Why I REGRET Buying a New Build vs Old Build Home
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- Опубліковано 9 гру 2020
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In this video I explore buying a new build VS an old build home pros and cons in the UK and which one is better. Are new builds worth it? There's lots of defects, the build quality can often be poor and just above the basic minimum compliance threshold. But they're shiny, new and nobody has lived in the house before. I explore the pros and cons of new builds and older build houses.
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I like that you went straight t0 the subject matter and didn’t start by waffling on about an unrelated subject.
This very much depends where you live in the UK. In the SE, old houses are just as expensive as new builds and come with a lot more issues (lack of double glazing, mold issues, generally small, not always they have off street parking). If you add up those types of fixes from an old house, it almost costs as much if not more than a new build. I personally prefer to buy second hand already refurbished. Avoid the stress of renovations, pay a bit more, but a lot less stress overall.
I live in London and my experience has definitely been that new builds offer less value. The new builds on my street are offered with less square footage and one less bedroom than my ground floor garden flat for the same price.
@@naomip3002: new builds are typically smaller than an older property and the prices inflated. They are also featureles with some very small spaces - windowless shower room - and no storage.
Go to right move old houses in SE are just as expensive as new build. You'll still need to spend money to rip out carpets, toilets and don't forget those stupid wallpaper.
Good luck getting cheap old house.
You made a very good point old houses is so expensive now
@@magooccna I agree. I was house hunting since last year, I’ve been told stay away from new builds so I did. After viewing countless old builds I’m sick of smelly carpet, lack of central heating and insulation. People just say you can re-do it, but for most of houses we are talking about 100k budget here :(
In Manchester, old builds even cost more than new builds!
I can imagine with all the beautiful victorian properties! Great to hear old properties winning over new builds!
Pros and cons to both, the main hurdle to buying old is having the available cash and can you find good trades people. Got ripped off in my first old build house! Now in my second new build and very few problems on either, total expense over 24 years is one new boiler and some decorating. The advantage to a decent new build is low running costs - £400 per year to heat a detached 4 bed! Part of me would still love an old property but living in it during renovations is hard!
Very easy to get ripped off with the trades!
100% agree with this. I'm looking for my first home and I'm terribly sensitive to the cold. All the houses I come across are old, uninsulated buildings with EPC ratings either D or lower. Costs of EWI (External Wall Insulation) can cost around 20k! But I agree.. it's more about finding good tradesmen that are the hardest thing.. too many cowboys out there.
Completely agree about getting more for your money with an older house, me and my partner purchased our first house a few months back. Its a 4 bed detached in a village and was built in 1990 so still looks relatively new from the front, a taylor wimpey development is being built literally 2 minutes away from us and you'd barely get a 3 bed semi for the price we got our house for. I see the advantage of them as I've been very busy with making our house what we want but I think its definitely worth it and I'm secretly enjoying it!
This is really helpful, thank you so much for this! My favourite video yet as I've always wondered whether new builds were better or not, as they've never really appealed to me, I love old houses with more character!
I live in a two bedroom 1878 terrace, my family told me it would be awful, hard to heat and expensive to maintain. The rooms themselves and the garden are bigger, it has a cellar and if I bought a newer house e.g. 10-15 years max like they suggested I'd only have one bedroom. It's cool in summer and warm in winter, and has quite modest upkeep requirements. It could use some minor cosmetic refurbishment but that's out of reach right now, but I'm not fussed. I also prefer the aesthetics of older houses too.
That title is so hooky Matt. Good job! And a very informative video too. Totally on brand. Great job!
Thanks for your info. It's very useful. I love watching your videos as they are educating.
