2 bed terrace or new build flat?

GunJack

Just a thought....there are many new-build developments at the moment which are coming way down in price. Do some scouting around and see what else you can get for your money. New build 2 bed houses could be a steal at present, and developers are offering some amazing deals for you to buy. One I've seen locally is buy 100% of the property for 75% of the price, with the difference made up when you sell on...could blag yourself a real bargain with some canny negotiations.....

pinkshoes

I would go with a 2 bed terrace that's nearer the train station, AND has parking!! Are you definitely set on choosing between these two?? If I was buying a property that had no decent parking, I'd want it to be no more than 5 minutes walk from a very good public transport network, otherwise I wouldn't consider it.

It's pouring with rain here too!! I would certainly NOT walk for 15 minutes in that!

olly300

I wouldn't buy any property which had a parking problem. While you may not have or need a car you will have:
1. visitors who aren't that mobile so need to park somewhere near to visit you
2. workmen that need to park their vans nearby to get supplies in and out
3. problems if you need bulky deliveries

I would also be wary of any property where you have only one parking space and there are no visitors parking spaces of any sort.

BTW you can have repair problems with your neighbours in terrace houses - over shared drains that keep blocking (the water company should clear them for free) and guttering if it causes drips on your own property plus fights over fencing.

phil_b_2

Rabiddog wrote: »

2 bed terrace....new build Flats are inevitably overpriced, sometimes spectacularly so (40%+).

I agree, New build flats around me are getting absolutely hammered in price. People that bought last year for 200k are seeing others not acheiveing a reserve of £115k at auction!!
For that reason I am majorly turned off flats.

Lotus-eater

Terrace definitely for me, not even sure how you could consider the flat.
I'm wondering why it must be one or the other, keep looking till you find what you want, one that is in the right condition.

Re the price, you can't keep going back and asking for reductions unless you have a solid reason "you think the electrics might need rewiring" isn't one. Get a electrician out to check them properly. If it does need to be rewired, its a nightmare, plaster off everywhere usually.

I have two important question.
1. Why are you only thinking of staying there short term?
2. When you rent it out, will the rent cover a repayment mortgage?

and where did you get a 4.99% deal on a mortgage?

wymondham

"pre loved" over new build every time.... get something with some character...

redhead123

Lotus-eater wrote: »

Terrace definitely for me, not even sure how you could consider the flat.
I'm wondering why it must be one or the other, keep looking till you find what you want, one that is in the right condition.

Re the price, you can't keep going back and asking for reductions unless you have a solid reason "you think the electrics might need rewiring" isn't one. Get a electrician out to check them properly. If it does need to be rewired, its a nightmare, plaster off everywhere usually.

I have two important question.
1. Why are you only thinking of staying there short term?
2. When you rent it out, will the rent cover a repayment mortgage?

and where did you get a 4.99% deal on a mortgage?

Okey dokey..the estimates by the surveyor are just estimates - i rang one buidler about the steel support and he said about 2 grand on that alone..so i reckon a bit more than 3500 to cover my back. On friday when I said 3500 they gave me no time to get estimates or think it through, i only got the survey back on Wednesday and didn't have time to ring from work..!

I'm also a fan of 'if you don't ask you don't get' - they can say no. However I know the builders are desperate to move things on because they've demanded an exchange this wednesday! Which is pretty darn quick...

I'm also a FTB and if I pull out now it's going to delay them even more and they may end up losing out more; this is the best position I'll be in; with prices dropping anyway I reckon I might as well.

Not necc thinking of staying there short term - me and OH just no ready to move in..yet! I wanted my own place for a bit and then we can buy together later..I didn't want to live with him in his house (with his flatmate) because well, I can't really have a fair say really as it isnt' my house, but jointly its differnt...I thought when the time is right I could rent it out or he could move in with me..

Parking is a bit of aproblem, we can park opposite til the council reclaim the land; there is a little station just across the road which connects to the mainline station to London or its a 15 min walk to the mainline station..

Ah, the mortgage rate..that was with the derbyshire building soc some months ago..if i pull out I wouldnt get as good a deal so I'd probably hold fire..and wait a bit. Hence asking 5 grand off - it's a no lose situation really? As I have no property to sell on then I can just wait...

redhead123

pinkshoes wrote: »

I would go with a 2 bed terrace that's nearer the train station, AND has parking!! Are you definitely set on choosing between these two?? If I was buying a property that had no decent parking, I'd want it to be no more than 5 minutes walk from a very good public transport network, otherwise I wouldn't consider it.

It's pouring with rain here too!! I would certainly NOT walk for 15 minutes in that!

Hmm... i can't find any near the station with parking for 125 grand alas!

redhead123

Kavanne wrote: »

I would say 2 bed terrace.
As someone who has just purchased with very similar requirements to you, I would have chosen 2 bed house over new build flat anyday.

(We ended up buying a 2 bed flat, but not purpose built, it's the ground floor of a house so we still get garage and a garden).
But if a house with the same features had come up I would rather have had that, but apparently in our area garden + garage for 160k just doesn't exist!!

Yeah - I live in Ealing at the minute, you can't get anything under 200000 grand there even teeny flat. So moving out up south east Milton Keynes way

PasturesNew

redhead123 wrote: »

Ah, the mortgage rate..that was with the derbyshire building soc some months ago..if i pull out I wouldnt get as good a deal so I'd probably hold fire..and wait a bit. Hence asking 5 grand off - it's a no lose situation really? As I have no property to sell on then I can just wait...

On the mortgage front ... check the small print. Check the print/with your broker that that mortgage will still be valid when you expect to complete. If it expires, you might have to reapply and find there's either no offer or it's significantly changed.

Mortgage offers have expiry dates; some can be extended, most not.

Better to check now than in 2 months' time.