Reselling a new build

[usaidit]

Hi all, we are looking to buy and there are some new build options.
We plan to move out within very few years. In such a case, can anyone advise how well do new build flats do when you try to resell them?

Did anyone try to sell their new build flat after having lived in it a few years? Can you share your experience please

From this thread I gathered that flats, new build or otherwise, are harder to sell on, especially if they don't have a garden.

I think any house without a garden is a tough sell, particularly at the moment!

I’m buying a 4 year old house. The owners are relocating to be near family a few hours away. I (obviously) have not issues. I figure after 4 years, snagging will be settled/sorted but we still get the benefit of things being fairly new. Also, it was cheaper than new builds currently going up in the area.

New Builds are disliked on forums as forums attract those who are having problems with them. In reality, there’s a huge chunk of the population who love a new home. I’m one of them. If I could afford a new build to suit my needs in the area I want to live, I’d snap one up. But they are all out my price range. The 4 year old house isn’t & it’s the next best thing.

The only issues you could find are you don’t make any money as it’s hard to add value to a new build. We are paying the same price our vendors paid 4 years ago. They are already shiny & modern. Perhaps depends on the area & how many other similar houses are for sale at the time. And if new builds are still going up on the estate (big estates can take several years to complete), people would rather the new ones than a second hand one.

One thing to think about is if you are planning to move whilst the development is still being built you may struggle as help to buy etc wont apply to your property and people will go for the new ones to have it to their spec

I’m in the same boat so very keen to hear people’s thoughts too!

Thanks for your responses
@Catycity Yes true I would love a garden myself but majority of the new build homes won't have them. At the same time I don't have talent or energy or interest to buy an old home and renovate. Sigh!
@MoirasRoses that's very helpful to know. Exactly why we are looking for new builds, I would prefer but if second hand is in good shape then that's a bargain as price is much lower. Although not for the selling side!
Can you let me know how much higher priced are the other new builds selling in that area compared to the one your buying? New builds prices have in general soared from 4 years ago I suppose

I think it depends where they are. They can be a hard sell if on a large purpose built estate far from the shops, transport etc. Much easier if well situated and a nice looking small build. Or a very well thought out and good looking development. The problem with a lot of new builds is the newness is the sell. Once not so new they’re less attractive and the other issues more obvious (smaller, poor outside space, inconvenient location, etc).

Our last house was 4 years old and it was perfect as snagging was sorted but the 10 year cover was in place. The only thing would be if they are still building in 4 years, most people will want a brand new one over an old one so that will dictate price.

I’m not sure anyone is buying homes for short term investment right now as the economy is unpredictable.

No experience of flats, but our last house was 18 months old (job move for previous owner) and it was fine. Don't set too much store by the NHBC though. We had an issue that came to light several years in and they didn't want to know.

I would be very cautious. I am usually the one on these threads banging on about new builds not always losing money as I've done well from them, they do very well in the areas I have lived making considerable profits, but I'm talking houses not flats. Are you London? If so I would yet again be very cautious as I think the London rate of help to buy makes the issue worse and inflates the prices further.

I really don't think I would buy a new build flat for a few years, I'd be apprehensive about a house too tbh given the current climate, new builds do increase eventually wherever you are, but the sooner you want to sell the higher the risk.

I think the main problem is if it's a big estate, your 2nd-hand sale could well still be competing with the new build areas as they are completed, with HTB available etc.
Bearing in mind you pay a premium for a new build anyway, the main issue I see in selling so soon is financial - negative equity if your deposit was small.
I don't think you'll struggle to find a buyer for the right price - lots of people like new/nearly new.

We are looking in the London area, sorry should have mentioned before. And yes flats only as homes would likely be not affordable for us.
We are looking towards the outer zones as prices seem to drop somewhat.