Great and insightful video! Thank you
we live just outside London and are looking to move. things we want like en suites Laundry room ect are things you dont tend to get in older homes and we also dont want to be doing an overhaul of the house. they defiantly have their pros and cons its a hard decision to make
Definitely! I guess some older houses have rooms where you can put laundry stuff and an en-suite only costs about £3 - 4k to put up a stud wall and plumb in the pipes :)
Yes man great video once again! Me and my family always do this when ever we buy a property to live in we always buy a run down one do we can do it up to add value and also add our own touch yes it is much more stressful but it is enjoyable as well as you can pick the light fixtures, bathroom/kitchen design, colours e.c.t to add your own touch! But its deffiently not something you should do with zero knowledge you need to know what your looking for and what the referb needs. It can always be more to what the eye sees. Anyway enjoyable video have a great day!
like all thinks this depends on your budget and area...as a 50 plus...I've had old and new...and refurbished...so take your time and find the right builder and do lots of visits...old properties come with lots of worries depending on age...
Great video Matt, loving your content so far 👍🏽
I sure do love the new-house smell and pristine condition - but here in the Phoenix area, almost all of the builders are national and they do use the cheapest possible material. Supposedly, new homes are only designed to last 30 years - as long as it takes to pay off the loan. The shell is basically a concrete veneer slathered over chicken wire and styrofoam. Home-price inflation has shot through the roof while wages are fairly stagnant... and commutes from newer developments to downtown take MUCH more time than local realtors on UA-cam would have you believe.
Fortunately, I now have a smaller place in 50-year-old Spanish-style building of concrete stucco over concrete block in a non-cookie-cutter neighborhood. Choosing an older, more central location can seem more expensive initially, but it can save time and money in the long run if you're willing to take something smaller and upgrade fixtures and finishes as you go. And it is really nice to save a couple of hours every day in travel.
What’s up Matt I’m new to the channel solid work man and your studio is great!
Old houses have soul, character and passion, being built with form, function and beauty over profit. You could look at an area and easily figure out where you are just by looking at the appearance of the properties.
With these new builds let's say if you were placed on a random street you wouldn't be able to tell whether you're in Manchester or bloody Essex. I miss the 'wow' feeling that existed when leaving the door or driving past a old street and you'd just pause there just for a second look back at what's been created. I a few months ago thought about buying a new build and walking through the street it honestly felt like walking through a full car park. I'm only 19 as well, so I can't possibly imagine what it's like for more mature people looking at these new builds compared to what once was being built.
You've definitely got the right mindset already! I'd much more prefer a street with character, great example of Essex vs Manchester - would love a more characterful property for sure.
I think you mean 'some' old builds have more character which is true :) but the majority of old build numbers in the UK are bulk terraced house streets which are not unique and don't have character.
If you can have the money for a lovely unique old build then perfect. But like it said, the bulk of them are generic terraced houses that all have the exact same layout.
Brilliant. Great insights!
I can see benefits from both sides of the fence. As a child, my parents always bought new builds straight off plan. They never really had any problems either. Sure you will pay a premium, however you will have less work DIY to do. I've always bought houses in the 10-20 year old bracket, mainly as I see you get more for your money be it a conservatory or porch garage ect. However you might occur problems such as knackered boilers, roof tiles electrics ect. For example I've just finished plastering all the walls in my house as the previous owner put lining paper up, sadly it had been left on and papered over year after year lol. So like most things their are pros and cons.
Totally agree! All depends on your appetite whether you want to spend the time doing up a house or not! 😊
I think it all depends as well as to the buyer. If you have somewhere else to live, doing up an older property is going to be more straight forward, but especially with a young family it can be a huge challenge.
Completely agree! Living in and around dust as well is not fun if you're living in the property whilst doing it up!
Most people negotiate a lower price because that’s their max deposit and mortgage, not because they are buying cash and want to spend 30k cash on refurb.
What a great little video. You have a new sub. Based on personal experience, I'd be inclined to go new build or second hand new build. I lived for 13 years in a 1920's bungalow which kept up throwing issues. My current home (rented) has extensive damp issues and needs a lot of work doing to it. My favourite home I've lived in (and I've lived in quite a number over the years) was a new build David Wilson although that had issues with the boiler.
@@MattBrighton yes. Any initial problems with the new build would have hopefully have been dealt with by the previous owner and all being well the infrastructure would have improved and roads adopted.
Out of curiosity, would you recommend doing a survey for new builds as well?
