Advise on first time buyers in 2023 - preferably NEW BUILDS

user1977

Ehi said:

LegallyLandlord said:

Be aware that new builds are always more expensive than nearly new builds. Just like cars, new builds depreciate quickly. 

Anything built within the last 20 years is unlikely to need much renovating. 

Why the rush to buy? Even on a new build with no chain, Feb/March might be overly optimistic because conveyancing is so slow at the moment. Often because of lenders being slow and conveyancers being overwhelmed. (You get what you pay for with conveyancers). 

I’d start by narrowing down locations - deals will be available everywhere. Easy access to work and your daughter seems a good place to start. Then go and view as many properties as you can in your area and budget. 

A property is a long term investment and there’s no point shackling yourself with an artificial deadline. 

my estimations are (kindly correct me if I am wrong) is that if I get an older house, I would definitely have to spend half or 3/4 of the amount above, if not more ....

Change all the flooring/carpets, change the entire kitchen and bathrooms, paint the entire house (inside) and petty things like finishings, maybe change the boiler and radiators within the next 5+ years and expect other issues. Which should cost me a good sum. 

Why are you assuming that a property would need all of that done just because it happens to be older? I live somewhere built in the 1880s, but it doesn't have a Victorian kitchen, bathroom etc....

Maybe show us some examples of what properties you've been looking at.

Ehi

Grumpelstiltskin said:

What about something like this?

Winthorpe Road, Newark 4 bed detached house for sale - £280,000 (onthemarket.com)

Looks lovely

Problem is Its a 3 bed, as the 4th room is far too small to be called a bedroom and at that price, I can get a 3bed new build with 10 year guarantee 

£10,000 deposit contibution 
£300 pcm for 2 years mortgate contibution

Which works out cheaper

Ehi

user1977 said:

Why are you assuming that a property would need all of that done just because it happens to be older? I live somewhere built in the 1880s, but it doesn't have a Victorian kitchen, bathroom etc....

Maybe show us some examples of what properties you've been looking at.

I might be wrong. Hence why I am seeking advice. If I get an old house, (1) the kitchen has to be completely revamped. Thats a given for me. (2) So has all the cupboards and (3) same goes for the toilets and if its not a new build I would definitely (4) disinfect the house and change the entire flooring.

I want a house in which I dont have to do anything major for at least 5 + years

I have been looking at both new builds and others and my biggest niggle in others is the kitchen and bathroom

SiliconChip said:

There's a huge gap between houses that require renovation and new builds. Many houses require no more than cosmetic work (decorating, maybe carpets) when you move in, and many don't need anything doing depending on how picky you are. By only looking at new builds you are excluding many potential homes that are likely to be better value than new builds.

The most I've ever done on moving into a new home is to rip out filthy carpets and put down laminate flooring, my current house (builty in the 1930s) the only thing I did in the first year after moving in was to have blinds fitted in two rooms that had no curtains left behind by the sellers.

True, but the decent ones are quite expensive and not far off in price from a new build.

I am not restricting myself, but when you look at even the deposit contribution given by new builds which can be as high as £27k ( thats 10 k deposit and monthly contribution) its quite appealing.

Unless I am missing something. 

p00hsticks

Ehi said:

LegallyLandlord said:

Be aware that new builds are always more expensive than nearly new builds. Just like cars, new builds depreciate quickly. 

Anything built within the last 20 years is unlikely to need much renovating. 

Why the rush to buy? Even on a new build with no chain, Feb/March might be overly optimistic because conveyancing is so slow at the moment. Often because of lenders being slow and conveyancers being overwhelmed. (You get what you pay for with conveyancers). 

I’d start by narrowing down locations - deals will be available everywhere. Easy access to work and your daughter seems a good place to start. Then go and view as many properties as you can in your area and budget. 

A property is a long term investment and there’s no point shackling yourself with an artificial deadline. 

I have been looking at both new builds and others, the challenge I find is that the difference tends to be about £40 - 60,000 in price. And my estimations are (kindly correct me if I am wrong) is that if I get an older house, I would definitely have to spend half or 3/4 of the amount above, if not more ....

Change all the flooring/carpets, change the entire kitchen and bathrooms, paint the entire house (inside) and petty things like finishings, maybe change the boiler and radiators within the next 5+ years and expect other issues. Which should cost me a good sum. 

I have a friend who took on a restoration home house, which he got for £50,000 (massive house with 6 bedrooms, massive garden and living room). He then asked us (his gym buddies to assist) The council insisted he got railings that matched the victorian era and I know for sure that cost him £25,000 alone. The insulation too was gone, so were the windows. It got to a point, I gave up helping as it was like a bottomless pit. At one point he said if he knew he would never have touched it. Ialso recall when he got some massive metal delivered, and insisted I wear some specialized boots with metal front, just in case the metal fell on our feet while carrying it.

It sounds like your friend took on a really old home that was listed and/or in a conservation area.

As others have pointed out you seem to be looking at the situation as black or white  - new build on one hand or vast decaying mansion that needs completely gutting on the other - when in reality there are any number of shades of grey in between. People who buy older houses (or ones that were new when they bought them but have then lived in them for fifty years) generally tend to update and maintain them rather than just leave them untouched and preserved in aspic. So just because a house was built fifty years ago doesn;t necessarily mean it will need a lot of time and money spent on it redecorating and replacing stuff like kitchen, bathroom, boiler etc.

user1977

Ehi said:

user1977 said:

Why are you assuming that a property would need all of that done just because it happens to be older? I live somewhere built in the 1880s, but it doesn't have a Victorian kitchen, bathroom etc....

