New build vs resale?

[GlasgowGirl]

Following on from the thread about Wimpey homes, what are people's views on buying new builds as opposed to resale homes? Where I live and in my price bracket, the choice is between new build flats and 100 year old tenements. I'm currently in a tenement and think I would probably buy one again.

Although it means that we sometimes have problems caused by dodgy DIY done in days gone by or with outdated heating systems, it also means that our building is structurally sound and has extremely thick walls. Lots of people I know who bought new builds have found the rooms very small, the walls paper thin and the quality of the build not great. On the other hand, they do have parking spaces and balconies, which I don't.

I'm also not convinced that the new builds near me are going to hold their value in this plummeting market.

What do folk think?

[Tony]

Well they do provide a good option if you are desperate to move as many will offer good part exchange deals. I have lived in three new build and there are the usual problems with snagging but nothing serious - I have been one of the luck ones.

If you do by a new build you need to go into it armed with all the necessary info to make yourself an "intelligent customer". Catriona has put together a new build buyers guide that is worth reading if you do opt for new build.

Tony

[Paul Carcone]

I would probably suggest that you choose to buy wherever you get the best deal. With the perceived difficulties in the market at the moment, you should be able to pick and choose - it's very much a buyer's market at the moment.

With new builds, if you pick a development that has only recently been started (with a view to being one of the first to move in) you may find that the developers will snap your hand off...even if you offer them a lot less than their asking price.

Conversely, you may also be able to negotiate a great deal on an older shouse - particularly if the house has been on the market for a while and the occupier is desperate to sell.

As for the quality etc...I've lived in both old and new houses and I tend to prefer older ones. They tend to be built a bit more sturdiliy and, providing that there has not been any comedy DIY, they are much better properties to own.

I've got a couple of houses that were built in 1903 and 1930 respectively and neither of them have given me a day's trouble.

My advice...be very choosy and have a REALLY good look around...and get as big a discount as you can so that you can easily pay for repairs even if something does go wrong (but then again...that's what buildings insurance is for!!).

[Fox99]

If you want the best deal go the new build people - they are desperate to sell as they all started the builds before the credit crunch !!!

My in laws recently bought a house and got £37,000 off the amount the hosue was originally listed at !!!

[James]

There are bargains to be had and some are coming up with clever offers to shift homes. I saw that George Wimpey are doing a buy 75% now and 25% in ten years. God knows what the mortgage lenders would think about that.