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Buying a nearly new house


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14 hours ago, Boo Hoo May said:

Yet again, NOTHING TO DO WITH BUYING A HOUSE.  Are you deliberately avoiding that point, or just incapable of reading?

Bless you.

Hey you can be rude on a pc screen that is really wonderful well done :) 

OK selling a house for more than you with all your expertise think it is worth.

If that makes you angry and vitriolic get on with it the only person it will affect is you - it does not affect me I am not concerned.  

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52 minutes ago, mallish said:

I will not reply again

Good stuff - by far your most welcome contribution to this thread IMO :)

EDIT: Sorry I fed the troll, should have known better than to have taken him on his word. Perhaps if we all learn from my mistake we can get that thread back on topic...

Edited by ftb_fml
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14 minutes ago, ftb_fml said:
43 minutes ago, mallish said:

I will not reply again

Good stuff - by far your most welcome contribution to this thread IMO :)

well done - you can also make childish insults on a pc screen - big man  - and sadly snowflake your HO is of very little interest to me or I imagine most others 

all the best :) :) :) 

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2 hours ago, jiltedjen said:I *cringe* overpaid for my house, but it was in an ideal location and I can happily live the rest of my life here. The overpayment felt like a bit of a bribe to the owners, but 12 months later and that extra amount paid has now been paid off. Plus I had ‘free money’ from the help to buy ISA anyway. Now a 16 year mortgage left. Which I could clear in 8 years (before I’m even 40). 

 

I have done enough renovations and DIY to offset the fall in value since buying it at least for now! But I do take joy in DIY, but it’s been very much a second unpaid job. 

Sounds to me that you didn’t really “overpay” but just it was worth more to you than to others.

same as a house near a good school is worth more to you if you have kids etc

”paying more than the objective market value” isn’t necessarily overpaying to me

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On 17/10/2019 at 01:22, Drummer said:

Do new builds go down in price initially? My experience is they do, albeit not this one.

All other things being equal yes they do because the appliances are no longer brand new, the decoration is no longer absolutely new and perfect, you have no choice in flooring or wall materials and you can no longer take advantage of certain financial incentives. However all other things rarely are equal and so if comparable houses in the area have risen considerably or there is simply little other competition in the area then a nearly-new build could be worth more than the original new build.

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On 17/10/2019 at 01:22, Drummer said:

Anybody bought/bid on a nearly new house? What was your experience?

Went to view one recently. They bought it brand new 14 months ago, done nothing to it. Selling due to divorce. I offered approximately 102% of their original purchase price. Rejected. They're wanting a 15% uplift on the price they paid 14 months ago! This asking price is 10% more than anyone on the estate has ever paid.

Do new builds go down in price initially? My experience is they do, albeit not this one.

I think you should say no

 

20 hours ago, regprentice said:

New build premium is quite significant, certainly accounting for the full help to buy loan amount.

According to this article 'New-build homes are selling for a premium of more than £65,000 compared with existing housing stock'

for this reason I believe mortgage providers rarely offer more than 90% mortgages on new build. 

 


 

It could be worse than that, as I wouldn't be surprised if new builds are on average smaller.

I would guess per square foot that it could be worse.  

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4 hours ago, longgone said:

Bought a new build flat once and after 3 years I sold it for 12% more than paid.

Lucky guy, must have been the right place at the right time but I wouldn't think that is the norm - typically you'd expect to take a hit within a couple of years, maybe break even in years 3 and 4 and then maybe get more than you paid after that due to normal HPI.

4 hours ago, longgone said:

Take out services charges fees ea Selling fee etc. Better off leaving the money in the bank.

Presumably by not leaving the money in the bank you got to have somewhere to live for three years though? :D

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On 17/10/2019 at 20:45, Drummer said:

Just to add to original post; it's only been on the market for 2 weeks, so it seems vendors are still happy to be kite flying.

If the vendors are divorcing then one partner may still be living in the house but not paying all the mortgage and so have a disincentive to sell.