Hi Matt! So glad I found your channel. We bought a new build home just over a year. When we bought it, it was dream come true. We moved in on the day that developers were forced to lockdown as part of the first lockdown 27/04/20. Within a day the problems began. The back garden had a patio and fence but that was it - the garden was rock hard clay, covered in rubble, gravel broken pieces of concrete, a builders yard brush n gloves, mugs etc. Inside was lovely but under the kitchen sink, there was a leak that we didn't even know about as it was hidden by the sink unit. The joinery work is complete and utter shite and the cracks that are now appearing in the walls are unbelievable (we expected some to appear over winter due to the 'settling' period but one of them is almost a centimetre wide. There are way too many other faults to list but last week, my ex broke off our engagement and is planning on moving out. I'm going to take over her mortgage payments and any money I have left will go to repairing the house. I would never have bought it if I knew the real cost. great video - subscribed!
Great content mate keep it up
Great content as always
Should it safe to buy semi detach house made in 1950-1966. It looks ok to me in first viewing but not sure should I buy very old house
amazing share thanks so much 👍
I find it extremely hard to find any properties that would be viable for renovating in London due to a lot of the properties saying they do not allow structural changes etc, some even say after purchasing you will not be able to drill into any walls for TV mounting, etc. There are a couple you could update the kitchen etc, I am not sure you can make too much money when the price of a new build is only a few thousand more.
I think the main reason I am looking to buy is so that I do not have to pay for rent which would be quite a bit more than a mortgage, about 3-4 times the amount.
Yeah - definitely a challenge with leasehold properties as you need permission from the freeholder. There's definitely value in shifting over to a mortgage, even after paying less - the money is ultimately back in your pocket when you sell :)
@@MattBrighton yeah, im looking to budget roughly the amount im paying in the mortgage to pay off the HTB (more when I get better paid roles every few years) So hopefully i can pay off some if the price drops.
Great video, one thing to bare in minds that if you buy a new build property in the right area they tend to go up in price massively after 5+ years with no refurbishment needed.
@@MattBrighton not surprised. I just bought a new build for 550k and believe it or not I could sell the property immediately for 600k. If you are looking for massive returns in a short period of time without any refurbs then new builds are the way to go but you will need to do extensive research.
@@thecirclemovement which area are you in?
@@MsGoodgirl95 Horsham
In my area old builds are flying off the market and people are paying about 10-15% above home report value. A new build is a fixed price and therefore this makes it same price than equivalent old builds in the area.
Definitely, a lot of strange things happening in the market at the moment! Especially with older character properties that have more potential
I've worked on enough sites to say the lack of craftsmanship on new build houses is enough to not buy one. They're slapped together with zero budget, terribly built and probally won't be standing in 20 years time. Horrible investment and are massively overpriced. I spent 5 years saving 22k to buy a 1970 built house, equity from development and rise in price has already made it a gainer
@@MattBrighton the main factor is lack of budget from the main developer 100%. They're their to make money, once they've sold the house they don't care if it falls apart.
Its shocking how they pass building regs
@@dougbhorne Exactly!!!!!
@@dougbhorne people say that for our wood homes in the us. But I regularly see homes well over 20 years old that at the time people were complaining saying they won’t be standing in 30-70 years time
I prefer the old build houses. A lot bigger with higher ceilings.
All great comments but coming from somebody who is living in a new build flat and not an old house. Having renovated a property from 1890, I can tell you... it is no joke! Lot's to be said for good EPC rating and a house that you can live in ready to go. Of course some new builds better than others and some old rennos cheaper/easier than others. This ongoing debate is VERY circumstantial and subjective and also contains many many factors! Good points made here in the vieo though, I must agree.
Basic problem: old houses are rarely cheap enough to justify six figure investments to bring them up to standard. Similarly, first time buyers rarely have the liquid assets to pay for this.
