new build vs resale? also accepting offer?

Catblue

Try to make sure you keep your buyer, even if it means moving into rented accommodation before you buy again. I know you don't want the upheaval, but a convoluted chain can be just as stressful.

If you take six months to find a house to move into, then there are not many buyers who want to wait that long. And if they do wait that long, then they'll be offering less if the market continues to drop at that time.

From what you have said, the resale house sounds miles better. It is nicer house, in a nicer and better area for you, has more parking and a bigger garden. And crucially, it is also cheaper. You could always extend or do a loft conversion a few years down the line.

Round here, these new 3 storey townhouses seem very slow to resell compared to more traditional 2 storey houses, so that would be worth bearing in mind if you do intend to buy one. I'm just not sure that there is a big market for these types of houses in the long term.

sarah_elton

If you have a buyer for your place at a price your are happy with, you want to get that sale completed as fast as humanly possible. There simply aren't many buyers at the moment and you're lucky to have found one.

If I were you, I'd complete on that sale, and if there's nothing that's right for you on the market at the moment then rent for six months. If you tell your FTBs they'll have to wait they'll probably go elsewhere - it's a buyer's market. House prices are falling each month so you don't lose out by renting - you pay money on rent instead of a mortgage and the price of what you want to buy will be lower. You said you don't want to be out of the market, but being out of a market that's falling is not a bad thing!

Because you'll then be buying chain free you'll be in a great bargaining position. Any seller would be happy to have you.

BTW, in this climate, an offer of £152k on a £165k property should have made them more than happy. I guess they might have a high LTV mortgage and have a high floor on what offer they can accept.

cranezoe

I take the point about resale, its def something to be aware of.

thanks for saying that 152k was a good offer, Im getting so confused. some things are coming down and others simply arent. I need to find someone who understands a bit more and is willing to negotiate!

If we were to rent for a bit - which I still dont really want to do - then we would have to pay an early redemption on our mortgage deal.

I know its a risk we might lose out buyers, gulp, but they have said they are happy to wait a few months. they were going to start looking in feb but saw ours, came to look and now really want it. it will be a while before similar houses agree to drop their prices as low as we did so should fingers crossed there. also the FTB only want to be in our village.

Im going to ring some other agents and ask if they have anyone or anything in mind.

ginvzt

cranezoe wrote: »

If we were to rent for a bit - which I still dont really want to do - then we would have to pay an early redemption on our mortgage deal.

We sold our house a few months back and moved into rented (new area, ~120 miles away) as we couldn't get what we liked. It is not that bad...

Ask your mortgage company - as few of them will waive the ERC if you 'renew' your mortgage within 6 months. We were with Nationwide and they had this policy and my friends was with Halifax, I think - that is when I heard about it first.

(Although, in the end, Nationwide didn't charge us ERC and we were chasing them asking if we need to pay up - in the end we requested final statement saying that we don't owe them any money and we got it, so £1000 saved...)

cranezoe

we are with nationwide so thanks for that!