To buy a small new build instead of a bigger old house?

[ThisModernLove]

Fresh out of an interminable traumatic divorce and starting to think about next steps.

Need a new house, I’ve been a sahm for a long time and am only just getting back to work so my earning potential not great.

Im seriously considering buying a new build outright instead of an older house that would probably require me to take a mortgage or if not likely need a lot of work.

In this area there’s a real lack of cheaper, older houses so new build is the only real alternative that would allow me to buy it outright.

reasons for

• it’s been a really hard couple of years, new build is lower maintenance and easy.
• No stress about money and would be financially comfortable.
• Means l don’t need to worry about job hunting in the same way and can take the right thing

reasons against

• it’s much smaller than our current house (though still a bedroom each for dc) I wonder if this would bother me and if I should try and buy something bigger
• i don’t really like new builds! Lack of storage etc and I like pretty old houses (what we have now)
• is it better in the long run to have a mortgage that you’re paying off - I doubt I’d save the same amount of money even if I intended to. I’m pretty young.

Would really appreciate peoples thoughts? Current house is old and stressful because things go wrong all the time, it takes a lot of cleaning.. I’m leaning towards new build even if only for 5 years to get back on my feet 🤷🏻‍♀️

I always reckon location is more important than house, as you can fix the house up/change it. The new build sounds like a sensible option and you can always move later. I have an 1890 house and lovely as it is, there's always something that needs fixing. There was no storage in this house either when I bought it!

Just don't buy Barratt. A cupboard box would be better put together.

Old houses almost always come with a ton of problems, some of them you might not notice until you live there

this is incorrect, it depends how well maintained over the years.

We are in a newish new build. Did try and buy a huge old draughty place a few years ago. Really pleased someone else pipped us to the post and am now sat enjoying our double glazing and log burner and fancy radiator setup DH put in a couple of years ago as it really helps in this current energy crisis.

Not having a mortgage is incredibly freeing BUT, as pp said, you have to live there.
Because I like nosing round houses, I tend to go and have a mooch at all the new build estates within a 5 mile radius and have done for some years. Despite the show-homes being beautifully presented, I genuinely haven't come across a new build that I think is worth the money. In my City anyway, established properties would win hands down for me.
However, if I have read your OP correctly, then you have a lump sum but no job ? In which case surely whatever you buy will have to be mortgage free. Sorry if I have misread this.
I'd still say, in whatever price band I have looked at, I can get houses in my area that are more spacious / better parking / better garden / proper width roads so visitors can park without blocking in neighbours, and so forth, for the same money or less, than the new builds.

I think being mortgage free would be really nice whilst you restablish yourself. I dont know how much smaller your house would be though as there are all different sized and layouts for newbuilds and some work better than others.

I don’t tend to like new build estates as they just seem a bit soulless and depressing when you are used to “character” properties.

however I have seen some lovely new builds going up in our area in small developments eg. 4 houses, all different and interesting looking. There is a lot to be said for being mortgage free too. Are there any dealbreakers for you with a new build? I know I would want a big garden for instance.

YANBU to chose practicality and financial freedom over aesthetics. A new build won’t be entirely problem free but it is likely to be cheaper to run, easier to keep clean/on top of maintenance and in your case, cheaper in terms of monthly payments. Choose your location and builder wisely and you’ll be fine. Whether it’s just a stop-gap, as you say or you end up staying longer, it shouldn’t be problematic.

I’d go for one on an established estate though, nothing off plan or in a half built area. I wouldn’t want the unknowns of that, plus living on a building site for who knows how long.

You can concentrate of building your new life rather than roofs, bills, damp patches, mending years of botch jobs....

We're in a new(ish) build. It was not my dream home and not what I thought I'd be living in. I grew up in a gorgeous old house.

But we are almost mortgage free and we haven't turned forty yet. We haven't had a lot of financial help and no help at all with childcare, so we're doing well to be at this point. Never would have happened in a big old house. Also, our energy bills are not too bad and everything just works straight away. I remember living in older places and random light switches and things just wouldn't work.

Yanbu at all and the buying outright thing makes it a no brainer.

Good luck getting back to work! I'm in a similar position although I've been working, but am changing career completely

In your circumstances I would go for the new build.

how old are your children? If they’re leaving home within the next5 or so years you won’t even need a big house.

You can hire a professional snagger? Who knew there was such a thing!
I have a similar dilemma. We have a large unusual house in a village with no amenities. Planning to move for old age, though not downsizing.
DH was keen on a new build but I have only ever read complaints about them.
Who are these good builders?

