House Advice

Good luck mate, and there’s always bargains come up now and again, once you’ve got a decent deposit you can move quick and nowt stopping you keep looking now in different areas so you know where you want and can move quick as they come on the market

Cheers mate
 


I didn't say that, stop being a dick man.
So you don't agree with Monkeytassle, fair enough I just wondered why you were taking his side over mine. Haway man woman surely the best advice is to keep looking about for something that's suitable for him and his family.
Advice remains the same. Your current gaff assuming regs are fine you should buy.

This pissed bloke gets in the way of sensible people trying to give each other advice. Senior government job, can't afford a guitar and was once rich beciae he read a book. At least he pretends he was in the raf and not the sas.
It hasn't got a garden which is what he wants you dimwit.
 
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The current house sounds like a potential money pit.

Do you really want to live in a work in progress for the next few years particularly with kids and everything else in life.

Also you cant do everything incrementally. Ie the boiler. If it goes it goes.

New builds whilst lacking character are comfy and relatively stress free. I'd do that for my first house personally.
I've always understood that you would get the vendor to pay for an insurance premium to cover the lack of building regs.

That's more for things they can ask you to take down. Like extensions or conservatories without planning.
 
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I wouldn't advise buying a new build anywhere other than one you have bought the land to build on & used "known" labour to put it up.
Having worked on both types from the footing to completion,I have saw it all..............including keepmote new builds :)
Take into consideration these new estates being built where 90% of the labour are on a price & only have "one thing" on their mind which is to complete their work in as fast a time as possible. Does that effect overall quality of the build ? Absolutely !!!!
Don't take my word for it. Take a look on a new build estate where houses are still going up,alongside others which are complete & already sold with the new owners living in. While you are there take a look inside some being built,or better still take a trowel & chippy alongside you who are known for their quality & listen to their opinions. Drop them £50 each & am sure they will let you have an hour of their time. May sound a lot,but I would sooner lose £100 & walk away learning a wee bit more,than forking out 100+ k on problem after problem & a fcukin eyesore to someone who knows what they are looking at.
Storey homes are probably the best I have saw of late & look very appealing.....................until you get close up.
New builds nowadays are far from the solid homes of the past & look forward to hearing a pin drop on next doors carpet if you are not detached.
Of course not all are not up to scratch,but those that are are few & far between.
 
I wouldn't advise buying a new build anywhere other than one you have bought the land to build on & used "known" labour to put it up.
Having worked on both types from the footing to completion,I have saw it all..............including keepmote new builds :)
Take into consideration these new estates being built where 90% of the labour are on a price & only have "one thing" on their mind which is to complete their work in as fast a time as possible. Does that effect overall quality of the build ? Absolutely !!!!
Don't take my word for it. Take a look on a new build estate where houses are still going up,alongside others which are complete & already sold with the new owners living in. While you are there take a look inside some being built,or better still take a trowel & chippy alongside you who are known for their quality & listen to their opinions. Drop them £50 each & am sure they will let you have an hour of their time. May sound a lot,but I would sooner lose £100 & walk away learning a wee bit more,than forking out 100+ k on problem after problem & a fcukin eyesore to someone who knows what they are looking at.
Storey homes are probably the best I have saw of late & look very appealing.....................until you get close up.
New builds nowadays are far from the solid homes of the past & look forward to hearing a pin drop on next doors carpet if you are not detached.
Of course not all are not up to scratch,but those that are are few & far between.
Good informative post mate, I've heard some horror stories from every single person I know who has bought a new build. Government regulation of 13sm minimum is laughable as well.
 
Problem with that is it’ll always be a loft come sale time, saying it’s not got building regs is like selling a car and saying yeh it’s a car, it just hasn’t got an engine
Nowt like that. It'll appeal to some people and put others off. A car without an engine is junk.
 
Job is secure enough mate but plenty of jobs in my line of work (data) so I'm not too concerned about that.

Thanks everyone. Think we're gonna hold our horses and save a bit longer, then make a decision.

The smb never fails!

Sound advice mate.
Making no decision at all for a while can often be the best.
I am sure it will work out for you, I sincerely hope so.
 
Some good points made on here.
Only thing I would say is stick within your budget and make sure you've got enough left every month to enjoy your free time with your wife & kids.
 
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.

New build will need more work than the hoose you're in....
 
The most difficult task will be trying to convince your lass a new build is a bad idea.
 
The new build is tiny mate. I wouldn’t bother with it, the box room is a waste of space. I would look around. Save a bit more.
 
I thought most banks won't give you a mortgage for more than the house is worth?

So if the house is worth 80k they will only lend 80k.

True, but I'm assuming because the house is a steal at 80k and that its market value is more, so you can borrow against its marketable value.
Can you actually do this get more than what the house costs ?
So £80k plus £20k for improvement ?

I understand you can remortgage a house later on, but don’t understand to rules these days.
Been mortgage free for a few years now :)
Only if the value is high enough.

If the house is valued at say 100k and other similar house sell for 100k in the street, you should be able to borrow this kind of money.

As he was saying he was getting a house in a decent area for 80k which is a bargain I'm assuming that it's worth more and the seller it taking a hit
on the value to move the thing on without spending thousands bringing it up to spec.

You cant borrow more than it's worth though.
 
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True, but I'm assuming because the house is a steal at 80k and that its market value is more, so you can borrow against its marketable value.

Only if the value is high enough.

If the house is valued at say 100k and other similar house sell for 100k in the street, you should be able to borrow this kind of money.

As he was saying he was getting a house in a decent area for 80k which is a bargain I'm assuming that it's worth more and the seller it taking a hit
on the value to move the thing on without spending thousands bringing it up to spec.

You cant borrow more than it's worth though.
So not really cheap if it’s gonna cost the best part of 20k to get back to the 100k value?
 
So not really cheap if it’s gonna cost the best part of 20k to get back to the 100k value?

Yes, but you'd have a 100k house thats been refurbed to your spec and nothing more to do,
rather than a 100k house that could have a dodgy heating system a leaky roof and knackered kitchen.
 
Yes, but you'd have a 100k house thats been refurbed to your spec and nothing more to do,
rather than a 100k house that could have a dodgy heating system a leaky roof and knackered kitchen.
All depends on how much work is to do for that 20k. If the lad isn’t doing it himself 20k is soon swallowed up if you have a roof and other structural work to do, kitchens will vary vastly in price, even a basic shite b&q effort will be hitting 6-7k min by the time you’ve bought the units, worktops, appliances, paid for the fitting, electricals, plumbing, tiling and all the rest
 

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