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Should I buy an old ‘new build’ development property
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GirlInKent
Posts: 11 Forumite
Hi! I’m looking for some advice. We are planning to put an offer on a new build but as the subject says it’s current owner have owned it for about 10 years since its development. The house itself is 3 bedroom terraced house with a parking alloted. The bedrooms are good sized and not smallish at all. The garden is very small but we are ok with a low maintenance garden.The house itself is freehold but there is an annual maintenance fees of £450 which we are slightly worried about. As the owner says she is not aware of any cap on it but the fees have remained same for the last 10 years. The development is small consisting of 10 houses and a block of around 35 flats. It is developed by a small estate builder. As we have only ever looked at Victorian/1930s houses, I wanted to check what all other criteria’s should I consider before putting an offer. Please help. Thanks.
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Comments
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I'd rather buy one second hand than brand new as a lot of things have potentially been fixed, affixed and improved ... of course, you'll always run the risk of somebody else's bodge jobs.
You also get "a better deal" I feel as you have a better chance of seeing what you're buying into. With a new build you don't know WHO/what the neighbours will turn out to be ... with a 2nd hand new build a few years down the line you can see how other properties have delapidated or how the area's been "kept" by the residents. Of course, any area can change in the blink of an eye, but to throw 10 households of strangers together on the same week can take some "ironing out" of relationships, behaviours and expectations before things settle down (or not).
A row of 10 shiny new houses could, in 10 years' time, be lovely and clean and nice looking .... or a grimy and grubby row of shabby houses with graffiti on the fences and bins dumped willy nilly...0 -
Thanks for the reply PasturesNew. The outside areas look quite neat and tidy the two times we have been inside the compound.
Are there any other issues which we should be aware of prior to placing an offer?0 -
What does the £450 go towards each year?
Can you see evidence of it being used to maintain kerbsides or grassed areas within the complex.
These maintenance usually are for gardening/landscaping or possibly the upkeep of any private road type areas that the development is built on or around.
Having been going for 10 years you should be able to get a feel for the area and whether it is being maintained.
I have a property which I think might be similar but has been in existence for a 25 years and TBH its communal areas are very well maintained so in some respects an upfront fee isn't always a bad thing.
I have however read of people who pay such charges and get nothing but an administrative balance sheet back at the end of each year.
Take a good walk round and get a feel for the place and that should tell you if the charges you will be paying are being used to their best.in S 38 T 2 F 50
out S 36 T 9 F 24 FF 4
2017-32 2018 -33 2019 -21 2020 -5 2021 -4 20220 -
Do you know who the freeholder is of the communal land?
If the residents own it you'll have more control on future expenditure etc.
Are there any covenants that may cause you issues? For example no Sky dishes, no building on your land, no commercial vehicles etc.
I, too, own a similar house. When I bought it, it was two years old but had never been lived in. The vendor originally bought it for their daughter to move into but she decided against it. I agree with the comment about being able to get a feel for the estate when it is completed.
I like it - this is a nice estate. Much of my service charge goes on the upkeep of the gardens etc and our gardener does a great job.0
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