wrote: »
    Obviously the EA didn't make all of that clear at the beginning, as i got mislead by the outer skin. Lost of time and money for buyer and seller.
    Remember the EA works for the seller, not you, so they may have been instructed to say nothing.


    It's like underpinning, which some sellers are up-front about and others aren't, though the decision-making process for an underpinned house is often less clear.
  • isidore
    isidore Posts: 9 Forumite
    btw, is it easy to find underpinning for a surveyor ?
    unless you can visually see the underground you can't really know i guess.
  • Slinky
    Slinky Posts: 10,891 Forumite
    Part of the Furniture 10,000 Posts Photogenic Name Dropper
    isidore wrote: »
    btw, is it easy to find underpinning for a surveyor ?
    unless you can visually see the underground you can't really know i guess.

    We bought a house where the single storey extension has been underpinned. The surveyor discovered it when he spoke to the neighbours who volunteered the information. There's nothing obviously structural that you can see, however it would have come to light as it was repaired under insurance and under building regulations supervision and it's on the local council's planning portal.


    It's always worth checking out the local planning/building regs portals for anything you are considering buying. We also checked out the title documents of the property and those adjoining it after getting caught out with a previous attempted purchase.
    Make £2025 in 2025
    Prolific £229.82, Octopoints £4.27, Topcashback £290.85, Tesco Clubcard challenges £60, Misc Sales £321, Airtime £10.
    Total £915.94/£2025 45.2%

    Make £2024 in 2024
    Prolific £907.37, Chase Intt £59.97, Chase roundup int £3.55, Chase CB £122.88, Roadkill £1.30, Octopus referral reward £50, Octopoints £70.46, Topcashback £112.03, Shopmium referral £3, Iceland bonus £4, Ipsos survey £20, Misc Sales £55.44
    Total £1410/£2024  70%

    Make £2023 in 2023  Total: £2606.33/£2023  128.8%



  • Cakeguts
    Cakeguts Posts: 7,627 Forumite
    Sixth Anniversary 1,000 Posts Name Dropper
    Is it an ex council house? The reason I ask this is because it could have been bought by the vendors under the right to buy scheme and they may not have needed much of a mortgage because of the discount.



    A cheaper house is a house that is more difficult to sell. You need to find out what the reason is for that. It could be where it is.
This discussion has been closed.
Meet your Ambassadors

🚀 Getting Started

Hi new member!

Our Getting Started Guide will help you get the most out of the Forum

Categories

  • All Categories
  • 349.8K Banking & Borrowing
  • 252.6K Reduce Debt & Boost Income
  • 453K Spending & Discounts
  • 242.7K Work, Benefits & Business
  • 619.5K Mortgages, Homes & Bills
  • 176.3K Life & Family
  • 255.6K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 16.1K Discuss & Feedback
  • 15.1K Coronavirus Support Boards

Is this how you want to be seen?

We see you are using a default avatar. It takes only a few seconds to pick a picture.