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Original poster

Did I do the right thing buying a new build property??

47 replies

Lovelouise6778 · 25/06/2021 19:25

Hi all,
DH and I have bought a 2 bed flat (we have 3 kids)- newbuild using the HTB scheme. We are not by any means wealthy- income of £40k and had to put massive deposit down to be able to afford it and I'm feeling a bit apprehensive.
The area is quite remote. Only buses near by and none of us drive. Everything else is quite close though however.
We have been renting for 4 years before buying. Did we do the right thing by using all our savings to buy a newbuild?

OP posts:

Livingintheclouds · 25/06/2021 20:51

I don't think the fact it's a new build, but two beds with three kids? That's going to be cosy.

ApplesandBananas21 · 25/06/2021 20:55

Being a nee build isn't the problem.
As pp 2 bed with 3 kids, what's the sleeping arrangements going to be?
What floor are you on? Do you have a lift?
How far away is DC school?

starpatch · 25/06/2021 21:11

I was on a new build estate and it was a great community. Everyone was in the same boat as all new to the area. So it was friendly and I made lots of friends there (and I am not a super confident person). It was great for my son playing out with the other kids. If its out of town presumably there are other good things about it? Are there nice walks near there?

BelterDelta · 26/06/2021 13:41

Did you read the contract regarding leasehold and it’s many, many T’s & C’s? Can’t run a business from it, no pets, the maintenance fee can increase massively at any time…..

You obviously did what you thought was right at the time.

BootsScootsAndToots · 26/06/2021 14:14

How can anyone answer this question

New build is fine, why 2 bed with 3 DC? Flats imo aren't long term family homes.

And how can the area be remote, but close to everything else?

You've confused me OP!

TakeYourFinalPosition · 26/06/2021 14:15

Nobody can say, and this thread won’t help you feel better if you are apprehensive, because people can only respond to the info you’ve given and that’s quite logical. You’ve likely made a decision with both logic and emotion.

As long as you thought it at all through and know your plans, you’ll have done okay.

wtfisgoingonhere21 · 26/06/2021 14:27

I've got a three bed with two teens and even that's snug at times op

A flat with three kids will need to be super organised

Do you plan to stay for a while and then sell to grade upto a three bed?

6788995urgh · 26/06/2021 14:31

It seems like your only option to buy. Have you actually committed to it yet? The size and location would be an issue for me. Are property prices really high in your area?

bonfireheart · 26/06/2021 14:31

I don't get everyone questioning why you've bought a two bed with three kids. If that's what you could afford, you can make it work. Growing up there was 4 of us, plus my parents and my grandad in two bedroom house. The magic tree wasn't at the end of the garden.

What are your concerns OP?
Are either of you learning to drive?

BungleandGeorge · 26/06/2021 14:31

I suppose it might be a case of buy a 2 bed flat now or never be able to afford to get on the housing market? You could always move out to rented and let it for a few years if you need more space? How old are your children?

BungleandGeorge · 26/06/2021 14:32

I also didn’t understand how it can be remote but near everything?

daisypond · 26/06/2021 14:33

A two-bed with three DC is fine, depending on room size. That’s what we have, and our DC are adult now. New builds have pluses and minuses to them.

SunnySideDownBriefly · 26/06/2021 14:34

Hi Louise,

We bought a new-build last year with HTB and we love it. If there are any problems with it then it will be put right by the developer and you have warranties for almost everything. This is your chance to get on the housing ladder and it's likely that it will only increase in value in time. You can make this work and it's such a nice feeling to have your own home after renting. It's done now - put your worries to bed and get on with it!

Congratulations!

LawnFever · 26/06/2021 14:37

Will the buses be regular and reliable enough to get where you need to, school/work etc if neither of you drive?

I don’t think it being a new build or not is an issue, but location is important.

Godmothered · 26/06/2021 15:01

@BelterDelta

Did you read the contract regarding leasehold and it’s many, many T’s & C’s? Can’t run a business from it, no pets, the maintenance fee can increase massively at any time…..

You obviously did what you thought was right at the time.

The OP hasn't said it's a leasehold. The government banner leasehold HTB in 2019.

ChunkyKitKat123 · 26/06/2021 15:17

If you're remote you'll struggle without a car and 2 bed with 3 kids will be quite cramped, but if that's what you can afford then I'm sure you can make it work. Not sure what being new build has to do with it though.
Also confused by people saying flats aren't long term family homes...thousands of families in this country and all over the world live in flats, I grew up in one myself. Flats can be more spacious than some houses.

Original poster

Lovelouise6778 · 26/06/2021 22:58

Hi all,
Thankyou for your responses!
It is leasehold. We live in london so prices are sky high here and the flat we bought is almost £500k.
My kids are really young 3,1 and 6 months (all the same gender) so the plan is to live here for 5 or 6 years, sell and buy a property outside london.
It's not exactly remote but I dont like the fact that the shops and tube station is far. DH and I dont drive

OP posts:

Smidge001 · 26/06/2021 23:06

Love the fact you're in London yet you call it remote . I think we were picturing a tiny hamlet in the middle of the countryside.

LawnFever · 26/06/2021 23:13

@Smidge001

Love the fact you're in London yet you call it remote

. I think we were picturing a tiny hamlet in the middle of the countryside.

Yeah I was imagining a rural place with two buses a day

Lifeisforalimitedperiodonly · 27/06/2021 00:30

I must be dim I am trying to work out how you can have kids aged 1 and 6 months?
Anyway I LOVE new builds and have lived in two now. I assume if you're in London then nowhere is that far away. You'll be fine.

Catkin8 · 27/06/2021 00:48

@Lifeisforalimitedperiodonly I would assume the 1 year old is fairly close to turning 2.

LemonSwan · 27/06/2021 01:11

Cant comment on the house situation as childless so no idea about their spatial needs.

But I will say buying a 500k property on 40k income in london with 3 kids is some serious super woman work. Welldone! You should be incredibly proud of that achievement

TedMullins · 27/06/2021 01:13

Considering I’ve just bought a 1 bed flat in London for 200k, I think you’ve been totally ripped off. There are 2 beds in my area for 300k and you probably could’ve got a 3 bed if your budget was 500. You’d probably have got a terraced house tbh. HTB properties are way overpriced and won’t retain their value. So honestly no, I wouldn’t have done what you’ve done. And I don’t think anywhere in London can be described as remote! I don’t drive either and have never felt the need to live right next to a tube station. But what use is anyone’s advice when you’ve already bought it?

MumofSpud · 27/06/2021 01:34

You bought a 500k 2 bed flat in a 'remote' part of London
40k joint income?
2 bed and 3DC?
Neither of you drive?

Why?

burritofan · 27/06/2021 06:23

Considering I’ve just bought a 1 bed flat in London for 200k, I think you’ve been totally ripped off. There are 2 beds in my area for 300k and you probably could’ve got a 3 bed if your budget was 500.
Yeah, I agree with this. Our 3-bed terrace with big (for London) garden was under £500k and there’s always a few available, with compromises e.g. main road, bus stop outside, downstairs bathroom. Obviously might not be the ideal area depending on work/commute but better than cramming into an overpriced flat. And shops all walkable!

Don’t know anyone who drives in London (obviously I know people do, I can see the traffic ) but it always strikes me as pointless given the transport infrastructure. So not an issue unless you bought in a “remote” area (??).

The decision is done, though. London generally holds its prices and if you don’t have to move during any downturn, and can hold on, you’ll be fine and will have built some more equity to be able to get something larger outside London later. Though god knows where if you’re going to stay in the SE – in five years time £500k isn’t going to go as far.

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