PLEASE READ BEFORE POSTING
Hello Forumites! In order to help keep the Forum a useful, safe and friendly place for our users, discussions around non-MoneySaving matters are not permitted per the Forum rules. While we understand that mentioning house prices may sometimes be relevant to a user's specific MoneySaving situation, we ask that you please avoid veering into broad, general debates about the market, the economy and politics, as these can unfortunately lead to abusive or hateful behaviour. Threads that are found to have derailed into wider discussions may be removed. Users who repeatedly disregard this may have their Forum account banned. Please also avoid posting personally identifiable information, including links to your own online property listing which may reveal your address. Thank you for your understanding.What would you do in our situation?
Options
Sheep
Posts: 219 Forumite
I know everyone is different but I have a tricky situation and wondered what others would do if they were in our shoes. I know some may already have the back story from a previous post but here goes....
So we moved into a lovely new build house in December 2015. The builder was a small local builder and there were planned to be 2 phased, 20 houses in each. We bought for £147,000 which seemed reasonable at the time. The problems then started with the estate. We have a large green area which the council put on the planning permission had to be turned into a green open space area. When we bought we were told that this area would be lovely for the home owners and have a bench in the middle etc. However so far this has not happened. Also the roads do not have the final layer of tarmac. I am told both the roads and the green area will not be completed until phase 2 has been sold.
The thing is.... phase one isnt selling very well at the moment. The houses we bought are lovely with a garage and over looking fields. The houses on the other side have not sold at all because they over look other houses and they can see into your living room using the patio doors.
The estate doesnt look nice although we are being told it will once finished. Now we are being told they are not going to build phase 2 for years yet due to the lack of demand and that they would prefer another builder to pick up up. What this means for the road and green area I have no idea. I dont think there is any agreement in place with the council regarding the roads.
Now... my fixed rate is due to end in August and we can sell if we want to. The problem is we know we wont get our full 147000 due to lack of demand. Our house is loads nicer than the others as we were the first to buy. All other 6 houses paid 149999. The houses on the other side with no garage and poor view are up for 142999.
Would you sell up? Knowing what we know and take a hit? Or would you fix for a couple of years, wait till phase 1 is all send and then sell?
Thanks in advance
So we moved into a lovely new build house in December 2015. The builder was a small local builder and there were planned to be 2 phased, 20 houses in each. We bought for £147,000 which seemed reasonable at the time. The problems then started with the estate. We have a large green area which the council put on the planning permission had to be turned into a green open space area. When we bought we were told that this area would be lovely for the home owners and have a bench in the middle etc. However so far this has not happened. Also the roads do not have the final layer of tarmac. I am told both the roads and the green area will not be completed until phase 2 has been sold.
The thing is.... phase one isnt selling very well at the moment. The houses we bought are lovely with a garage and over looking fields. The houses on the other side have not sold at all because they over look other houses and they can see into your living room using the patio doors.
The estate doesnt look nice although we are being told it will once finished. Now we are being told they are not going to build phase 2 for years yet due to the lack of demand and that they would prefer another builder to pick up up. What this means for the road and green area I have no idea. I dont think there is any agreement in place with the council regarding the roads.
Now... my fixed rate is due to end in August and we can sell if we want to. The problem is we know we wont get our full 147000 due to lack of demand. Our house is loads nicer than the others as we were the first to buy. All other 6 houses paid 149999. The houses on the other side with no garage and poor view are up for 142999.
Would you sell up? Knowing what we know and take a hit? Or would you fix for a couple of years, wait till phase 1 is all send and then sell?
Thanks in advance
0
Comments
-
I know everyone is different but I have a tricky situation and wondered what others would do if they were in our shoes. I know some may already have the back story from a previous post but here goes....
No you don't. You really don't.
So we moved into a lovely new build house in December 2015. The builder was a small local builder and there were planned to be 2 phased, 20 houses in each. We bought for £147,000 which seemed reasonable at the time. The problems then started with the estate. We have a large green area which the council put on the planning permission had to be turned into a green open space area. When we bought we were told that this area would be lovely for the home owners and have a bench in the middle etc. However so far this has not happened. Also the roads do not have the final layer of tarmac. I am told both the roads and the green area will not be completed until phase 2 has been sold.
You're bothered about a bench? As for the final reinstatement that's quite reasonable...
The thing is.... phase one isnt selling very well at the moment. The houses we bought are lovely with a garage and over looking fields. The houses on the other side have not sold at all because they over look other houses and they can see into your living room using the patio doors.
Your point is...?
The estate doesnt look nice although we are being told it will once finished. Now we are being told they are not going to build phase 2 for years yet due to the lack of demand and that they would prefer another builder to pick up up. What this means for the road and green area I have no idea. I dont think there is any agreement in place with the council regarding the roads.