Not all would need 6 figure investment unless it was a HUGE project. That's where developers come in and realise potential of a property for the market in the middle
@@MattBrighton I spent $100k on my house but did it over 15 years. The master bathroom was unusable so we picked it and all 3 used the kids bathroom. Then we saved until we had $15k and then hired a contractor and had it done in January. Then we saved $10k and did the roof the next year. Then we saved $20k and did the other 2 bathrooms. Then we saved took a 10-year break. After the 10 years we tore down the wrap around porch and replaced some of the siding planks and rebuilt the garden shed, which cost about $60k.
I agree with this. I’m not buying another new build.
Yes Matt! Loving the house content! Me and my partner do similar content on my channel x
Love it! Thanks! Had a quick flick through - loving the videos!
Hi Matt , like your videos , trying to go through all of your videos .....
Awesome, thank you!
Hard to make this a general rule, in particular when one generalises new builds, some developers do use cheap materials, but even those have better insulation.
I am a hardcore fan of 0 bills and I can't see that being easy to achieve with an old build, even buying new would make this completely a hard job. An ideal purchase for me would be an HMO completely passive and I saw there are a few projects in south west and London that had to demolish the old build in order to achieve it. It also makes the most sense as the manager would also take care of the bills vs renting it all or owning.
Really good points - can't beat the insulation (when done properly) on a new build. There'd be a lot of retrofitting required to make an old property into passive-haus status, not impossible though
What would you say about being the second owner of a new build, it being built in 2017 and the first inhabitants living there for 3 years?
Could probably go both ways. You could be buying it at a more respectable price or still maybe a bit of a premium after 3 years. But definitely a better decision! I guess it’s like buying a second hand car you can bet a better deal 🙂
@@MattBrighton yep, we ended up buying it we’re now 3 weeks away from exchange hoping to complete before the stamp duty holiday ends. It’s a 3 bed semi detached townhouse bought new March 2017 for 315,000 and now we bought for 345,000 and moving in March 2021 so it does appreciate fast. It’s also a new area being regenerated, beechwood estate so hopefully we made the right decision !
@@aestheticallyayomide682 Thankfully as the stamp duty holiday is being extended you'll be able to make that in time :) Fingers crossed! Best of luck with the move
Renovations are a nighmare and take a loooot of time and planning. Let alone that they always cost more than expected.
Also new build estates have lots of 'social housing'.... with the problems they bring.....
NEVER buy a new build! Worked in construction I’ve seen the way they throw those things up, absolutely rough as fuck! Mainly down to the building contractor setting unrealistic deadlines, rushing and pushing everyone, papering over cracks and severe micro management! It’s a disgrace! The way they treat people aswell just not on! And some of the cowboys on the tools, my god shameful! No care or pride in their work at all just on price crash em in merchants! Most of that money they earn ends up going up there nose of a weekend, or in the week, sometimes on the job itself! Avoid avoid avoid
from what I have seen new builds internal walls are made of paper.
They're definitely very thin!
No to mention the ceilings. Never ever ever buy a newish or new flat in w gland unless you want a life of utter misery
Also I think the way you talk about doing up a house, adding an extension, re-render and cash in 100K is a dangerous assumption. This is very much dependent on location, economy, and many more factors. Every property has a ceiling price and also I would recommend speaking to somebody who actually lived through an extension... it's easy to talk about these things... not so easy to live for weeks without a kitchen or bathroom. Nothing in life comes on a plate and so it is worth considering the benefits of all of your options.
there is little difference here between old and new when refurbishments are taken into account - and the time and tears refurbishment takes is hard to put a price on
If you have the money to spend, on an old property that's fully done up inside - thats where they become valuable, characterful on the outside and new and beautiful on the inside
Where I am there’s plenty of new builds costing the same as crap heap old houses that need a ton spending on them.
At the moment the market is crazy! Wouldn't be surprised at this
Even in Yorkshire, old build houses aren't any much cheaper than a new build, and second hand cost exactly the same.
0:52 ??? A house hack in the US I's where you buy a house and rent out all the rooms except for one ( your bedroom)
I work on new builds and definitely wouldn’t buy 1 👎🏽
Interesting! What’s the downsides would you say from your experience?
