I'm planning to buy a new home and was wondering if there was some sort f guidance you could give me of how much more expensive are newly-built house compared to something similar not new.
For example, in the same area, for a house pretty much identical, would you say that a new house should be about 10/15% more expensive?
Thanks
Personally I would value it as about 10% cheaper than the equivalent.
Jim.
I would say they are cheaper.
Bitstring , from the wonderful person Zoe Brown said
For the following reasons:
1) they are often built poorly compared to older versions. 2) they usually have smaller plots, and smaller rooms 3) you have about 1-2 years of 'snagging list' to work through before you get a finished house. 4) they are frequently surrounded by building site, as other houses on the same estate get finished. 5) they don't have the gardens/landscaping, and other 'add on' features you find in mature houses.
The Council for Mortgage Lenders (CML), Halifax & Nationwide statistics all breakdown data for new housing.
Daytona
Bitstring , from the wonderful person David Perrault said
The halifax data certainly is. As for the rest (well, halifax too for that matter) GIYF (Google Is Your Friend). And quit top-posting.
and generally the developer is so keen to sell they offer special discounts ect...
New houses are frequently built on inferior land and as other have said from inferior materials, smaller room etc.
Here's a link you'll need when you have a postcode, our local flood plain suddenly appeared on it up last month.
Better give the link I suppose:
No, new houses are always more expensive. Provided, of course, that we are comparing like with like! In a new house everything is brand new.
MM
It would be pretty difficult to compare like with like. New houses are smaller and not built to the same specification. Gardens would not be etsablished, decor would be pretty dull and having everything new means cheap bottom of the range appliances and plenty of teething problems. New houses also generally come with some kind of "we'll pay the deposit" offer.
Bitstring , from the wonderful person Zoe Brown said
And I forgot to mention that there are frequently 10+ 'effectively identical' little boxes all for sale at once, which tends to keep the price down.
Yes new houses that I've looked at are 20%+ more expensive could be something to do with the NHBC cert which I've found to my own experience is worthless pretty much.
Whether they're worth it, I'd say not. Teething troubles are a nightmare let someone else sort that out and buy an older house. I bought a 7 year old house this year and had to replace both sets of patio doors because they were letting in moisture on to the carpet.
The place before that was a little older and the boiler was too small to service the whole house when you're buying a boiler you want the right one.....unless you're putting up 50 houses in which case you want the cheap one....
Try and compare like with like.
Hope this helps
While that is true of *some* new houses, that is not true of all.
MM
The OP asked for a general idea !!
Generaly new houses are cheaper.
No, generally new houses are more expensive. I have been receiving details of new houses and prices for at least 18 months from various builders, small and large. Without exception (i.e. not 'generally') they are more expensive than equivalent established properties. Yes, an established property has the garden looking nice. And no snagging list. But also no guarantee, no cooker, fridge etc, or what the previous owner left and totally knackered, 1970s insulation levels, carpets with the detritus from 20 or more years of strangers. No, ta!
MM
That is not always true.
I have purchased two houses from new now and generally they are more expensive than pretty much the same. You certainly get less with a new house
NP.
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