In your opinion. And i bet there is, dependant on phase 2...
Now... my fixed rate is due to end in August and we can sell if we want to. The problem is we know we wont get our full 147000 due to lack of demand. Our house is loads nicer than the others as we were the first to buy. All other 6 houses paid 149999. The houses on the other side with no garage and poor view are up for 142999.
Of course you can..
Would you sell up? Knowing what we know and take a hit? Or would you fix for a couple of years, wait till phase 1 is all send and then sell?
I wouldn't have bought in the first place....
Thanks in advance
Personally i think you're having a giraffe...0 -
Would anyone buy after they find what you know?0
-
It just seems normal progress when you are the first on a new development. Things take time. It sounds as though you are living in a quiet area with not many neighbors and have a view of fields. I'd stay put.0
-
Property goes up and comes down and what has happened to you has happened to most folk I know who have bought new builds.
We took a £23k hit when we sold our new build, you wont know how much a hit you are taking until you actually sell but if they cant sell them brand new for £143k then it's unlikely you will get £140k max?
Would I sell, well we did as we wanted to move, better schools..... so if you have reasons for a need to move then go for it.
I wouldnt be surprised if the 'green spaces' and the benches/green areas are still a mess and not done as was planned even 5 yrs from now.....
Good luck!0 -
To be honest, I wouldn't be in your situation as I would not have bought that house in the situation you describe, However, if I did find myself in your situation I would be sitting tight until the area was as good as it could be as that can only improve your resale value.
You don't suggest that this situation is affecting you mentally, but if it is then I would consider cutting my loses and moving.
Advice for the next place: Don't buy a house in an unfinished estate if you expect it finished asap - there are no guarantees as you now know.YNWA
Target: Mortgage free by 58.0 -
Thanks for your input everyone. Something to think about. If anyone else has any thoughts please let me know
0 -
So we moved into a lovely new build house in December 2015. The builder was a small local builder and there were planned to be 2 phased, 20 houses in each. We bought for £147,000 which seemed reasonable at the time. The problems then started with the estate. We have a large green area which the council put on the planning permission had to be turned into a green open space area. When we bought we were told that this area would be lovely for the home owners and have a bench in the middle etc. However so far this has not happened. Also the roads do not have the final layer of tarmac.
Perfectly common. There's no point in surfacing the road and turfing the "green" if they're both likely to be damaged by ongoing construction traffic. B'sides, the local authority's requirements for adoption of the roads may change between now and completion - so just do them to adoptable spec once.
No, they've not sold because they're overpriced.The thing is.... phase one isnt selling very well at the moment. The houses we bought are lovely with a garage and over looking fields. The houses on the other side have not sold at all because they over look other houses and they can see into your living room using the patio doors.Now... my fixed rate is due to end in August and we can sell if we want to. The problem is we know we wont get our full 147000 due to lack of demand. Our house is loads nicer than the others as we were the first to buy. All other 6 houses paid 149999.
So only seven of forty houses have sold? In a year and a bit? Wow.
Where in the country are you?
But they're brand new. Nobody's ever lived there. They're shiny and untouched throughout and - most importantly at that kind of price - they're eligible for various incentives...The houses on the other side with no garage and poor view are up for 142999.
There's really only one question... How big a hit are you willing to take? THAT and that alone will determine how quickly you can sell.Would you sell up? Knowing what we know and take a hit? Or would you fix for a couple of years, wait till phase 1 is all send and then sell?0 -
I think in your situation, I would get some valuations from 3 local estate agents and see get an idea of what price the house could sell for. That way you can make a more informed decision about whether or not to sell.0
-
You spend more time IN your property than you spend driving backwards and forwards to it , so if you love the actual house and it sounds like youve had the pick of the bunch , unless I had to move for a reason , Id be sitting tight and enjoying my house and garden , and thinking that with the present pressure for new homes we keep hearing about , its only a matter of time before the estate is finished . All estates look pretty bleak when half done , but once it eventually gets cracking again and greenery in gardens grows up , things look more attractive , and selling may not be nearly as financially hurtful as it could be now.0
-
You have a house with sod all people around?
Sounds like bliss!!0
This discussion has been closed.
Categories
- All Categories
- 343.2K Banking & Borrowing
- 250.1K Reduce Debt & Boost Income
- 449.7K Spending & Discounts
- 235.3K Work, Benefits & Business
- 608K Mortgages, Homes & Bills
- 173.1K Life & Family
- 247.9K Travel & Transport
- 1.5M Hobbies & Leisure
- 15.9K Discuss & Feedback
- 15.1K Coronavirus Support Boards