Maybe show us some examples of what properties you've been looking at.

I might be wrong. Hence why I am seeking advice. If I get an old house, (1) the kitchen has to be completely revamped. Thats a given for me. (2) So has all the cupboards and (3) same goes for the toilets and if its not a new build I would definitely (4) disinfect the house and change the entire flooring.

Well, you are wrong. Why would all of these things need to be revamped in, say, a 55 year old house rather than a 5 year old house? The kitchen in the former has probably been revamped (and probably several times) by previous owners.

I'm not sure if there's a translation problem here, but what do you mean by "disinfect"?

Grumpelstiltskin

Well similar sized new builds in Newark are much more expensive.

New homes for sale at The Foresters at Middlebeck, Newark on Trent by Bellway

_Penny_Dreadful

Ehi said:

LegallyLandlord said:

Be aware that new builds are always more expensive than nearly new builds. Just like cars, new builds depreciate quickly. 

Anything built within the last 20 years is unlikely to need much renovating. 

Why the rush to buy? Even on a new build with no chain, Feb/March might be overly optimistic because conveyancing is so slow at the moment. Often because of lenders being slow and conveyancers being overwhelmed. (You get what you pay for with conveyancers). 

I’d start by narrowing down locations - deals will be available everywhere. Easy access to work and your daughter seems a good place to start. Then go and view as many properties as you can in your area and budget. 

A property is a long term investment and there’s no point shackling yourself with an artificial deadline. 

Thats why I am asking questions. I welcome all criticisms harsh or not. As property is a major investment and not to be taken lightly. I currently live in in new build and so do many of my friends

I have been looking at both new builds and others, the challenge I find is that the difference tends to be about £40 - 60,000 in price. And my estimations are (kindly correct me if I am wrong) is that if I get an older house, I would definitely have to spend half or 3/4 of the amount above, if not more ....

Change all the flooring/carpets, change the entire kitchen and bathrooms, paint the entire house (inside) and petty things like finishings, maybe change the boiler and radiators within the next 5+ years and expect other issues. Which should cost me a good sum. 

I have a friend who took on a restoration home house, which he got for £50,000 (massive house with 6 bedrooms, massive garden and living room)

He then asked us (his gym buddies to assist) The council insisted he got railings that matched the victorian era and I know for sure that cost him £25,000 alone. The insulation too was gone, so were the windows. It got to a point, I gave up helping as it was like a bottomless pit. At one point he said if he knew he would never have touched it. Ialso recall when he got some massive metal delivered, and insisted I wear some specialized boots with metal front, just in case the metal fell on our feet while carrying it.

 I dont have time to do such myself

Spend half or 3/4 of what amount above on an older property? £40,000 to £60,000?  That's unlikely unless you decided to start installing things like a Poggenpohl kitchen. 

Not all new builds come with flooring or are decorated so you may still have those jobs to do when you get the keys.  As for your friend who bought a massive house for £50,000 what was he expecting?  Shildon, County Durham is the cheapest place in the UK to buy property and £50,000 will buy you a two-up-two-down there so someone selling a 6-bedroom house for £50,000 is a clear indication that the property needs substantial works.  It also sounds like your gym buddy bought a property in a conservation area or even worse a listed building which does limit what you can do to it.  Once your friend completes the works that house will be worth substantially more than the peanuts he paid for it.

Section62

Ehi said:

I might be wrong. Hence why I am seeking advice. If I get an old house, (1) the kitchen has to be completely revamped. Thats a given for me. (2) So has all the cupboards and (3) same goes for the toilets and if its not a new build I would definitely (4) disinfect the house and change the entire flooring.

I want a house in which I dont have to do anything major for at least 5 + years

I have been looking at both new builds and others and my biggest niggle in others is the kitchen and bathroom

If 'disinfect' implies that the hygiene of the house is an important factor then bear in mind that the typical labourer on a new build site is not necessarily the most hygiene-conscious, and by the time you get the keys your brand-new toilets, basins, shower trays and kitchen sink are quite likely to be very second-hand already.

The building process is not like a quality-controlled factory where the output can be guaranteed to be sterile... and what you don't see you won't know about.

It might help others to help you more if you could be a little clearer about what help you are looking for.  It seems you have clear ideas about the type of property you want, and clear ideas about suitable locations. And that you are unlikely to consider anything other than a new build.  If you are looking for someone to just tell you "You aren't making a mistake" then I don't think you'll get it - and if anyone does say that without knowing you personally, then IMV you shouldn't attach much weight to their opinion.

Grumpelstiltskin

If 'disinfect' implies that the hygiene of the house is an important factor then bear in mind that the typical labourer on a new build site is not necessarily the most hygiene-conscious, and by the time you get the keys your brand-new toilets, basins, shower trays and kitchen sink are quite likely to be very second-hand already.

The building process is not like a quality-controlled factory where the output can be guaranteed to be sterile... and what you don't see you won't know about.

And remember there were workers in the house before toilets etc. were installed........................................

knightstyle

We bought a new build several years ago as we were working abroad and wanted a property in UK which we let for holiday lets and I would make the following points.
1. Parking most new estates have narrow roads and people now have 2 or 3 cars per household so is there enough space?  Is there a parking company/cowboy there?
2. Ground rent, estate management, do you own the ground or is it leasehold and is there an annual fee for maintaining public areas?
4. Public transport, good links increase value.

On the whole new builds are OK, have good insulation, small gardens but if terraced or semi noise from neighbours houses can be a problem as sound insulation is not always good.