House Advice

Heffer

Heffer

Winger
Just wanted opinions on this...

We are currently renting a house which we have the option to buy (not a scheme like rent to buy, just a price agreed with the landlord - who is desperate to sell)

House is perfectly habitable, albeit in need of a lot of work - needs new roof, kitchen, bathroom, general decor, double glazing and doors, boiler central heating - basically the lot doing to it. Also has a small yard

We are perfectly aware that the house needs money putting into it but its a steal for the location and size of house (110m2). Only thing is we really want a garden which we will never have there. We have a 10% deposit to buy this house.

On the other flip of the coin we like a new build which has come up which is a lot smaller but has the obvious new build perks and has the garden etc.

Do we get the new build using Help To Buy or get the cheap house and do it up...? Difference in price is like 60k but we might need to put I would guess 30k into the old house over time.
 


If you really want a garden, then you're not going to stop there for too long. Do you really want to get into a 2 year live-in developement project knowing that you'll likely be wanting to sell it on shortly after you're done?

The money you make could help on the next place, of course - but with Brexit looming, what will happen to house prices?
 
If the house is a steal, I'd buy it and spend £30k doing it up.

I'd even consider moving out for a couple of weeks while they put in new windows, heating , roof, kitchen, bathroom etc.
Book yourself a cheap 21 day holiday and sit with your feet up while they do all of the mucky stuff, then come back to a sorted gaff.
 
Lack of garden is really the only thing holding us back. The yard is ok and I suppose we could deck it out for somewhere for the kids to play but the thought of taking on a mortgage for 150k at my age (38 coming up) seems crazy, when I can get the house im in for 80k.

I realise 150k isnt a huge mortgage but I'm really in two minds. The missus likes the idea of a new build but I'm trying to weigh up the pros and cons.
a1970man said:
If the house is a steal, I'd buy it and spend £30k doing it up.

I'd even consider moving out for a couple of weeks while they put in new windows, heating , roof, kitchen, bathroom etc.
Book yourself a cheap 21 day holiday and sit with your feet up while they do all of the mucky stuff, then come back to a sorted gaff.
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It would be a buy now and do up gradually kind of thing.
 
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If it's a true bargain and you could make some money on it then I would do that. Upgrading it to sell rather than personal choices. Then buy somewhere else that has a garden with a better deposit from your profit.

Risk involved of course.
 
Think about the size of the new build and how your space needs will change as the bairns grow older.

I looked around a new build but noticed the smaller bedrooms had a toddler bed in and a little chest of drawers so they looked quite spacious. When they're teens and need a place to study, you'd have never fitted a full size single bed, clothes storage and a desk in the bedrooms.
 
becs said:
Think about the size of the new build and how your space needs will change as the bairns grow older.

I looked around a new build but noticed the smaller bedrooms had a toddler bed in and a little chest of drawers so they looked quite spacious. When they're teens and need a place to study, you'd have never fitted a full size single bed, clothes storage and a desk in the bedrooms.
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Good point that
 
Heffer said:
Lack of garden is really the only thing holding us back. The yard is ok and I suppose we could deck it out for somewhere for the kids to play but the thought of taking on a mortgage for 150k at my age (38 coming up) seems crazy, when I can get the house im in for 80k.

I realise 150k isnt a huge mortgage but I'm really in two minds. The missus likes the idea of a new build but I'm trying to weigh up the pros and cons.


It would be a buy now and do up gradually kind of thing.
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Well take a mortgage for 100k, give 80 to the owner and use the 20 to get it sorted.
150 grand mortgage £750pcm ish
100 grand mortgage £500pcm ish

Or chip him down to 70k and use 30k to do the place up.
 
monkeytassle said:
If the market goes down both houses will be worth less. The old mantra is buy the worst house on the best street. If the house you're in is cheap and you're happy go with that. It involves the leary amount of upheaval.
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Clever lad yay.
Buy the worst house on the street, are you for real?
 
Yeah we like where we are and the kids are settled. Just the lure of the new build is attractive especially when we can get one for the same deposit. I just worry about the payments going up after the initial 5 years interest free goes on the equity loan. by then I will be 43 :eek:

get the house we're in and I might only owe 65k on it!
 
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For the help to buy option, consider how you are going to pay off the 20% of the value of the house in 5 years time; before the incremental interest repayments to the scheme start.

Obviously if the housing market crashed you'd likely be OK, but if the market boomed you'd be looking at likely paying significantly more than the original deposit you got from the HTB scheme.
 
How small is the small yard and does it get any sun ? if you're having all sorts of work done, it wont cost much to lift the concrete and create a tropic oasis or something, providing the yard is big enough
 

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