To consider buying a new build??

[firsttimemummy11]

Hi,

We're desperate to get on the property ladder and exploring the option of a new build with the help to buy option.

Are we being naive in thinking this is a good idea? As I hear so many mixed reviews about new builds? And is the help to buy option to good to be true?!

We're a couple in our early 30's with a toddler and have just about managed to save a decent 5% deposit? We are looking at a development in Horley.

Would really appreciate hearing others pros and cons, thanks!

Every house at some point was a ‘new build’.

I love mine - small development, no parking issues, huge storage space, big garden and in a great community. I’m no longer chucking money and hours of time after repairs as I was in previous old properties.

Bills for heating are much lower and the house has jumped in value since we bought it a couple of years ago (this has surprised me, but chuffed nevertheless).

We bought a new build with th help to buy scheme 3 years ago. We wouldn't have been able to otherwise. It was absolutely the best decision we've made.

I absolutely love the house. A few snags that were quickly fixed. Unlike my friends house (an older property) where nothing came up on the survey and it turned out the whole roof needed replacing among many other things. They call it the money pit.

I think new builds are great for first time buyers. The buying process was incredibly simple as we weren't reliant on a chain.

Family members work in construction. They have names for the new builds, in terms of the contracts and rate they throw them together (think akin to doing the roof in 3 man days, rather than the 8 it would take to do "properly", and using mostly apprentices or quick speed qualified trades, not properly time served ones)... It's not good.

I would neither buy a new build nor buy a home with only a 5% deposit (unless perhaps I could get a 10 year fixed mortgage on it and it was truly miles cheaper than rent with improvements and upkeep).

What’s your plan for when you remortgage? What’ll you do if prices drop >5% and you end up underwater? Has infrastructure kept up with development in your area (will your kid have a good school in catchment? Can you get doctors appointments in a timely manner?)?

I would save a bit longer and buy an older cosmetic fixer upper or even a spacious mid century flat if you can find one.

Hmm that's interesting about the remortgaging because it's not been the experience of anyone I know

I’ve had ‘doer uppers’ too but I regret the time I spent doing them up on reflection. I’ve done serious renovation and cosmetic stuff. Working full time and with kids ‘doing up’ a property is not easy and has lots of negatives as well as positives to contend with.

Also, in response to some of the comments above, one of the builders who worked on the estate bought a house on it so they can't be that bad.

They are not all that bad. As said before - all houses were ‘new builds’ once.

Thank you for your responses :)

We love our new build but we are in a very nice development where a lot of thought went into ensuring character and good sized houses. The build quality is also very good and the house is crazily efficient.

We have looked round a lot of new build developments where we absolutely wouldn't buy so just be choosy.