Crikey, am I doing the right thing?

vyle

Quick overview:

Tuesday - reserved off plan property for 155995 with carpets, tiling and integrated appliances.

Wednesday - cancelled that for a flat my partner and I love (it was our first choice but was 199995 originally) for 155000 with integrated appliances and carpets.

Thursday - Original seller rings up saying that they'll drop to 144995.

Friday - Called current seller to see if they can match/do anything to make us stick with them.

The thing is, we will stick with them anyway, because it's there, it's built and we like it best, but part of me is thinking "11k off the mortgage would really help."

I'm waiting for a call back from Persimmon - the ones we're reserved with at the moment - to see if they can do anything. Am I silly potentially spending 11k more, or is an 11k saving not worth the risk of buying off plan?

boyse7en

If you really must buy now, go for the finished one. The risk you are taking is that the 'off-plan' one will never be finished, or will be built really slowly so they can hang on to your deposit.

Really2

boyse7en wrote: »

If you really must buy now, go for the finished one. The risk you are taking is that the 'off-plan' one will never be finished, or will be built really slowly so they can hang on to your deposit.

Also you should get a big discount on a "stock" new build.

boyse7en

Really2 wrote: »

Also you should get a big discount on a "stock" new build.

Well, they've already dropped £45k (22.5%) so, while it is worth offering below, are they really likely to take another big hit?

socrates

I would push them all the way and beyond!

Really2

boyse7en wrote: »

Well, they've already dropped £45k (22.5%) so, while it is worth offering below, are they really likely to take another big hit?

There are plenty of other builders trying to of load stock. I would say a 30% from peak is more than possible on most new build stock houses.

Rach2007_2

What you also need to consider if you go for the off-plan one is that you may be living on a building site for a long, long time. Estates/apartments are taking ages to complete at the moment as no-one else is buying.

This has happened to a family friend of mine. She has moved into a 4 bed detached on a new build estate and currently only has one neighbour one the estate. It hasn't been touched by the developers for months - it has ground to a standstill. Even the sales ladies in the showhome have packed up and locked up!

hethmar

Go for the one you "love" - if you go into the other one (assuming it ever gets finished) you will be forever feeling you took second best.

sympatex

I couldn't buy a new build even if i wanted to, the mortgage lendor won't allow us to buy a house newer than 5years old without a 25% deposit.

I get the same uneasy feeling about a new build as i do buying a new car. as soon as you buy it, it's worth at least 10% less and in a falling market that can quickly become xx%. Deposit gone and you try and sell your house which is much the same as the one over the other side of the road but they bought after you and more cheaply because (insert builder name) was going to go bust without earning somethign for its houses and will grab the first buyer that comes along as they can accept less.

Cannon_Fodder

Rach2007 wrote: »

What you also need to consider if you go for the off-plan one is that you may be living on a building site for a long, long time. Estates/apartments are taking ages to complete at the moment as no-one else is buying.

This has happened to a family friend of mine. She has moved into a 4 bed detached on a new build estate and currently only has one neighbour one the estate. It hasn't been touched by the developers for months - it has ground to a standstill. Even the sales ladies in the showhome have packed up and locked up!

plus the remainder could get sold off to a HA, affecting re-sale values beyond the crash.

Mr_Matey

A reverse bidding war. Awesome!

Let's see how vendors and the forum would feel about this idea: Tell each you have competing bids from the other and will accept a sealed "best and final offer" bid.

Go with the best one on the table.