New build

elspeth240

The following article highlights some of the problems people in London are facing when purchasing off-plan but this is a nationwide problem http://www.thisislondon.co.uk/standard/article-23660640-details/Buyers+face+bankruptcy+in+off-plan+timebomb/article.do

vixarooni

i agree with gdb here.

I disagree with retrobob because we currently rent a new build flat and its pretty big everywhere, people who have visited have been quite shocked at how large our flat is. Then again i know other new builds may be different bla bla. Although saying this i probably wouldnt go for another new build..

Is it not hard to buy something you have never been in properly? You wont know how much light is coming in, how noisy it is ect...things unique to the setting of your house.

Tiganda

Thanks for the replys.

Our main reason for buying new build were that we liked the area, and the prices are cheaper than "used" properties around and we figured a company would be more likely to drop their price (cashflow) than your average joe (motgage owed).

Yeh i agree with you that it is risky at the mo that house prices may yet have fallen rapidly in 6 months.

Just hope they get back to us shortly, we are already looking at alternative optons.

Thanks for the help

Feline_friendly

We are in the process of buying a new biuld...going through the part ex scheme....our new biuld had its price chopped by £30K before we went to view and then negotiated another £10K off by higher price for our house and lower price for theirs. I am surprised the new biuld you are looking at hasnt been reduced.

Our new biuld has large rooms...bigger than what we have here and ours is an ex council home. You tend to find the new biulds with very small rooms are the cheaper houses classed as affordable houses.

I love the idea of a new biuld as you dont have to put up with other people dodgy DIY, you use you brain when it comes to looking at where your plot is..ie the direction of the sun to your property, how close other houses are being biult...and so on.

Dont give up on them...but i will say this that the development we are buying from although it has slowed down they are selling at least a plot a week. I go up to our plot weekly and i see a new sold sign in the already biult homes or a reserved sticker on the map in their office.

mercedes125

We are buying a new build all the rooms are a good size we looked at quite a few new houses in different areas and could not believe how small the rooms were, no way would we have moved out of our present house in to one of them. It is a 3 storey we are buying but the living room and kitchen are on the bottom not like some that have living room on 2nd floor, we will also have a drive long enough to get 3 cars on then a garage. We are looking forward to moving in it will be our first new house, our friends live in a new build they love it they have not had any problems.

pandamonia

i love how many people just ignore whats going on with the economy and attempt to buy the most overpriced homes on sale now - new builds.

welcome to negative equity you will be in it for many many years to come.

fool

edit.

3 story houses are a con. they only value them on 2 floors apparently

Feline_friendly

I am buying my new house to live in as a home for many years. When the time comes and we do sell....if that ever happens..not only will our mortgage have lots paid off but the houses will have made their way back up again. That's how things work.

I am not buying for an investment...i am buying for a new home to live with my family until they have left home...

Also the amount we are paying for our brand new home is actually cheaper than if i were to buy a house of the same that was biult 10 years ago and in the same town.

GDB2222

Feline_friendly wrote: »

I am buying my new house to live in as a home for many years. When the time comes and we do sell....if that ever happens..not only will our mortgage have lots paid off but the houses will have made their way back up again. That's how things work.

I don't think you can rely on that. People thought that with shares, ie there are fluctuations but the trend is upwards. However, the FTSE index is half what it was 9 years ago. The Japanese market is down 80% from its peak, which was 20 years ago. With hindsight, it's easy to see that the share market was drastically over-priced. Eventually, share prices will recover, that's true, but you may have to wait decades. The same applies to house prices, which are still very, very high.

Feline_friendly wrote: »

I am not buying for an investment...i am buying for a new home to live with my family until they have left home...

Even so, timing matters. If you have a choice whether to buy now or in a year's time, if you wait a year prices will be lower and you will pay 10%-20% less each year in mortgage payments for the next 25 years or so.

Feline_friendly wrote: »

Also the amount we are paying for our brand new home is actually cheaper than if i were to buy a house of the same that was biult 10 years ago and in the same town.

That's really quite surprising. Any idea why that is? Are you looking at asking prices or actual sale prices?

Tiganda

In our area the new builds are far cheaper than homes that have been built for years also. The new builds rooms sizes/layouts are as good if not better than existing homes (on average). Has any one any further tips on how to go about negotiating with persimmons or should i wait and see if they get incontact first (1 week since we last spoke)

Cheers for any advice

GDB2222

Tiganda wrote: »

In our area the new builds are far cheaper than homes that have been built for years also.

Are you looking at asking prices or actual sale prices?