Dilemma - new vs old, expensive vs cheaper!

Merlin's_Beard

I'm faced with a choice and I've got no one to talk it over with, so would appreciate any advice/words of wisdom etc!

There is an extensive newbuild development in the small town I want to buy in, with a house that is pretty much exactly what I want in terms of layout (garage, kitchen/diner, closed off lounge that will stay warm, southwest facing garden), may have parking issues (block of 4x 1 bed flats nearby with minimal assigned parking) but is £320k, which is very, very at the top end of my budget (obviously will need carpeting/garden sorting as extra, hopefully budgeted for with parents offering to chip in as a safety net if I fall short).

There are other cheaper houses on the estate that are going for £295k ish, but none currently with a garage and all with tiny north facing gardens. There look like some amazingly placed houses of that type that might be available at some point, but not even down as "coming soon" yet)

There are also several houses that are older, with asking prices around £260-280k, with various things going on that make them not exactly what I want to a point where it wouldn't easily be fixable (ie not just "new bathroom and kitchen", but either fixed ie garden direction or complex ie a major internal rebuild to make it what I want)

Am I being ridiculous going for the more expensive newbuild (that is quite possibly of a lower build quality) when that one is likely to drop in price whereas renovating the older ones would add value? Am I just being a brat for thinking that a bought house can meet all my requirements and that my wants and - frankly laziness of not wanting or having headspace for a major rebuild - are worth potentially £60k more than what I could be paying? It feels like a lot of money, and not the best financial decision, but after renting in compromise houses for 10 years there's a lot of me that wants the easy and fast answer.

Getting_greyer

Don't think it's ridiculous, it's personal preference at the end of the day.  

I'd go for the older one, mainly as I'm not a fan of new build estates.  But just my preference and sure there would be people who think I'm mad for prefering an old house without modern insulation at fittings etc.

koalakoala

New for me every time if I have a choice

Slithery

Whereas if I had a choice it would be second-hand every time.

I make that 1 all...

MrsPorridge

Just on the question of parking I would go for older with a drive.

ProDave

LOOK at the EPC of anything you are considering.  Poor EPC means higher energy bills.  So imho should be priced lower.

Flick85

With the new build, it’s worth talking to the developers to get an idea of whether they’re offering any incentives, and what is/is not included in the price, especially if you’re near top of budget. For example, I’m in process of buying a new build, and no flooring is included at all. So, that’s going to be a pretty hefty additional cost. I’ve factored it in, but if there’s anything you absolutely need immediately (eg appliances?) then important to consider.

Fwiw I’ve gone for new build, but only because there really aren’t any non-new build properties in my desired location and budget that fit my requirements. In an ideal world, I would have preferred something existing I think. 

Given your circumstances, I’d probably not be looking to stretch my budget atm, with all the increases in costs of living. But, that’s personal choice. The property I’m buying is well within my budget, so even if costs go up a lot, I am hoping I will still be fairly comfortable as I’ll have lifestyle areas I can reduce if necessary.

Merlin's_Beard

Slithery said:

Whereas if I had a choice it would be second-hand every time.

I make that 1 all...

hah! well, pick a decisive topic....!

MrsPorridge said:

Just on the question of parking I would go for older with a drive.

All option would have drive (and garage) - just whether it would be a game of twister trying to get the car on and off the drive!

ProDave said:

LOOK at the EPC of anything you are considering.  Poor EPC means higher energy bills.  So imho should be priced lower.

Newbuilds are being advertised as a B, older houses are D or below. Do have slightly concerns over how much can be done to improve that.

felicityBD15 said:

With the new build, it’s worth talking to the developers to get an idea of whether they’re offering any incentives, and what is/is not included in the price, especially if you’re near top of budget. For example, I’m in process of buying a new build, and no flooring is included at all. So, that’s going to be a pretty hefty additional cost. I’ve factored it in, but if there’s anything you absolutely need immediately (eg appliances?) then important to consider.

Fwiw I’ve gone for new build, but only because there really aren’t any non-new build properties in my desired location and budget that fit my requirements. In an ideal world, I would have preferred something existing I think. 

Given your circumstances, I’d probably not be looking to stretch my budget atm, with all the increases in costs of living. But, that’s personal choice. The property I’m buying is well within my budget, so even if costs go up a lot, I am hoping I will still be fairly comfortable as I’ll have lifestyle areas I can reduce if necessary.

Flooring etc has been factored into the budget, back garden (turf and slabs) hasn't but will be done at a later date. Thankfully have been renting for 10 years so have a full set of essential furniture, and am managing to save £1000+ a month on current rent (mortgage would likely be £300 more than current rent on the more expensive place, £100 more on the cheaper places) - so it's not so much the affordability of basic living, just whether I'm chucking money away for a slightly easier life because I'm being overdramatic about having to make compromises and major changes.

deeboy12

I would always go for a period home as I simply don't like modern houses and love the character if older properties. (I viewed a 90s townhouse when looking for my latest property which was perfect on paper, but I just couldn't bring myself to buy it!)

The only thing I would say is that older houses need a lot more maintenance - and that means both time and budget! I do wonder, if you aren't fussed either way, whether you would start to resent the time and money that an older house would create for you?

Flick85

Ah okay, that makes sense. In that case, I’d go for something that’s likely to suit you longer term. If you’re going to move into something smaller and regret it in a couple of years because it doesn’t have a garage, better to stretch the budget now than have to move again. You only get first time buyer stamp duty relief once!

Flick85

P.S. it’s your money… if you want to chuck it away to make your life a bit easier, then why not? You’ve earned it!

(I appreciate that’s not a very MSE attitude though!)