New build vs 7 years old house. Same developer and same house design. Which one to choose

ag0005

Hello everyone 

I am in a bit of Dilemma of choosing a new build vs 7 years old one in the same estate.. 

both houses are developed by same builder and are exactly same design and layout apart from garage..

My offer for 7 years old was accepted this week and I noticed a new build house available in same estate in newly deeveloped part which only have 5-10 houses as of now.. 

The new build is marketed at 20k lesser than the offer accepted price but no garage whereas older one has a 20x10 garage..

I believe after 7 years all snaagging issues have already been fixed.. It also comes with fully fitted kitchen, built in wardrobes, carpet, artificial turf in garden, blinds and some other fixtures whereas I will have to get everything done in the new built which will cost atleast 10-15k..

What you will suggest based on your experience.. 

Is it still worth considering the new build against the one i got my offer accepted..

Please suggest if you think i should also consider anything which I haven’t mentioned..

Cheers 

Ankit

Owleyes00

No experience with your particular dilemma but I flipping love my garage and honestly wouldn’t be without one

Skiddaw1

For what it is worth, we bought a 6 year old house built by a local developer (we're the second owners) and we love it. As you say, any snagging issues had been sorted and it's nice to be in a house that feels 'lived in' (if you see what I mean). The local developer is still building and we could have bought an identical new-build on another local site had we wanted to but we prefered the older house. I'd go for the 7 year old house in preference to the new-build if it were me.

jimbog

easy - the one with the garage

74jax

Do you want a garage?

How many contractors quoted 10k to 15k for the work you want doing? It's a large difference, so did they quote different spec? They won't need doing straightaway and can be spaced out to help finances.

How much would you spend on the older house to make it yours? 

canaldumidi

If like-for-like the New Build should be (significantly) more expensive.Just like with cars, they lose value as soon as you drive them off the forecourt.

So, how much value does the garage add? To some extent of course it depnds if you want a garage??! But putting that aside, does it add £20K plus another... £10K? £20K? to account for the difference between new Vs 2nd hand?

And if you want a garage, does the cheaper property have space to build one? And would you get Planning consent? £30K odd would build you a nice double garage and maybe an extra bedroom above it......

ag0005

canaldumidi said:

If like-for-like the New Build should be (significantly) more expensive.Just like with cars, they lose value as soon as you drive them off the forecourt.

So, how much value does the garage add? To some extent of course it depnds if you want a garage??! But putting that aside, does it add £20K plus another... £10K? £20K? to account for the difference between new Vs 2nd hand?

And if you want a garage, does the cheaper property have space to build one? And would you get Planning consent? £30K odd would build you a nice double garage and maybe an extra bedroom above it......

Thanks for sharing your views. I agree with you that new builds are sold on premium so it should be already priced on higher end. Thats why I am feeling I am overpaying..
Garage is not a must have for us as we will mostly use it only for storage.. we can put a shed for storage purpose..
All those things have made me think if I should go ahead with this offer or not..

ag0005

74jax said:

Do you want a garage?

How many contractors quoted 10k to 15k for the work you want doing? It's a large difference, so did they quote different spec? They won't need doing straightaway and can be spaced out to help finances.

How much would you spend on the older house to make it yours? 

Thanks..
Garage is not a must have for us as we will mostly use it only for storage.. we can put a shed for storage purpose..

I have just guessed the amount based on very high level..
like builder gave quote
~3k kitchen
~3-4k flooring
~2k wardrobes
~2k other fittings and garden..

warby68

The one with the garage for me, especially if its a house type that its more usual to come with a garage.

Which is the better plot, aspect, size, location, access etc can make a big difference.

Is it detached or semi/mews?  Latter can have same house type but price can vary quite a bit if its a pair or a longer block.

Established part versus building site for a few more years?

Neighbours - what and who is nearby, easier to find out in the established one.

Which do you actually prefer - at gut level - I reckon there's at least £10k value in the one that makes you very happy over the one that will just do because its better value

Can you afford it if the valuation comes in more like the new build?

Snagging can be a pain - if a nearly new house has had all that sorted and has been fitted with extras you like on top - there is value there both in money and in time and effort.

What extras can you negotiate in the new build - flooring etc - might take it closer to the under offer one


Just a few things to consider. I'd find this a tricky call if it weren't for the garage.

RelievedSheff

canaldumidi said:

If like-for-like the New Build should be (significantly) more expensive.Just like with cars, they lose value as soon as you drive them off the forecourt.

So, how much value does the garage add? To some extent of course it depnds if you want a garage??! But putting that aside, does it add £20K plus another... £10K? £20K? to account for the difference between new Vs 2nd hand?

And if you want a garage, does the cheaper property have space to build one? And would you get Planning consent? £30K odd would build you a nice double garage and maybe an extra bedroom above it......

I'm not sure it is strictly true that new builds lose value. Ours has gone up in value some £90k since we bought it 3 years ago.

The 2 to 3 year old houses here that are coming up for sale are generally a little more expensive than the new builds of the same type which are still being built.

I would pick the house that suits you best. We have really enjoyed the last few years of making our out of the box new build house into our home.

Getting_greyer

You could try and use the new build to renegotiate the offer down. Of course you'd be risking them telling you to jog on no longer sell to you.