Buying an apartment at a discount?

colmil

I have been interested in buying an apartment as an investment through a company called Challoner Properties of York, where they obtain a discount from the builders then charge a finders fee of 3%, thus leaving the buyer with an attractive equity of, say,£30,000.

Sounds good, and I could afford it, but with so many apartments being built, will I be left with a turkey?

Their latest offers are in Glasgow & Edinburgh, the Glasgow ones are on a brownfield site, which does not interest me, but the Edinburgh one looks good and near to Princes Street.

There must be pitfalls somewhere, anyone able to help?

Thanks

Robert_Sterling_3

If it is worth £30,000 more than you pay for it then why does the builder not ask more for it?

terrierlady

coming to the end of a development or starting off usually able to offer to an investor on a site thats hard to shift (could be for a number of reasons) the discount offered is usually 15% direct to my purchasers buying more than one property hope that helps.

budgetflyer

Whats the name of the edinburgh developement? Themovechannel has an Edinburgh developement offplan @ 15% discount
http://www.themovechannel.com/property/Apartment/Optima/85610/details.htm

colmil

Their website is https://www.challenorproperty.com/visio.html

budgetflyer

http://www.westpointhomes.net/developments/hawkhillavenue/

I think thats at the back of Easter Rd Stadium. Sir Tom Farmer may (or may not) be involved with the builders.worth looking into b4 hand as he doesn't get involved in anything dodgy
It would maybe be also worth contacting the developers direct about possible discounts

geo555

check out their Join page

http://www.challenorproperty.com/Join-Today.html

* You pay £4,100 plus VAT (totalling £4,817.50)
* You attend a THREE DAY (all-inclusive) training workshop (usually Friday - Sunday)
* I offer you your first deal at the end of the programme and if you accept it then you get 100% of your course fee back!


Sound very suspect to me. You pay for a workshop and then you are told the secrets of becoming a property millionaire.

Also on their web pages:
"Our clients are regularly offered ‘pre-sourced’ deals which is akin to being handed a 5 course meal on a platter."

Hhhmmm. No such thing as a free lunch.

People can be easily tempted with "Discounts" and still pay over the odds


Also, check this

http://www.vincentcable.org.uk/news/858.html

Challenor Investments are the registered holders of challenorproperties.com

My opinion would be to AVOID

You will probably see them on Watchdog in a few months time

lush_walrus

Dont do it, you are paying for an extra service which is just not necessary. Talk to the builders direct and negotiate directly with them. Whatever this company is offering is exactly what you can do yourself. They will be taking a cut somewhere along the line.

If you are looking for new property if you buy off plan it is cheaper, as basically the developers want to release money asap to either fund the rest of the development or to use the money towards starting the next. If you miss that boat, then generally towards the end of the development the prices will also drop, as again the developers want to move on and get on with what else is coming up.

colmil

I would like to thank everyone for their time and trouble replying to my post.

I have had information that the Edinburgh Development is on the edge of a council estate and very close to Hibs Football Ground, the Lincoln offer is probably in the same sort of area.

Its great knowing that there are knowledgeable folk out there willing to offer help to other people, I will continue to look, but with a very watchful eye!

Kind Regards

Colmil.

Ian_W

geo555 wrote:
Also on their web pages:
"Our clients are regularly offered ‘pre-sourced’ deals which is akin to being handed a 5 course meal on a platter."

Their inglish ain't all wot it could be, neither!!

Who'd want a 5 course meal on one platter? :doh:

eurows

I cannot believe there are still people around like you.

Buying property as an investment

and

Going through a property agent.

Man do you need a reality check or why not just throw your money away to me. I will get you 10% off an apartment and just give me 5% finders fee. These builders are sat in rooms crying in their tea waiting for someone like you.