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New build / scheme or fixer upper

(8 Posts)
KaptenKrusty Tue 14-Jan-20 10:54:20

Currently looking to buy our very first property (exciting)

We are in North East London (Zone 3) - we have a deposit of 35k (possibly will be 40 - 45k by April as we are expecting a gift of some money from my Mum after sale of Gran's house)

We could get a 2bed house / Maisonette for about 350 - 380k (some of them are bloody awful and need a lot of work - however some look totally liveable and can be improved in time)

The other option is shared ownership (we would aim to buy as large a share as poss - probably 60% initially with an aim to staircase to the 100% eventually!

We live in a new build at the moment (renting for 1300pcm) been here for 4 years and its amazing - the bills are cheap as it is so modern and eco - lovely & warm (rarely need to put heat on) It has an air filtration system so the laundry dries super fast and the place never gets damp! It is sound proof and I feel really safe inside the apartment block (Husband is away often)

I feel we have gotten used to living in such a nice shiney clean place that the thoughts of a fixer upper terrace house, where it will probably be colder, maybe hard to heat - we will hear the neighbours & just not as cosy as our current place (last terrace house i lived in had a big rodent problem)

Shared ownership / new builds are more expensive and you are paying service fee's for management company on top of your mortgage repayments.

We can only borrow up to 380 anyway so we couldn't buy a shared ownership outright it would have to be through a scheme!

What would yo do in my situation? We are not in a huge rush - we have deposit safe and won't need to touch it and can continue renting until we find the right place - but we are hoping to ttc later in the year and would be ideal to have moved before then!

Help - I've no idea what i'm doing hahah!

TheHagOnTheHill Tue 14-Jan-20 11:02:29

Most new builds are not of the quality you are currently living in.
Fees for management are also something to be wary of as you have no control over how much it can go up.I would not touch a property subject to fees personally.
Shared ownership has it's own problems especially selling on.
Doer upper,with a good survey you know exactly what you're getting and can do it up as you can afford to with no other extra payments on top of the mortgage

KaptenKrusty Tue 14-Jan-20 11:27:46

Yes @TheHagOnTheHil I have been very much into shared ownership as a goer for a while as I didn't think there was any other way we would be able to buy (get a deposit together) but we have so now there are other options on the table!

I guess at least with buying right out it is actually ours - we can fix it up - dad & husband and my best mate are all fairly handy and could prob do a lot of it ourselves

Pinkflipflop85 Tue 14-Jan-20 11:30:37

Dont buy shared ownership unless you are absolutely desperate and it is the only possible option.

JoJoSM2 Tue 14-Jan-20 14:52:02

I wouldn’t buy a shared ownership place if you can afford to buy the whole thing.

Are you keen on a very specific area? In my part of London, you’d be able to afford a very nice recent built on the budget - the sort of thing you have now (I’m in zone 5). Maybe you can get the same a bit further out in NE London too?

KaptenKrusty Tue 14-Jan-20 15:11:11

@JoJoSM2 am looking at further out too - but reluctant to go too far as I cycle to work in 20 mins (as does DH) We have no need for a car and rarely even need to pay for public transport as we just bike everywhere - so can live fairly cheaply in our current area - we are in Walthamstow at the minute - but are looking at Chingford, Leyton, Leytonstone - but wouldn't really be willing to go much further!

Struggling with it as I'd nearly rather stay put renting out current place than take any of the houses i've seen for sale so far sad thats why the newbuild / shared ownership is sparking my interest!

I guess we can save a little longer and then maybe a bigger budget would find us nicer properties.

JoJoSM2 Tue 14-Jan-20 15:22:07

DH cycles to the office some days but it’s 50 mins from zone 5.

I think your best bet would be to get a dump and make it amazing, then. You can easily put in soundproofing too. A good refurb will add value too.

JoJoSM2 Tue 14-Jan-20 15:27:29

Oh, and have a laundry cupboard with stacked up washing machine and dryer.

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