@@MattBrighton just poor workmanship and cheap materials. You are probably better off buying an older house and putting the extra money on a refurbishment
@@TozBeats music to my ears haha. Can’t wait to sell up my new build flat and get a doer upper.
Good luck at finding a reliable trade person to do all the refurbishment in old house that you talk about- they will try to do it in the cheapest for them and easiest for them way. Unless you make it your full time job to supervise all work going on and learn how it should be done
No chance in hell of ever getting a house under market value. People bidding 20k+ on top of the valuation.
Hi I’m thinking of buying new build coz always called I hav immune disorder. Old ones all hav d epc. Which is worse than my current house. That’s why I’m buying a new build. Even though are not spacious. Plz can u comment on this. Thanks. 😊
If you want value definitely buy an older house, problem is people want connivence these days so they will pay the premium for a new house.
My first house was a old build and second home was new. My experience old build was way worse...
450 subscriber 🥳
I bought an apartment in converted 1800s hospital in Manchester. The developers were charlatans.. delays at last minute multiple times when we'd moved out ultimately cost me £18,000, 6 weeks off work and 2 seizures from the stress
Ouch! Sounds like a very bad experience! And with smaller developers rather than big house builder?
@@MattBrighton yeah, Henley Homes. Don't touch them!
You say you work at a bank, may I ask what exactly you do because I'm looking to do a career in finace when I'm older and just exploring all the different options. And just wanted to know what you did?
@@MattBrighton wow that is a really amazing man and I'm really happy to hear that you enjoy your job! I'll be looking at it this to see if perhaps I'm interested in this but from the looks of it it does seem really exciting!!
I disagree, it is possible to find below market value new builds and make a profit straightaway. Likewise with energy crisis right now new builds are more sought after as they are way more efficient. Older properties are a time bomb in terms of damp and other expensive issues that can arise.
1930s house for me
It’s like buying a new car out of the shop. Very expensive!!
Thankfully doesn't lose as much value but very true with the 'new' premium!
Sometimes media can be biased and mislead!
Why new homes have low ceilings? And small gardens
Saving space to build more houses
New builds are smaller than old builds
I don't agree.The renovation on old houses is a nightmare and you will be living in a old estate with half the old propertys on rental .
They are rough, built by chancers and cowboys.
This is highly subjective.
It is indeed!
Never buy new build. Soo cheaply built when you shut the main door your house shake😡😡😡😡😡😡 specially persimmon house is a disaster.
Don't buy new build Full stop, they are an absolute rip off, you want ever own the flat, houses slightly different due to the law change this year, lots of hidden costs fees, legal issues and well known cladding issues.
Newbuilds seems so flimsy and estate always seems so dull and depressing.
All owned by skinny jean nandos millennials 😂
My comfort zone are 80s to 90s homes they are so well put together
They definitely miss a lot of character on the streets. Had similar comments where people mention the feel of it. 80s builds are really strong
@@MattBrighton Yeah definitely also you will find all the older homes have already taken all the best areas and streets with history and feeling.
But when you walk out the door of a Newbuild all you see is a roundabout of path and new builds no nice trees or anything 😂
An new build is much less likely to suddenly fall apart than an old home (happens all the time), the UK has more old homes than most countries I can thing of
This could not be any less correct
The smell of new homes and new cars could actually be toxic or even cancerous .
this didnt age well.
Sorry mate but this is common knowledge all the bulk estate builders in the UK just contract out all the work to the lowest building trades and their quality control is shocking. Don't buy anything built after 1990. I live in a 1920's semi and it's been rock solid for 100 years.
New build want maintenance fees and all kinds of bollocks
Lots of hidden fees and costs!
@@MattBrighton exactly. Imagine being one of those people with that cladding on the new builds.. they have to pay for security and all sorts. Horrendous.
In Norfolk, there really isn't much difference between New builds and comparable existing properties. Old Council houses are on large plots.
As a mortgage broker it drives me mental when people are obsessed with everything being new. As you say, if you buy an older house that requires work you can make some great savings