FTB & New Build

lonestar1

Hi Everyone,

I Know new build 1 bed flats are probably the fastest bombing properties out there at the moment but I know its in a nice location Heres the RM Link
http://www.rightmove.co.uk/viewdetails-22707140.rsp?pa_n=1&tr_t=buy

Holding in mind I really want at least 2 bedrooms anyone know how much they would be likely to knock of the price ? (not being overly keen I would be happy to walk away but if I could pick it up cheaply may be worth it)

Im thinking even if they do that 75/25% thing where you pay back the 25% in 5 years that may help

I have over 50k saved so the mortgage shouldnt be a problem

Whats the most you would pay given todays climate ?

sympatex

There's not alot to go on that right move link is there! Not built yet? Avoid like the plague 1bed new build if there was ever a property type most vunerable to price falls it's that. Mortgage lenders i think are quite hesitent about lending on them without a 30% deposit so i presume you're going through HA's to do a homebuy type scheme.

If you don't have to move, don't. Prices will come down, for years. Wait until you have to move to make the most of it!

Troubled_Joe

You're right it is a nice area. Are you from nearby?

Anyway. If you're looking for something in the area then Barratt are knocking fortunes off Queens Manor.

moneysavinmonkey

There's been at least 3 people posting on this forum today about being tied into a house they bought off plan and the completion date keeps getting delayed repeatedly... their deposits are tied up and their mortgage deals have expired whilst the value of the property falls but they are already locked into the (higher) price they offered months ago, if they decide to pull out they will have to pay the building companies handsomely for the privilege.

If you must go down the new build route then at least buy something that is built + you can move into.

lonestar1

Troubled_Joe wrote: »

You're right it is a nice area. Are you from nearby?

Anyway. If you're looking for something in the area then Barratt are knocking fortunes off Queens Manor.

Yes Im nearby , You have any links for Queens Manor ?

Edit

Found a link but says prices from 203k thats a lot for a 2 bed place I couldnt afford that what sort of prices they asking ?

GDB2222

moneysavinmonkey wrote: »

There's been at least 3 people posting on this forum today about being tied into a house they bought off plan and the completion date keeps getting delayed repeatedly... their deposits are tied up and their mortgage deals have expired whilst the value of the property falls but they are already locked into the (higher) price they offered months ago, if they decide to pull out they will have to pay the building companies handsomely for the privilege.

If you must go down the new build route then at least buy something that is built + you can move into.

Or at the very least have a contract that allows you to walk away and get your deposit back unless the property is completed within X number of months.

lincroft1710

If it gets built, could be very nice indeed. The key word of the preceding sentence is IF - suggest you either wait for it to be built or try elsewhere.

lonestar1

Thanks for the feedback everyone I agree with what your saying regarding bad time etc Im just wondering what the max I should spend on it would be taking those things into account ?

lynzpower

how about nothing

I would say these 75% deals are VERY RISKY. there have been plenty of posts on these, and I would avoid like plague. Seriously. Search for 75%^ on this forum you will find plenty of moneysaving replies.

Why NB? Im looking in the same postcode, and yes. it might not be quite as nice, I dont know Lytham THAT well have visited a few times, 2 bed flat on repo for 65 http://www.rightmove.co.uk/viewdetails-22262906.rsp?pa_n=2&tr_t=buy

quite nice one bed for 74950 ( bet you could get a mbit more off that too ) http://www.rightmove.co.uk/viewdetails-18917494.rsp?pa_n=2&tr_t=buy

What you ar eproposing to buy is grossly overvalued, and I would not recommend buying.

I als agree with the other posters who talk of mothballed new builds, ploease read around the board, there are plenty of hearts breaking over this happening to them after putting deps down .

lonestar1

The first link isnt too great an area and the second is just of blackpool airports runway.

From what everyone says I think i may try 80k and go upto 90 tops

Thanks for the advice

geoffky

Are You Mad? Read What People Have Said And Then Run Away/// 75/25 It Is A Con And The Poor Developers Gain A Little Out Of It.........do Your Homework When Spending 100k Plus