New build advice pls!

Cat695

babycakes2k wrote: »

Is that the only reason you're saying don't buy off plan or other reasons too?

In the current climate giving a failing company lots of your money to build you a house is very very risky

If it was built then I would say go for it but put in a low offer.....but as its not built IMHO I think you're mad

System

Cat695 wrote: »

In the current climate giving a failing company lots of your money to build you a house is very very risky

If it was built then I would say go for it but put in a low offer.....but as its not built IMHO I think you're mad

Ok, I get it now! George Wimpey are a huge builder though, aren't they? Do you think they could possibly go bankrupt or even that the government would allow them to? I don't know enough about this stuff but surely it would be a disaster to the UK economy? Also you can buy exchange bonds now where you only pay a few hundred to buy a deposit bond which guarantees the builder the deposit on completion so I could keep my money until then. Have you any experience of this?

poppysarah

Still building? Stop. Don't go near the place til it's built.

System

poppysarah wrote: »

Still building? Stop. Don't go near the place til it's built.

I think there's only 6 Aspen homes available on the development. The 1 that's been reserved is the best plot and there's only one other one (which is next on the build list) that I would buy because the other 4 are compromised in 1 way or another (smaller garden, less parking, etc)... Therefore I'm worried if I don't reserve soon, I'll lose the plot. I suppose I could just let 'fate' take care of it for me!

Cat695

babycakes2k wrote: »

Ok, I get it now! George Wimpey are a huge builder though, aren't they? Do you think they could possibly go bankrupt or even that the government would allow them to? I don't know enough about this stuff but surely it would be a disaster to the UK economy? Also you can buy exchange bonds now where you only pay a few hundred to buy a deposit bond which guarantees the builder the deposit on completion so I could keep my money until then. Have you any experience of this?

Do you think the Gov has enough money to bail out every company that goes bust??

infact I don't think they have bailed out any company yet only banks

Please do not buy a house that isn't built!!

Cat695

babycakes2k wrote: »

I think there's only 6 Aspen homes available on the development. The 1 that's been reserved is the best plot and there's only one other one (which is next on the build list) that I would buy because the other 4 are compromised in 1 way or another (smaller garden, less parking, etc)... Therefore I'm worried if I don't reserve soon, I'll lose the plot. I suppose I could just let 'fate' take care of it for me!

There are and will be many more houses out there......and just because a plot is reserved doesn't mean its sold.....a friend of mine has just bought someone elses plot

for 80k cheaper because he waited

System

Cat695 wrote: »

Do you think the Gov has enough money to bail out every company that goes bust??

infact I don't think they have bailed out any company yet only banks

Please do not buy a house that isn't built!!

Thanks for your advice. I'll hang fire for a bit longer then and see what happens!

Darth_Marty

Its not as if the o.p has to pay for the whole house up front is it? It will be a deposit which will be refundable (but obviously inconvenient) should the site not go to plan.

I fail to see the problem with new build houses especially as now they are extremely cheap.

I say go for it and in ten years you will be very happy.

Cat695

Darth_Marty wrote: »

Its not as if the o.p has to pay for the whole house up front is it? It will be a deposit which will be refundable (but obviously inconvenient) should the site not go to plan.

I fail to see the problem with new build houses especially as now they are extremely cheap.

I say go for it and in ten years you will be very happy.

Because there is no time period set in any of the contracts that the house has to be built to....so they can have your money for as long as they want......

As I said previously there are people who have come on this site and are still waiting after a year and their house still hasn't been built....and they can't get out of the contract.


And why would anyone want to pay 200k for a house that could only be worth 150k 120k in another years time??

Darth_Marty

You can easily get a clause written into the contract to ensure a deadline is in place, its no problem whatsoever and commonplace.