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FTB, making an offer on new build tomorrow - advice needed please!
Comments
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Ok, is this what you want to hear:
That is a very good decision to buy a house now. Especially a new build, as they are basically maintenance free, including the garden. Try to offer £170k initially and aim to get below stamp duty, saying you can't afford that as well - and then if you get to the higher price, make sure they include stamp duty and all the other costs. Don't forget, that the surveyor may value the house much lower than you agree on, so haggle like mad. Try to build it in the offer, that if the valuation comes lower, you offer automatically is reduced to that price. And if you would raher have things in the house rather than money off, make sure with every higher offer you include something like 'ok, I will give you £X, but I want that, that and that included'. Push them to the limits. Good luck.Spring into Spring 2015 - 0.7/12lb0 -
In answer to your original post..... GO LOWER.
We just got 22.5% off a new build plus carpets, legals and stamp duty, turf etc
Start at 25% off the asking price and work up. Barratt are in real trouble. The site near me is only 'building to order'. Negotiaite price then sting them with the extras
Are you a Part 1 student or something?
Ok cheers for the advice. Did you start at 25% off then or was 22.5% your initial offer? Another thing, i was under the impression to negotiate extras/incentives along with the price your offering... as one big bundle offer if you like... is this not the thing to do?
As you ask im a part-time under grad in year 5 of 5 of a BA Hons degree.0 -
Yes - mainly as it's still a large multiple of your income - also I would still predict you'd lose out in terms of value.
Right ok so the general opinion is that it's a bad idea due to the my current and personal situation. If i was to change to a resale home, 2 bed in the region of £160K, would the opinion still be negative? Even taking into account of the £62K interest free govenment loan - at £160K sale value i'd only be borrowing say £100K...0 -
You are seemed to be set to buy a house and nothing will change your opinion - so good luck for you.
To buy a house without any equity in it (deposit) is a bad idea. It doesn't matter that you get the loan without interest from the government - you still need to repay it!Spring into Spring 2015 - 0.7/12lb0 -
No im not set to buy, but i do want to though dont get me wrong! Im just doing my research on here and i'm absorbing all the advice given.
Whats the harm in exploring different avenues? my opinion is already changing, i'm just seeking as much advice as i can thats all. If i was to completely give up on the idea just after reading what a few people on here say, i think i'd be a bit mad to be honest. This is just one of many avenues of research.0 -
Hello
Can you answer my question please!?A blonde... cleverly disguised as a Brunette.......;)0 -
But after speaking to someone at work, the same sort of age using the same government loan scheme, has just bought a 2 bed flat for around £150K with a friend, and they only needed about £500 each of their own money. So i thought if he could do it then why cant i!
Whats your thought on the offer outline in my first post then... too high?
You're at uni, earning £20K, with a girlfriend earning £17K, you've got the princely sum of a thousand pounds to commit to this grand scheme, and you're planning to borrow circa one hundred and eighty thousand pounds and invest it into a new build property in a falling market because "my mate did it so I thought I would too".
This post is either a serious wind up or you need to seriously re-evaluate your financial situation and commitments.Hi, we’ve had to remove your signature. If you’re not sure why please read the forum rules or email the forum team if you’re still unsure - MSE ForumTeam0 -
Hey pete, I read the bit saying that you only plan on being there for a few years. With the costs involved in moving house, solicitors fees, valuations, mortgage arrangements, etc... It works out bad (financially) to move after 3 years in a rising market, it is even worse in this kind of market.
I am buying at the moment myself on a similar scheme to the one you describe, but I don't plan on moving soon at all.
I have to say, I see much more merit in you renting for that few years rather than buying, but that's just my opinion.0
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