Deposits/New Build Incentives

DopeyDora_2

Hi,

This is probably a really dumb question (but you've seen my user name so...!)

When looking at new build properties, there is often a 5% deposit paid incentive for first time buyers like me & boyf.. If you already have a deposit saved up, are you still able to take this builder incentive too, bumping up the % of deposit you have available?

Dora x

Tassotti

This just means that you can buy the place with no deposit (gifted deposit they call it)

You can then put the deposit towards furnishing the place..curtains, flooring ,ceilings.....

Sorry, in my opinion, new builds are way over priced, and they don't even sell you a complete house.

ie "Heres a house, but we won't bother to put flooring in, you have to pay for that yourself, but our builders will do it for an extra 3K"

Yeah right

Extracting the urine.

clutton_2

dora, please do a lot of research before committing your self to buy these new builds with "discount" - there are thousands of folks have bought one, only to realise a few months down the line that they are not worth ANYTHING like they thought, so they are stuck and cannot then sell them on. Many "discounts " have proved to be non-existent, as the big property builders hike up the price and then "reduce" it with a "discount".

https://www.singingpig.co.uk has a lot of discussion on new builds.

Tassotti

As an aside, as a BTL investor, I looked at newbuilds, and even with 25% discount, the rental figures didn't stack up.

Why overpay for a property that is new. In 5 years time, it won't be new anymore.

Look for a property a few years old, pay a reasonable price, and save yourself thousands.

DopeyDora_2

Hi,

Yes, can see your points of view on this. We have a reasonable deposit now so I guess our money could go further on an older property (& will probably get more internal space/larger garden too). We may have to factor in more decorating/repaid costs though I guess.

Dora x

Tassotti

Out of interest, where are you looking at buying?

I am sure that you can make an older property 'yours' v for much less than buying a new build.

DopeyDora_2

Hi,

Looking to buy in Swindon, Wilts.

We are renting at mo, & there are LOTS of new builds going up in this area. Mostly flats though which we don't want as
a) Management fees are sky high
b) Really want a bit of garden to play in/so we can have pet.

There are also some newish (5-10 year old) properties, & some which I guess were built in the 70's & 80's. Don't want to move too far out of this area of town as it's REALLY close to work, friends, ameneties etc. We can walk/cycle to work from here meaning we only need one car, save on petrol etc.

Dora x