AIBU to use ALL of my savings on new home?

whereiscaroline · 2020-12-29T08:03:55+00:00

I'm buying a new home and due to exchange shortly. What I didn't realise at the point of reserving was that almost everything in the show home was an "additional extra", so to get the house how I want it, I will need about an extra £23k! As an example... Downlights are £90 each. Heated towel radiators are £400 each. Shaving points are £80 each. And so on. I can just about afford the extras but it will mean using every single penny of my savings which makes me nervous. The alternative would be to save up and have these items fitted in the future, but if we cause any damage to the house in doing so then could potentially have issues with the NHBC warranty and snag list as the builder could argue it's damage we've caused. My job is secure and in the event that I did lose my job then I would receive a decent payoff but using ALL my savings makes me really nervous. WWYD?

CeeceeBloomingdale · 29/12/2020 08:11

Do you actually need all the extras, start with the ones you will use on a daily basis, ditch the ones which are just nice to haves

LubaLuca · 29/12/2020 08:11

Could you say you'd like one of the other houses that isn't the show home instead? Or ask them to remove all of the elements that are hugely overpriced so you can add items to your own taste in your own time? They'd have to put a standard radiator in place of the towel ones, switch the lights for standard fittings, make good the plaster and paint where they'd put the shaving point in.

LillyBugg · 29/12/2020 08:13

This is why I'd honestly never ever buy a new build. They are massively overpriced. Is pulling out an option? If it's a dream home and perfect in every way but cost then I'd probably go ahead. But if it's not, then I'd pull out, buy somewhere else where you get more for your money and live in the comfort of some savings to fall back on.

QforCucumber · 29/12/2020 08:14

I wouldn't pay their prices. It'll be half that to get the stuff installed bit by bit afterwards. We've had 2 new builds, what we have paid the builders for was a shower over the bath and an integral garage door as these would cause a lot more problems after build complete.

Also - did you ask the builder for any incentives to reserve? Our current home they gave us their 'upgraded' kitchen. Integrated white goods, turf and outside tap and paid our stamp duty!

Mumtoalittlegirl · 29/12/2020 08:16

Gosh we bought a new build and I can’t imagine the towel rails not being included! That’s crazy.

I would see if you could get it cheaper, but unfortunately it does seem like it is mostly essential stuff so you will probably have no choice but to use your savings.

BiggerTallerFaster · 29/12/2020 08:18

Is the "finished" house worth £23k more than you originally thought you were paying?

Re the savings, it would depend what your disposable income will be once you move in. If you'll be in a position to accumulate more savings fairly quickly, I wouldn't be too concerned. If you face a long period with no savings, I'd be very worried.

Buttercupcup · 29/12/2020 08:18

We had similar several years ago! I set a budget and stuck to it as PP said made a list of all the extras and what they cost. Firstly get rid of the ‘nice to haves’ do you really need a shaver point? Highlighted what I felt was an essential and crossed out anything that could be done later with relative ease and possibly less cost. Then it was down to getting rid of things off the list until
It was in budget. It’s good if you can keep at least 3 months bills in the bank and a small contingency fund for house extras that crop up when moving!

Flackattack · 29/12/2020 08:20

Some of the extras are reasonably priced - in one house we choose to upgrade our doors, shower over bath and outside Tap and the cooker etc. Just coat up what you want that would be difficult or just as pricey to add on later and get those - you really don’t need it all. Do you need a heated towel rail in all bathrooms?
See if they have a shell to show you so can see what it’s like without the extras.
Ignore the “I’d never buy a new build brigade” all houses were new once!!! I’d only had good experiences and no horrors! I’ve bought two and made money and would definitely buy another!

Superstardjs · 29/12/2020 08:22

Dont get sucked in by what looked nice in the show home. I'm sure some do, but I have never known anyone use a shaving point. Imo, downlighters are old fashioned and unattractive. You are not buying the lifestyle, much as it may be appealing. As pps have said, choose the essentials, then put your own ideas into it, rather than all your money.

Original poster

whereiscaroline · 29/12/2020 08:22

@LubaLuca

Could you say you'd like one of the other houses that isn't the show home instead? Or ask them to remove all of the elements that are hugely overpriced so you can add items to your own taste in your own time? They'd have to put a standard radiator in place of the towel ones, switch the lights for standard fittings, make good the plaster and paint where they'd put the shaving point in.

Sorry, my post probably wasn't clear. I'm not buying the show home, I'm buying off plan. The show home I saw had things like towel rails, down lights to the rooms, chrome plugs etc, which I naively thought the builder just included as standard. When you get to your "options" meeting however, they then let you know that if you want the things as shown in the show home then it's £90 per downlight, towel rails are extra, the kitchen shown is an extra £7k and so on!

OP posts:

Original poster

whereiscaroline · 29/12/2020 08:24

@CeeceeBloomingdale

Do you actually need all the extras, start with the ones you will use on a daily basis, ditch the ones which are just nice to haves

No, definitely don't need all of them. But the kitchen I want is £7k. The "free" option isn't great and I just keep thinking that if this is supposed to be home for the next 20 years and if I'm going to the bother of moving and being able to select my kitchen, which is the draw of a new build, then I want a kitchen I like...

