New builds & Q about buying....

NatashaP

I'm not buying yet as we want to clear debt and save a decent deposit first, but for future reference I'd like a bit of advice!

My hubby and I have always liked the idea of buying a new build straight from the developer, but a few people have advised us against this (dont know why though!) Is this a bad idea? Do developers rip people off or is it just because new builds are cr*p?

Also, am I doing the right thing by clearing our debt and then saving a deposit before buying a house, or should I be thinking of buying asap, with debt and just a small deposit?

I'm not very 'with it' when it comes to buying property/mortgages etc, so everything we've been hearing about the credit crunch etc are going straight over my head :rotfl: but I gathered it would be wise to steer clear of buying now and just concentrating on saving/paying off debt for now. Am I being a clever girly, lol?!

chuckles1066

NatashaP wrote: »

I'm not buying yet as we want to clear debt and save a decent deposit first, but for future reference I'd like a bit of advice!

My hubby and I have always liked the idea of buying a new build straight from the developer, but a few people have advised us against this (dont know why though!) Is this a bad idea? Do developers rip people off or is it just because new builds are cr*p?

Also, am I doing the right thing by clearing our debt and then saving a deposit before buying a house, or should I be thinking of buying asap, with debt and just a small deposit?

I'm not very 'with it' when it comes to buying property/mortgages etc, so everything we've been hearing about the credit crunch etc are going straight over my head :rotfl: but I gathered it would be wise to steer clear of buying now and just concentrating on saving/paying off debt for now. Am I being a clever girly, lol?!

New builds have a reputation of being problematic as the structure "settles".......cracked plasterwork etc are not uncommon.

However, you have the benefit of a 25yr NHBC guarantee.........assuming, of course, you can get the builder to honour it (apparently, once they've got your money they're not overly keen on coming back to fix problems).

I'd always buy new if it was my choice, just my opinion

Doozergirl

It's a 10 year NHBC guarantee. And it covers building defects, not minor snags which is where the problems can be. My experience of NHBC has been that they are very helpful.

I suppose it's a bit of both. They are more expensive than other houses and whilst you don't have anything to update, they are also not the perfect house you might imagine. They do snag. Even when you try really hard to get things right, many things you have to use to know whether it's okay. Think of all the new things you buy; sometimes things don't work or are disappointing; then think of how many things are new in a new house. It's kind of inevitable that you will have problems of some degree - whether it's a door that is the wrong height for carpet, or a full blown flood.

Of course you are doing the right thing by sorting things out financially before you consider buying.