New build-off plan or wait?

swizzle_2

Hi

I`ve got itchy feet and want to move!

Have looked at some new builds buying off plan, some will even do a part exchange-and pay our estate agent fees, as long as we buy a hoyuse worth 30 o/o more than ours.

Our house needs things doing,new kitchen,rip 70`s fireplace out and bits and bobs.

Like the idea of buying a new house that is all done.

But if I wait, would a nearly new one cost less?

Thanks

xycom1

swizzle wrote:

But if I wait, would a nearly new one cost less?

I doubt it. This seems to happen quite often down here - people buy new build off-plan and then stick it on the market once they take ownership. At a vastly inflated price of course!

I don't know where they get the mugs from who buy them, but they always seem to get snapped up.

BobProperty

What could you get by spending 20% of the value on extending and improving your existing place? It could be worth thinking about.

Doozergirl

If it's for you to live in then I would try and see the house first. Ask if they have another development with the same house type already built - they often do although it may or may not be quite far from you, it's definately a good idea to see it first. A room that may look a decent size on the plans can seem quite the opposite in the real world! If it's a day trip out and a bit of cost in petrol, it's still a good idea when you're considering spending (more than likey) well over £100k.

bylromarha

If you do decide to p-ex with the builder, I guess it goes without saying to make sure you get valuations on your house with other EAs.

The builder we looked at p-ex ing with last June wanted to offer 10% less for our house than next door had sold for the previous month...we weren't that desperate to move at the time so declined.

Having looked again at new builds that did p-ex in Feb, the sales office told us they were losing money on their p-exs as it's now a buyers market, so were offering quite low amounts to anyone who chose that route.

zappahey

bylromarha wrote:

the sales office told us they were losing money on their p-exs as it's now a buyers market, so were offering quite low amounts to anyone who chose that route.

And we always believe the sales office, don't we

bylromarha

zappahey wrote:

And we always believe the sales office, don't we

Of course!

It wasn't in his interest in this case to tell us that info as it meant he didn't get a sale, p-ex or otherwise.

dander

I think part-exchange can be a good route to choose, if you're prepared to accept the disadvantages. Yes, you'll get less than market price, but you'll save on estate agent fees. And what's worth its weight in gold is you'll save on the stress of trying to get a sale through on your house. And as many of us on these boards can tell you, there's a lot of stress to be saved!

jezza1O1

Having rented a new-build I was ultimitely glad that I havent bought one. New builds are well presented and well marketed - they suck you in with a nice bathroom/kitchen and a blank canvas. We were the first people to rent the new build and we signed up as soon as we saw it. However a year later and we were so glad we werent the owners, to be honest we found the place small (it was marketed with no furniture so we didnt notice just how cramped it would be), and souless. No charm or character and a year later we were happy to go.

Interestingly the properties still seem to be desirable, but the turn over is so high. It is my opinion that people fall in love with the features but these places just arent as nice as something older. Find a modernised pre-1930s property.

Good luck with whichever route you take, you'll find it hard to resist the modern marketing techniques of the developers though !