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What's is the best property to buy (for 9 month period)

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  • Hoploz
    Hoploz Posts: 3,888 Forumite
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    Buy the do-er upper and sell it later for profit. You will never get your money back on a new build after a short time.

    Or delay the sale.

    Or third option - find a better 'dream home.' if this new estate is still only a plan, you don't know what it's going to end up like. Say the house you're after suddenly becomes 'phase 1' and they decide to squeeze in another row right behind it ..... Etc.

    There's absolutely no way I'd upset the applecart in this way to hold out for the hope of what is in effect an 'artist's impression' painting!

    (To be frank I'd never buy a new build. I need breathing space around me and they are always crammed in surrounded by bricks, even when small developments are done they squeeze too many on the site. Not for me.)
  • sparky130a
    sparky130a Posts: 660 Forumite
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    spendingmad wrote: »
    Pixie - we have just accepted an offer, but we have had school catchment area changes which will affect house values and sale-ability on top of it already being not the easiest house to sell. The price we have got for it I dont think we would get in 12 months

    Then abort the sale.

    What makes you think this buyer is unique?

    Any house is easy to sell. A willing buyer at the price specified is all that's required.
  • Pixie5740
    Pixie5740 Posts: 14,515 Forumite
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    spendingmad wrote: »
    Pixie - we have just accepted an offer, but we have had school catchment area changes which will affect house values and sale-ability on top of it already being not the easiest house to sell. The price we have got for it I dont think we would get in 12 months

    Any house will sell if priced correctly. You might get less for the house in 12 months but would the difference between the agreed price today and what it sells for later on be less than the cost of buying another property for 9 months? Yes I suspect it would be.

    Another option is to go back to your buyer and explain that your purchase fell through and then get searching for another dream home rather than a 9 month stop gap.
  • getmore4less
    getmore4less Posts: 46,882 Forumite
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    how do you get to £30k costs on a £123k mortgage
  • ComicGeek
    ComicGeek Posts: 1,539 Forumite
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    spendingmad wrote: »
    Pixie - we have just accepted an offer, but we have had school catchment area changes which will affect house values and sale-ability on top of it already being not the easiest house to sell. The price we have got for it I dont think we would get in 12 months
    I didn't think school catchment areas existed anymore. Would the new build that you're looking at in 12 months time do part exchange? Takes out a lot of the hassle, and probably stilll cheaper than two sets of buying and selling costs.
  • spendingmad
    spendingmad Posts: 488 Forumite
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    Hoploz wrote: »
    Buy the do-er upper and sell it later for profit. You will never get your money back on a new build after a short time.

    Or delay the sale.

    Or third option - find a better 'dream home.' if this new estate is still only a plan, you don't know what it's going to end up like. Say the house you're after suddenly becomes 'phase 1' and they decide to squeeze in another row right behind it ..... Etc.

    There's absolutely no way I'd upset the applecart in this way to hold out for the hope of what is in effect an 'artist's impression' painting!

    (To be frank I'd never buy a new build. I need breathing space around me and they are always crammed in surrounded by bricks, even when small developments are done they squeeze too many on the site. Not for me.)

    It is not your 'bog-standard' new build development and the site is the site - no phase two, not possible. it is a small house builder who build developments of under 20 houses. We have looked at a number of their developments and they are nice, well finished etc.

    We would continue to look for something in the mean time and hopefully find something a bit more unique.
  • spendingmad
    spendingmad Posts: 488 Forumite
    edited 14 March 2017 at 9:43AM
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    ComicGeek wrote: »
    I didn't think school catchment areas existed anymore. Would the new build that you're looking at in 12 months time do part exchange? Takes out a lot of the hassle, and probably stilll cheaper than two sets of buying and selling costs.

    Yes, they do round here! We have just been moved from the catchment of a 'outstanding' school to one that is in special measures . That doesnt effect us personally but will have an effect on reselling our current home should we decide to stay.

    I am doing the sums and think it will cost us £5.5k to move (to the do-er up-er

    £1400 stamp duty
    £1250 legal fees (to sell and buy)
    £295 valuation fee
    £500 removals
    £2000 estate agent fees

    Cheaper than renting, providing we sell for same price?

    What other costs have i missed??
  • ProDave
    ProDave Posts: 3,721 Forumite
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    The big flaw I see in this plan, is the need in 9 months to sell another house and coordinate that sale with the purchase of the forever home. What if that doesn't sell or the sale falls through? you could lose another forever home?
  • Doozergirl
    Doozergirl Posts: 33,813 Forumite
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    You've forgotten the cost of selling the do-er upper again :o

    I'm really struggling with the risk and costs of buying and selling another house versus just staying where you are or waiting for the right house.

    Mortgage companies often give you a bit of leeway time to port to another house as well. We were given six months between selling and buying with this mortgage.
    Everything that is supposed to be in heaven is already here on earth.
  • ellie27
    ellie27 Posts: 1,097 Forumite
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    I think it would be absolute madness to buy a house with the plan to sell on again in 9 months or so!

    I would pull out of the sale or continue with the sale and go into rented accommodation. We went into rented for 8 months until we found out 'perfect' house.

    The costs involved in buying/selling really would outweigh any profit (if any!) in 9 months.
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