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    • Mike17
    • By Mike17 5th Jan 18, 12:14 AM
    • 11Posts
    • 0Thanks
    Mike17
    First Time Buyer Here Advice Wanted
    • #1
    • 5th Jan 18, 12:14 AM
    First Time Buyer Here Advice Wanted 5th Jan 18 at 12:14 AM
    Hi,

    I'm in the process of looking at purchasing a new build property from Taylor Wimpey, however I've read some horror stories and wanted to know what you thought on this situation.

    The property itself is a three bed semi detached house which they tell me is also freehold. It's a fair size as it's just myself that will be living here at the moment.

    The reason for looking to buy a new build is due to it needing less work, no renovating, yes I'm paying for the privilege but I actually like the houses too.

    Having spoken to the mortgage broker they use I've been approved for a mortgage using the help to buy scheme.

    Firstly I wanted to ask if you thought it's a good idea to use the help to buy scheme being my first home? What's your experience? My idea being I could have a lower mortgage and even make overpayments or bank money a month to pay off my mortgage when it's due for renewal in 2years time, hopefully remortgaging after year five to incorporate the help to buy amount of 30,000 before I start paying interest on it.

    Also they have told me there will be a service charge of 98.00 a year. I understand this is due to them needing a maintenance company to look after the area as the council won't do this. Is this likely to rise much over the coming years?

    Thanks for any input it's greatly appreciated
Page 1
    • Davesnave
    • By Davesnave 5th Jan 18, 7:49 AM
    • 25,324 Posts
    • 93,095 Thanks
    Davesnave
    • #2
    • 5th Jan 18, 7:49 AM
    • #2
    • 5th Jan 18, 7:49 AM
    The sort of questions and comments that come to mind here are as follows:

    Were you not allowed to use your own whole-of-market mortgage advisor? Please don't tell us you are going to use TW's conveyancers too. You need your legal advice to be independent of any company ties.

    One day you'll probably want to sell the house, so while it might be fine for you, it's likely that your market will be families who will care about the amount of space on offer. New builds are notoriously bad for this, as each 'wasted' square metre adds to costs. If you do a square metre comparison with older 3 bed proprties you should see what difference there is.

    The same goes for the garden. You might only want a place to barbecue and chill, but people with children prefer more outside space, preferably with sunshine, so check that you'll have some of the latter at least. Few people want a north east facing garden.

    Buying into a new estate can seem attractive, but remember that unlike an established one, you have no idea what the road will be like in a few years time. Things like the provision of parking will make a significant difference, depending on how good it really is, so be critical. Many households have two or more cars, so where will they all go?

    As to maintenance costs, these are normal nowadays and 100 pa isn't unreasonable, but none of us can see your contract so we don't know how these will rise. That's why you need an independent solicitor who will check that burdens on you are understood and fair.
    If you are finding huge gaps between your paragraphs and use Firefox, MSE know about the problem. However, they aren't necessarily doing anything about it yet....
    https://forums.moneysavingexpert.com/showthread.php?t=5844460
    • tykesi
    • By tykesi 5th Jan 18, 9:19 AM
    • 1,944 Posts
    • 2,724 Thanks
    tykesi
    • #3
    • 5th Jan 18, 9:19 AM
    • #3
    • 5th Jan 18, 9:19 AM
    The reason for looking to buy a new build is due to it needing less work, no renovating, yes I'm paying for the privilege but I actually like the houses too.
    Originally posted by Mike17
    Please don't fool yourself here. New houses are built to a budget and many I've seen start looking tired within a couple of years and there will be work to be done to make good the poor quality left by the builders. Each to their own but I'd rather something which was built better to begin with and there are plenty of houses out there which have been looked after, have decent space inside and out and won't lose you thousands the second you complete.
    • JoJo1978
    • By JoJo1978 5th Jan 18, 3:39 PM
    • 356 Posts
    • 433 Thanks
    JoJo1978
    • #4
    • 5th Jan 18, 3:39 PM
    • #4
    • 5th Jan 18, 3:39 PM
    You will be paying dearly for the privilege. Think about how the value of a new reg car plummets the second that the next reg is released. That's why many people lease cars so they can trade in. Once you buy this, it may not be so simple to trade in and up as you think.

    There's loads of houses that are old which don't need renovating and will only need cosmetic improvement. Either it's very old and someone's already done the hard work, or it's a bit newer on its second or third owner so the layout probably suits how you live (now, but will it later in life?)

    We've just moved to a 10 year old house, the newest we've ever lived in and I wouldn't go newer. The only reason we even looked at it was because it was a one off build replacing a demolition in an established street.

    We dodged a bullet 10 years ago turning down a new build town house in favour of an ex LA semi that was 50% larger. Yes, it was ugly from the outside but it was much cheaper, didn't leak, was soundproof, weathered well and had a large garden (for London.) The new builds looked smart for 2 years but quickly became shabby, leaked, paper thin walls and a postage stamp of grass.

    Think resale.
    Hamster in the wheel (London) 1999-2017
    Mortgage free since 2015; Pension pot sorted 2017
    Part-time gigger and charity volunteer 2018
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