Bit of a financial dilemma- thoughts?

[binfaced]

Big dilemma. We currently live in a 50 year old house. It’s been valued at 310k, quite large semi, 4 beds and 2 reception rooms. Overall about 155m2.

In the coming years it’ll need a new roof, garden work (walls and fences), were a semi which we don’t like. House is looking a bit tired now on the outside and so is the street which is understandable for a 70’s house.

We’ve seen a new build that we like, lovely new estate, good location, another 4 bed but it’s smaller than ours. Lots of extras included, solar panels etc.

We are in our mid 50’s, early 60’s. We’re tempted by a brand new start, little maintenance, lower cost energy bills, having everything new.

It will mean dipping into our savings for the uplift which will be 40k including stamp duty etc. leaves us about 50k saved remaining.

One of us will hope to retire in 2 years, the other not for about 7 years. Both have good pensions. We save well every month, about 1k

Would you do it?

Do bear in mind the way new estates are run: mgt companies and extra estate fees. My council tax is £4K and estate fee another £600. My dh is one of the directors of the estate where we live and it’s a giant pain in the arse and we would avoid this for our next move.

I moved from a Victorian villa to a new build when I was in my early 50s. It’s the best move I ever made. Yes - it’s not as beautiful or characterful as the villa was. But up keep is easy, it’s warm, there’s lots of storage space. I love that I don’t worry about the roof when it rains. It’s too big for us but I’m hopeful that 1 day it will accommodate family and grandchildren. And our neighbours are lovely. Loads of kids around but they don’t bother us .
I suppose it does depend on the quality of the new build house you are looking at. But don’t be put off by the fact that many people look down their noses at new builds. There are plenty of older houses that are a nightmare to live in

Not come across one yet myself. I will have to take your word for it ☺️

If you're not open to moving to a cheap house, so the only options are stay where you are or move to the new build, I would definitely go for the new build. Save the inconvenience of having to deal with renovations and unexpected expenses.
I live in a new build, it's actually really good quality. I think people have the impression they're shoddy based on the ones built in the 00s, which were poor. The ones built now are much better. My gas bill for last year was less than a quater of what it was in my last house. Can't hear a peep from outside or next door when the windows and doors are shut. It's been so nice to just take our time decorating as we go too as it was ready to walk in to.

I would look at future proofing. Move to a bungalow or a story with potential for a downstairs bedroom and wet room.

This. My siblings have bought two new builds in the last few years, and both have been a nightmare, one requiring they move out again completely, and the other needing a new kitchen within six weeks of moving in.

My experience is that build quality looks good but is actually dreadful. Two years of snagging.

I'd price up a new roof, redecoration, new carpets etc, compared to £40k price differential plus stamp duty, fees & searches.

I would definitely downsize. Even if people come to stay there is still plenty of room. Realistically.
plan for the future. Best of luck.

Yes, we love it. We have a big garden, plenty of parking, in a quiet cul de sac with lovely neighbours. No draughty windows or a leaking roof.
@binfaced Don't be put off a new build just because some people look down on them. As with any house you need to look into everything carefully. We own the freehold and have a great management company who keep the estate looking nice for quite a reasonable fee.
We're a retired couple in a four bedroomed detached and love being able to have family stay.

You already posted this recently?

Move to the new build, nice new house will be so easy to manage.
Make sure it has downstairs toilet.
Save you the hassle of renovating your current house

New build sounds good if you do your homework. I’d rather go for one a few years old that’s had the snagging done and time for garden to establish.
My main problem with new builds though is mainly location. Towns are built up logically with the housing near the facilities, shops, schools, station, parks. Then along comes a new estate built in some field on the edge of town squashed in next to a main road or some other problem which is why the land was available in the first place!
I get the bedroom thing. You want a certain amount of space on the ground floor. Then it logically follows you get the same space upstairs whether you need it or not. Bet the bedrooms are small though.

@binfaced Who told you a 1970's house is going to need a new roof?

Maybe you haven’t heard of ‘bungalow knees’, apparently an issue well known to GPs!

My folks moved in their mid 60s to a bungalow, not because they particularly wanted one, but because it was all they could find in their chosen area.

After about 3 years they decided they didn’t like the area after all, and moved again, to a house. And immediately found that the lack of stairs had seriously affected their fitness. It did return, though, and my Dm was still well able to manage stairs when she finally moved to a care home at nearly 89, because of dementia.

I do appreciate that she was lucky in having no real mobility problems, though.

Sweeeeeeeeeeeeeeeeping generalisation there.

Yes, I would. We’re looking at doing similar and moving to a new build as we really don’t want the hassle and upheaval of loads of maintenance. Just finding decent, reliable trades people is a total ballache, plus it’s so expensive. Do your research though as not all new homes builders are equal!

Kind of agree.

I was in a new build and had no problems with the quality of the building or the parking etc.

The problem was when I came to sell re the management company.

It was a costly faff and actually put me off buying another new build the future.

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