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9 hours ago, Will! said:

If the vendors are divorcing then one partner may still be living in the house but not paying all the mortgage and so have a disincentive to sell.

This is actually the case. Im not sure if both spouses have been informed, maybe just the one who is living there!

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1 hour ago, GreenDevil said:

My experience in buying from divorcees. Don't bother. They are Time wasters and usually at odds with each other. Find a more willing seller. 

Regarding offers, don't bother until it's been on at least a month, if its not either a probate or nursing home sale. 

True

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On 17/10/2019 at 15:26, Flopsy said:

Identical houses in streets of other identical houses. One sells every 6 months or so at a silly price and another 4 remain unsold.  I'd not buy one of these.

An idea comes to me- no one knows their neighbours these days, right? So if you are (foolishly, imo) considering buying in one of these developments, you could go around of an evening, knock on doors and say you live down the street and have had problems with your house and want to get a petition going on getting the housebuilder to put them right.

Would they kindly list any problems they have had and sign your petition?

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On 18/10/2019 at 17:21, HariSeldon said:

Lucky guy, must have been the right place at the right time but I wouldn't think that is the norm - typically you'd expect to take a hit within a couple of years, maybe break even in years 3 and 4 and then maybe get more than you paid after that due to normal HPI.

Presumably by not leaving the money in the bank you got to have somewhere to live for three years though? :D

Ahh this was back in 2003 bought off plan, in those days you could pay down a deposit and by the time they had built the thing it was worth more than was paid. 

flat under me sold for 25% more after 18 months  they had a better view out the window mind.  

could of stayed at home for those 3 years, to be fair i only bought the place as it was close to work at the time and i used to do a lot of on-call work.  as new builds go it was well built  block internal walls between the units hand built kitchens.  Not many people had 3k worth of leather sofas and a 5k plasma tv back in 2003 in a one bed flat. Ah the joys of being young and stupid.?

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23 hours ago, Locke said:

An idea comes to me- no one knows their neighbours these days, right? So if you are (foolishly, imo) considering buying in one of these developments, you could go around of an evening, knock on doors and say you live down the street and have had problems with your house and want to get a petition going on getting the housebuilder to put them right.

Would they kindly list any problems they have had and sign your petition?

That would appear on the local Facebook page in an instant. 
 

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  • 3 weeks later...

Just kicking this topic again. How do they build new homes these days? What makes them more energy efficient?

I always thought that the best homes were 60s / 70s with cavity wall. ? No breeze blocks no plasterboard.

Houses from 2000 onwards have plasterboard walls inside, even on the outside walls? How do they construct these? - brick, cavity, breeze block, batons then plasterboard, then plaster? If this is the constructiondoes  the extra plasterboard make the house more efficient and less heat loss through walls?

What about timber framed houses. I read you cannot use cavity wall insulation in those, as the timber frame needs to breathe, correct? I am obviously no builder but some of you here may know

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8 hours ago, Drummer said:

bear - I can't comment on that to be honest. I do know that 5 weeks after being listed on rightmove the house from the OP is still up for sale at the same price!

At least it’s still standing. That’s better than I thought ??

There are many methods use but older houses were generally built stronger but some methods were not so scientific so there can be a mixed bag.

Modern methods nicely summarised below. Again for me, a mixed bag and some very poorly constructed houses out here due to ‘cost management’.  

https://www.taylorwimpey.co.uk/customer-service/building-your-house/how-new-homes-are-built  

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17 hours ago, bear.getting.old said:

What about timber framed houses. I read you cannot use cavity wall insulation in those, as the timber frame needs to breathe, correct? I am obviously no builder but some of you here may know

New houses have brick (or whatever external material they want), cavity, timber frame, insulation in timber frame, vapour barrier (plastic sheet) and then plaster board.

The insulation is top spec (compared to past decades), and the vapour barrier gives good air tightness. On 'mass' new builds it's usually the windows, doors (e.g. letter box), extractors that let it down (as you need ventilation to some degree). I would prefer a heat recovery ventilation system, but that's probably hard to retro fit!

 

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  • 415 Brexit, House prices and Summer 2020

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