To buy New or Second Hand house?

E

Emmaf

Registered User
Messages
40
Hi,

Looking to buy a house in Dublin. Own a house in NI so not a FTB.

Have been renting in Dublin over a year now at the grand price of 1500 per month..........handy location but just wasting money.

Just been approved for mortgage and really want to buy, as we are going to be here for the next 5 years minimum. Plus I'm just fed up of renting. Would like my own place again (purely emotional, but anyway).

Husband won't entertain a new build as he wants a second hand home with 'character' i.e: old Victorian terrace etc. Those seem to be out of our price range in dublin.

My thinking is that we would be better off with a new build as we won't have to pay stamp duty; and therefore will have one faster than having to save 30k plus for stamp duty.

Husband reckons we would sell on a 'house with character' easier than a 'standard new build'................no plan to sell on for at least 5 years due to work contracts.

Can anyone advise?? I feel it makes financial sense to go with the new build.. open to anyones thoughts here, thanks.

Emma
 
I sometimes think that part of the e.g. 30K SD you would save in buying the new build may get lost from the resale price - because the house at that time of resale will be second hand, so not exempt from SD.

Or am I wrong?
 
Of course the house as a second-hand house would still be just as attractive to a FTB as it would be SD exempt for them.
Just less attractive for non-FTBs I guess.
Anyway, if its just a notion to me, I'm sure the wise heads on AAM will set me right, no worries.
 
Another point worth considering is that you will get a structural guarantee with a new build that could last for up to ten years and can be transferred onto the purchasers if you sell within that time. With a second hand house that doesn't have the benefit of an existing guarantee the principle of caveat emptor or buyer beware applies so if anything is wrong with the property tough luck. This is why it is essential to get a survey done of a second hand house but this adds expense.
 
dazza21ie said:
Another point worth considering is that you will get a structural guarantee with a new build that could last for up to ten years and can be transferred onto the purchasers if you sell within that time. With a second hand house that doesn't have the benefit of an existing guarantee the principle of caveat emptor or buyer beware applies so if anything is wrong with the property tough luck. This is why it is essential to get a survey done of a second hand house but this adds expense.
Click to expand...

A survey costs what, €400? Hardly a deal-breaker in the overall context. I wouldn't let the cost of a survey sway you either way.
 
Are you likely to buy a victorian house that needs no work? Presumably a lot of the victorian houses on the market need an awful lot of money poured into them, they are often quite small too. Having said that if your husband is set on a house with character I think you'll find it difficult to change his mind.
 
Location location location. Genuinely believe in 5 years time you'll find it easier to sell a house in an established area rather then a new build in an annonymus suburb with no facilities. However it all comes down to where you want to live
 
You must log in or register to reply here.
Back
Top