Your reasons for considering a new build are very valid, however in your position I would question whether I would want to be amongst a lot of families with children playing on the estate. Fine if you have your own, but if you live alone possibly this could be an issue for you.

Service charge can be costly? Perhaps less so for houses. I don't understand how people afford service charges in flats as they can be expensive

New Build - we're in an older house & facing huge expenditure in retro fitting heating & hot water systems. If I could trade for a new house with all those facilities already installed I'd snap it up. Your bills will be lower and future proofed

We're in a new build and love it. I always pictured myself in a beautiful old Victorian but this house was too good to pass up and I'm glad of it now, it's cheap to heat, run, easy to decorate and furnish etc.

It might also be significant given the fresh start you're after, but I also love that every scratch on a wall or skirting board (toddler life) is ours. Everything that's ever happened in this house has been with me and my family, and it's a nice feeling.
They vary in quality just as wildly as any house built in any other era so research your builders - David Wilson has been great for us, and I've heard good things from friends who've bought Davidsons and Redrow, too.

When I retired and bought my house I deliberately bought a small one that I could afford to do up nicely. Now that fuel bills have rocketed, I am very glad I did. Honestly, go for the new build. It will have guarantee, and at some point your DC will leave home but you won't need to downsize if you already have a smaller house.

Don’t underestimate how much happier and healthier you’ll be without the stress of a mortgage. You’ve already been through a lot of stress and how’s the time to take it easy. The heating bill will be much cheaper too.

When you do get a job you’ll have lots of spare money which you can spend on having a good life. Which will be better than being poor and stressed in a more attractive house.

In your shoes I'd go for a new build. Ours has loads of storage space tbh, so don't assume they all won't have any.

I wouldn't buy 'new-ish' E.g. one that was 2-3 years old. If the original owners weren't great at picking up on snagging or anything, you don't have the benefit of the initial 2 year guarantee.

Whether or not they appreciate in value depends on the location. Ours is in a very desirable school catchment in a popular area and the value has rocketed.

I am in a situation a little bit similar to your and have been wondering if I should go for a new-built house or an older one.

So far the issues I have encountered with new builts:

• estate maintenance charges. Having had issues with service charges and ''management fees'' when I had a leasehold flat in London I will never again tie myself into anything that comes with a charge for maintenance. Many houses on new built estates seem to have them (read about ''fleecehold'' if you can for horror stories). So I am avoiding any estate with these charges. They are uncapped and you could be responsible for the costs if a road was to collapse tomorrow or the communal drains were to have a major issues and needed replacing. The developers had covenants to your freehold and could technically repossess your house if you are late in paying charges which to me is unacceptable. This is not a real freehold...
• poor standards of construction especially with the big developers
• too many homes packed on one estate
• small rooms and lack of storage
• don't seem to ''age well''. I saw a house on an estate built in the late 90s last week and it looked like the roof was leaking and there were problems with rising damp. Also saw a more recent home on estate built about 5-7 years ago and again there were already issues with the roof, a new boiler had had to be installed and garden fence was falling off and the owner had had to install additional insulation in the loft space. That was a Persimmon house...

So I would say, yes they are probably a good option as long as you research the developers and look at for additional charges.

I personally will not touch anything built in the past 20 years though after what I have seen so far but I would buy a modern home on a slightly older estate that looks like it has been maintained by the owner and does not come with service/management charges and is instead part of an estate adopted by the council for maintenance.

We live in an extended 3 bed semi with garage and large garden .Went to look at a 4 bed detached new build. Not a patch on ours. Barely any garden so no room to extend, no features. What I liked was the show home staging .😀

But, if I was single I definitely would! Warmer, easier to maintain. Maybe a stop gap for next 5 years?

I’ve been melting today in our new build with snow on the ground outside as have such big windows and insulated well , storage wise we use the garage a lot and are for image enough to have spare bedroom for office etc - I much prefer old houses but this was a sensible and hassle free choice for us to get mortgage paid off by time we are 55 then we can explore a more traditional offering

I would go for new build, especially if you’re going to be mortgage free.

I know a lot of people seem to despise new build but my daughter has just bought one and not one of her bedroom are tiny. Her landing is huge and she’s got plenty of storage.

I’d go for the new build, go to ikea for inspiration regarding storage for small spaces.

In your situation I'd go for the new build. Less stress is good!