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  • FIRST POST
    • spendingmad
    • By spendingmad 14th Mar 17, 6:49 AM
    • 483Posts
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    spendingmad
    What's is the best property to buy (for 9 month period)
    • #1
    • 14th Mar 17, 6:49 AM
    What's is the best property to buy (for 9 month period) 14th Mar 17 at 6:49 AM
    Help!! Bit of a long story but I want to share the backstory so you have full picture.

    We have sold our property, which is a fairly difficult property to sell (large 4 bed detached, tiny garden) for asking price after 3 months on the market. We then lost the 'forever home' we were intending to buy. After a few weeks searching we can't find anything that compares. BUT.....we can not go into rented as we are in a long term mortgage deal which will cost us £30K to get out of

    We have seen a new build property which we really like but the development is not out of the ground yet so likely to be 12 months before house is built so we need to buy something in the meantime. The options are

    Small 4 bed detached Bovis new build, 1 of 3 remaining plots on site. 2 ensuites and 'average for newbuild' sized garden £329K with £16500 deposit contribution. To the back of the house is a row of affordable housing owned by the local housing trust. We could move in, our furniture would 'sort of' fit but i am worried about being able to resell quickly and not losing money.

    or

    3 bed 60's semi detached, the 3rd bedroom is a box room, it needs some decorating/uplift, some of our furniture would need to go into storage, but its £187K.

    The decision is new build which is no work and reasonable to live in, or older house which we would need to do work to and major compromise with my 11 yo sleeping in box room

    Any views, opinions or advice appreciated
Page 2
    • ellie27
    • By ellie27 14th Mar 17, 8:50 AM
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    ellie27
    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.
    • AnotherJoe
    • By AnotherJoe 14th Mar 17, 2:00 PM
    • 7,055 Posts
    • 7,525 Thanks
    AnotherJoe
    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.
    Originally posted by ellie27
    You forgot the £30k mortgage ERC the OP is locked into.
    • teddysmum
    • By teddysmum 14th Mar 17, 2:58 PM
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    teddysmum
    You say the current house was hard to sell, but three months on the market isn't a long time, especially as Christmas came in the middle of that time.


    Not everyone wants large garden, in fact they don't even get the option with newbuild handkerchief sized plots. A four bed with small garden would suit a family with adult children, working and not having time/inclination for gardening.


    Buying and selling within a year is a big risk, especially as you are not keen on the two alternatives, which prospective buyers may also feel the same about.


    I'd stay put.
    • spendingmad
    • By spendingmad 15th Mar 17, 8:14 PM
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    spendingmad
    Well after a stressful few days it turns out I got the early redemption fee completely wrong and it is no where near £30k, and closer to 5k still a lot of money to lose but we can rent and be in a strong position where we see something we like.

    Feel like a bit of a dim-wit!!
    • teddysmum
    • By teddysmum 19th Mar 17, 6:48 PM
    • 8,027 Posts
    • 4,789 Thanks
    teddysmum
    Further to my comment above:


    A local builder erected a large house, which would look well in a large garden, on a small plot (hardly any garden at the rear and none at the front) an the junction of two main roads and the house sold very quickly. He is now building two , similar, on adjacent plots, so there must be a market for such.


    There is not a property shortage in the area, so people must want living space with no garden to deal with.
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