FIRST TIME BUYER new build?

dentisteve

similar older houses are averaging around £300,000. out of the plot currently there are 2 available, 2 purchased and completed and 3 reserved. There are also a further 2 planned.
The actual list price on this property is 325,000 and i was going to start negotiations at £285,000. I wont go any higher than £300,000.
The property is a 4 bed detatched with a double garage in portishead and is part of a planned development due for completion in 2010.

elspeth240

Wouldn't touch a charles church home if I were you. Heard of loads of nightmare stories about snagging etc and quality of workmanship. Check out homes from hell and also the following link. http://www.charles-church.org.uk/phorum/

If you still decide to go ahead, I would wait until it was built as you will get a better deal then.

dentisteve

the other reason for bying before built was so that we could specify to what we wanted in the kitchen - units wise, granite, etc

Is this not worthwhile then against the cost of buying off plan

hethmar

Have you looked at any older houses?

I can understand your enthusiasm but its a falling market, builders are going under and new builds are notoriously overpriced.

Hmm this is nice

http://www.findaproperty.com/displayprop.aspx?edid=00&salerent=0&pid=1539186

sympatex

Also you could have problems obtaining a mortgage on a new build house without a 25% deposit (or equity for non FTB). New builds at 330k won't be flying off the builders hands any time soon, i'd imagine they are cacking themselves. Wait, continue waiting and wait for them to be completed. Anything could happen between now and June and it probably will. Your 30k deposit might just be a patch of mud.

BenL

dentisteve wrote: »

yeah? so it works off just better staying in rented for the time being then? IT just I feel bad in my own mind about giving someone else money and not having equity to my name

In the current climate the only equity you will end up with is negative

Premier_2

dentisteve wrote: »

HI, WOULD LOVE SOME HELP/ADVICE PLEASE!!!

We have £30,000 saved up for a deposit on a house which we have seen, a new build (due for competition June 2009) with a price of £325,000, which should be negotiable to £300,000. Its a Charles Church property which we would be buying off plan to fully customise to how we want. Is there any thing we should look out for with this? Or any tips on how to negiotiate?

Why not buy one thats already finished? It's not as though buyers are queing up outside their sales offices is it?

Put another way, there is no guarantee the property will be completed by June 2009 (there will be no long stop date in their contract) and even when your property is complete, how long are you prepared to live on a building site for whilst they try and find buyers for neighbouring properties before they build them? It could be many many years.

Why not find a property for sale already built, and preferably in an established area?

Premier_2

dentisteve wrote: »

the other reason for bying before built was so that we could specify to what we wanted in the kitchen - units wise, granite, etc

Is this not worthwhile then against the cost of buying off plan

Would you prefer a kitchen at all (even if it means gutting it and replacing with something more aesthetically appeasing to you) rather than having a specific tile on the wall specified, but unfortunately no wall built to put it on???

mrsf77

We have just completed on Charles Church property and I would be really wary of ever doing it again!
1. Do not use their suggest solicitor
2. Get a long stop date put in your contract, this is date that the house has to be completed by. We didn't have one, didn't realise that we needed one. We were told that our house would be ready in 4 months, it was 12 in the end. There is nothing to protect you if they delay the competion. We learnt this the hard way.
3. I would definitely be getting more money than you are hoping for off, that doesn't seem like enough money off to me. We got our house for £249k reduced from £275k, this was with a lot of fighting though.
4. If you do go ahead, when the house is finished get a proffessional snagging company in to check the workmanship (which I can tell you now can leave a lot to be desired!) it costs @£350 but is worth it.

On the plus side, it is really nice to be able to choose what kitchen, bathroom tiles, extra electrics etc etc before moving in. They also seem to very willing to rectify any problems that you find (which is just as well as there are a lot!)

Hope this helps.

If you have any questions pm me.

poppysarah

mrsf77 wrote: »

We have just completed on Charles Church property and I would be really wary of ever doing it again!
1. Do not use their suggest solicitor
2. Get a long stop date put in your contract, this is date that the house has to be completed by. We didn't have one, didn't realise that we needed one. We were told that our house would be ready in 4 months, it was 12 in the end. There is nothing to protect you if they delay the competion. We learnt this the hard way.

Do you feel (2) was as a direct result of (1)?
I'm sure if you did there's a case for a complaint -

Always stick by that rule 1.