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FippertyGibbett · 29/12/2020 08:24

No, keep your savings. You never know what might happen in life that you need them.
Put the extras in as you can afford them.

Herecomethedaffodils · 29/12/2020 08:24

The price that the developer is quoting for the extras will be much higher than the price that you'll actually pay if you ask an independent plumber, electrician etc to do the work. You can source the materials yourself and ask local trades to complete the work as and when. I guarantee it won't add up to £23k!!

Original poster

whereiscaroline · 29/12/2020 08:25

@LillyBugg

This is why I'd honestly never ever buy a new build. They are massively overpriced. Is pulling out an option? If it's a dream home and perfect in every way but cost then I'd probably go ahead. But if it's not, then I'd pull out, buy somewhere else where you get more for your money and live in the comfort of some savings to fall back on.

It would be perfect in every way with the extra £23k. Without it, then it would be "good enough", I guess.

The location is great and the plot is fab in that it's set far apart from the other houses, has a great sized garden and is a two minute walk to a nature reserve. I really love the location and the plot.

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Original poster

whereiscaroline · 29/12/2020 08:26

@QforCucumber

I wouldn't pay their prices. It'll be half that to get the stuff installed bit by bit afterwards. We've had 2 new builds, what we have paid the builders for was a shower over the bath and an integral garage door as these would cause a lot more problems after build complete.

Also - did you ask the builder for any incentives to reserve? Our current home they gave us their 'upgraded' kitchen. Integrated white goods, turf and outside tap and paid our stamp duty!

They have given a £9k incentive but the majority of that will be for stamp duty.

OP posts:

Original poster

whereiscaroline · 29/12/2020 08:27

@BiggerTallerFaster

Is the "finished" house worth £23k more than you originally thought you were paying?

Re the savings, it would depend what your disposable income will be once you move in. If you'll be in a position to accumulate more savings fairly quickly, I wouldn't be too concerned. If you face a long period with no savings, I'd be very worried.

I think it would take about six months to build a reasonable amount of savings back up. Six months feels like a long time in the current climate though, no matter how secure I feel my job is at present.

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BiggerTallerFaster · 29/12/2020 08:27

@Superstardjs

Dont get sucked in by what looked nice in the show home. I'm sure some do, but I have never known anyone use a shaving point. Imo, downlighters are old fashioned and unattractive. You are not buying the lifestyle, much as it may be appealing. As pps have said, choose the essentials, then put your own ideas into it, rather than all your money.

If you don't have a shaving point where do you charge electric toothbrushes? Ours is on the floor on the landing, not something I'd choose if I was starting from scratch.

Oreservoir · 29/12/2020 08:27

I think you'd be better just paying for the kitchen if it's the one you want.
Everything else can be done over time.
If the builder is saying that replacing a downright would affect your NHBC warranty they're either trying it on or build low quality houses imo.

Oreservoir · 29/12/2020 08:29

downlight

Original poster

whereiscaroline · 29/12/2020 08:30

Shaving points definitely necessary - we have electric toothbrushes.

Downlighting can be done afterwards for half the price but if we have any issues with cracking my concern is the builders will say the electricians (or whatever other trade) have caused the issues.

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taupeskies · 29/12/2020 08:32

Wow those extras are expensive! Which developers do. I know when we bought a new build my DB (who is an electrician) couldn't believe the prices.

You'd probably be better to tell the developer you're intending to walk away and hold your nerve a little, I'll bet they'll throw all of it in just to get you to complete. They often do anyway.

Failing that as previous posters have said, have them installed after you move in. Though it sounds like it's already been installed or at very least the electrics will be wired in place behind the walls (which would make it easier in the future for you to get an electrician to come in and finish the job)

BiggerTallerFaster · 29/12/2020 08:35

Yes, I agree, if you walk away because of the extortionate price of the extras, I bet you'll find they can suddenly do them much cheaper.

Getting an electrician in to fit one downlight might cost £90, they don't cost £90 if the electrician has a full or half a day's work in the house.

GlmPmum · 29/12/2020 08:35

How much for a towel rail!!!! The robbing twats. I'd prob get the kitchen only and hang on to the rest of your savings and use them to get the work done after moving in. Would be a lot cheaper,better quality and there might even be something you like better.

ivykaty44 · 29/12/2020 08:40

Id be tempted to contact a local builder and get a quote for all those things, including a kitchen of your choice to fit

Then go back and state you want the builder to come in and finish off the house, so they can leave those parts and you'll pay the builder separately tp do these works

let them know its going to save you £11k and see what they say

JacobReesMogadishu · 29/12/2020 08:41

Shaving points are necessary, I’ve never had one and have electric toothbrushes. I admit they would be nice but not necessary.

A plumber wouldn’t charge £400 for a heated towel radiator.