Buying a new build

poppysarah

hethmar wrote: »

If you really love the flat you have seen, make the offer you were thinking of and see their reaction.

Emotion shouldn't overrule financial sense.

Falling in love with a property and allowing that to colour a decision is insane.

I hope your son really does earn 50k a year to be able to afford a flat at 150k.

hethmar

He does Poppy.

Im not sure about emotion being worthless - Adam is making a very low offer -if you wake up every day in a place that makes you happy, thats worthwhile.

GDB2222

truman_sparks wrote: »

Not being picky at all,

but isnt it worth whatever you can sell it for?

or do you mean what its worth at a certain time, ie now as some have sold at a certain price this month?

I think its a bit of a brain teaser to try to asses what something is worth at the moment, its a bit too subjective in an uncertain market.

My own take is, unless a property is 40% ish under current market value (based on estate agent prices and 2006 prices for same street) its worth nothing, if you know what i mean .

The OP asked "What would you see as a reasonable offer in the current housing climate?" Clearly, the answer depends on what it's worth. Whilst agreeing that's hard to determine, it's clearly far, far more important than the asking price. So, the OP is approaching this wrongly, starting from the wrong figure.

GDB2222

Oh, and I agree that this is a terrible time to buy, especially a new-build.

Richard_Webster

By then you may see some Land Reg recorded sales and see what prices he's been accepting in the rest of the block.

The Land Registry record the price on the documents sent to them - but not any allowance to the buyer that may be in the contract and not in the transfer or lease - so that way builders can make it look as if they are getting more for their flats than they really are.

The test is to look at similar 10-20 year old flats in the same area. What are they going for? If there aren't any - how do you think the builders have got away with charging what they have for so long!!!???

toocan

truman_sparks wrote: »

missed that its a flat, as above, change 40% to 50%.

some are changing hands for 50% below 2006 prices already.

Not for the faint hearted because the figures the op is looking at means approx 30k neg equity is easily achievable in 18 months.

Nice!

50% below 2006 prices ive never heard of sounds a bit like BS to me. you got links to sold price data on these?

ive thrown some ridiculous offers on new builds and the best ive managed to negotiate was 35% off asking

niceguyed

ixwood wrote: »

Own a new build flat do we? Sorry, I mean luxury apartment..

Buying anything now is crazy. Buying a new build is crazy. Buying a flat is crazy. Put them together and it's bad news.

Never mind. I'm sure your flat is very nice and it is a home, not an investment after all.

Yes I do own a new build flat which I appreciate are dirty words on this forum:eek: Completely agree, personally I wouldn't buy now for obvious reasons but that is ANY property. Got mine in 05. Bought it as a home with my partner. We were in the market for 110 - 120k. All terrace in the local area in ok nick were 100-110k. Got mine for 120k with all fixtures/fittings/electrics etc. As much sq metre space as the two up two downs (did my measurments), better security, lower heating bills, higher rental yield than terrace in the area. I got this off plan. The thing is after we bought and the developer got rid of the few at 120k the price went up and up. People were paying 125/130 and eventually 135 for the same flats. Couldn't understand it at that price. At its height I was seeing other developments springing up in duff areas, that were two bed flats whose main selling points were a ensuite in the bedroom and a fancy ikea show flat. 06/07 People were paying 140/150 for these. It was like the new investor wet dream after all the local terrace had been bought up and turned in student lets (which are now empty). Fast forward and right now two of the flats in my complex over the last 3 months sold for 115k and 116k respectively. They had been bought for 127 and 132. Down 12-15%. Plus factor in fees and inflation and yes they have taken quite a hit. In my case if I sold now I would be looking at a 5-6k loss. But when I bought I wasn't expecting to make money, I just got somewhere I have been very happy to live in. But when I look at the hits all the property types are taking where I live all are down between 10-20% compared to one year ago. If I sold now though I know I could move up the next rung fairly easily (once I've saved enough deposit) as those 2/3 bed semis in a nice area are in easier reach. I can only comment on my situation but I like to look at property with an open mind. People should buy on a case by case basis. Sweeping generalisations aren't helpful.

howler_2

adamwilliams50 wrote: »

Hi there,
Im in the process of looking at buying a new build property.
It's a 2 bed a apartment and was originally on the market (4 months ago) at £169,950.

The builder has since dropped the price by £22k to £147,950.

What would you see as a reasonable offer in the current housing climate?
I was thinking of going in at £125k (15% under) - but i'm not sure if this is way too cheeky?

I'm a believer in "don't ask don't get" but is this pushing it?

Any advice would be greatly recieved.

Buying a new build flat?! This has to be a joke