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Today i noticed that there was a development of new build houses in an area i would like to live in . it is due for completion in summer 2018. I have looked on the estate agents website and there is next to no info on it so i was wondering if anyone could tell me
i) Are new build homes priced at more, the same or less than normal homes eg are these new build 3 bed houses likely to be the same or less than the equivalent 3 bed house in area (which i cant afford )
ii) should i try to buy as soon as they are released (assuming i can afford them) or wait a while as i noticed in another new build development homes were being sold about 6 months after they had been completed at less thsn the initial price
Does anyone have any other comments on buying new build homes. My only concern is that it seems to be very close to the railway line. The sign says they are "mews" homes . Im also a little concerned as most of the houses in the area are built before 1910 , i often think more modern houses are smaller and dont look as nice on the outside so worry that they are more likely to loose value
i) Are new build homes priced at more, the same or less than normal homes eg are these new build 3 bed houses likely to be the same or less than the equivalent 3 bed house in area (which i cant afford )
ii) should i try to buy as soon as they are released (assuming i can afford them) or wait a while as i noticed in another new build development homes were being sold about 6 months after they had been completed at less thsn the initial price
Does anyone have any other comments on buying new build homes. My only concern is that it seems to be very close to the railway line. The sign says they are "mews" homes . Im also a little concerned as most of the houses in the area are built before 1910 , i often think more modern houses are smaller and dont look as nice on the outside so worry that they are more likely to loose value
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Comments
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You are asking people to speculate about properties they haven't seen, which isn't likely to lead to fully accurate info.
However, all other things being equal, a new build will cost more per m2 than an equivalent secondhand property.
Sometimes, new builds are available through schemes which improve affordability for some people. Also, the builder may have to build a certain number of affordable homes, which may be let out via a housing association, so not all neighbours might be home owners.
Rather obviously, a new development won't have 'shaken down' socially, so one can't walk around it and get a feel for the vibes it gives off in the same way as is possible an established one. For example it's maybe impossible to see things like unkempt gardens, litter or parking problems which develop over time, especially once the developer leaves the site.
Add to the above that some developers use contract labour on a piecework basis, where tradespersons who couldn't care less, bang-up the houses as fast as possible, and there is a potential for quality issues too.
Have I put you off yet?:rotfl:0 -
New builds will typically cost more than second hand properties based on size, however they might be built slightly smaller than comparative homes (so smaller bedrooms etc.) to make the difference seem less.
In the slightly tougher housing market at the moment, the cost difference is magnified (where I live, a 3 bed, 3 story townhouse, newly built 2 years ago tend to be on the market for £300,000-£320,000 whereas the new build versions of the same home (on the same street) are marketed for £335,000 - £355,000)
You tend to be better off putting a holding deposit down when they first become available, mainly so you have the best options for choosing fixtures and fittings, as the longer in the process it gets, the more will have already been decided.
There are however usually offers on homes they are struggling to shift, usually around xmas, with offers such as stamp duty paid, free flooring, kitchen upgrades etc. However you can try and negotiate for these earlier, you just won't be in a good position.
Despite the many issues I have had with my new build, TW finally came to a generous compensation package so I can't complain too much with the quality. Although our next purchase will be second hand!
Good luck with whatever you decide to do, just make sure you keep your head in the game when looking at plans, and what the property will come with, features, parking etc. as these will be important, and you won't be able to see them.0 -
I've bought two new builds and had no problems at all. In both cases the builder was a small local company - anecdotally, others seem to have more issue with the "big boys". And both have gone up in value.
You do need to be aware that there may well be a service charge on the estate.0 -
One big downside of new build developments for me is the houses are far more tightly packed together than they used to be with much smaller and frequently badly overlooked gardens, although I appreciate that wouldn't particularly bother some people.
Proximity to a railway line wouldn't put me off, I've lived close to one before and after a month or two you don't really notice it.0 -
Build quality seems to be a big issue on some new build houses aswell.
Smaller, postage stamp gardens, overlooked and poor quality build hmm whats not to like.
TBH most are sold via some scheme or other and I'm not convinced on the open market they are popular.0 -
The website has been updated and it seems that they plan to sell these 2 bedroom homes for the price that a 3 beroom home in the area sell for. Im not sure who is going to be silly enough to buy at this price as there are more spacious 3 bedroom homes available at that price. All i can see to justify this pricing is that they have underfloor heating and a Porcelenosa bathroom. some of the houses may have one en suite. Bearing in mind that they back onto a train depot i just wouldnt pay the amount being asked for
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Build quality seems to be a big issue on some new build houses aswell.
Smaller, postage stamp gardens, overlooked and poor quality build hmm whats not to like.
TBH most are sold via some scheme or other and I'm not convinced on the open market they are popular.
apparently they will be available under a help to buy scheme0
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