First Time Buyer dilemma

Albert_FTB

Myself and my partner have a joint income of £37,850. We are thinking of buying a Ben Bailey 3-bedroom new build for £123,450 (after a £10,000 price reduction and further 5% off for FTBs). Obviously nothing is ever certain but would anybody say if this is a good deal in the current climate? Personally we think it is - we'd probably pay around £700/month on the mortgage over 30 years, and would have around £500/month after food, bills, etc to spare. We are both late 20s and are quite keen to have our own place as we are still at my parents at the moment.

Thanks

mr.broderick

I personally hate new builds but this sounds like a decent deal..go for it..

abaxas

Albert_FTB wrote:

Myself and my partner have a joint income of £37,850. We are thinking of buying a Ben Bailey 3-bedroom new build for £123,450 (after a £10,000 price reduction and further 5% off for FTBs). Obviously nothing is ever certain but would anybody say if this is a good deal in the current climate? Personally we think it is - we'd probably pay around £700/month on the mortgage over 30 years, and would have around £500/month after food, bills, etc to spare. We are both late 20s and are quite keen to have our own place as we are still at my parents at the moment.

Thanks

If your jobs are safe, you want to make kids (!) and generaly require to settle down. Go for it! (providing you can afford it).

Say we do have a crash, as long as you can afford the payments chill out, drink cheaper wine and continue.

It depends on what you want to do. Only you can make that choice. Stability might be the right one for you.

ashcarrot

Hmmm depends on the area. That is very cheap for where I live, compare it to equivilant housing in the area and go for it.

MortgageMamma

Sounds ok to me, good luck!

mi-key

Doesnt sound bad, but bear in mind that if you want to move within 2 or 3 years, you may well not be able to sell it for what you paid. I think newbuilds are OK as long as you plan to stay there a decent length of time, but for short term you would be better going for an older house that isnt overpriced as much in the first place.

As a cautionary tale ( ! ) the village we are buying in has an estate of big new build houses on the outskirts. These were sold as posh executive places, and were built around 3 or 4 years ago. Some of the houses there sold for nearly £400,000 new - they are now on the market for £300,000 and people still arent buying them ( for that money you can get much better houses in the old part of the village, which is the more desirable part ).

mr.broderick

mi-key wrote:

Doesnt sound bad, but bear in mind that if you want to move within 2 or 3 years, you may well not be able to sell it for what you paid. I think newbuilds are OK as long as you plan to stay there a decent length of time, but for short term you would be better going for an older house that isnt overpriced as much in the first place.

As a cautionary tale ( ! ) the village we are buying in has an estate of big new build houses on the outskirts. These were sold as posh executive places, and were built around 3 or 4 years ago. Some of the houses there sold for nearly £400,000 new - they are now on the market for £300,000 and people still arent buying them ( for that money you can get much better houses in the old part of the village, which is the more desirable part ).

mikey that is an unrealistic generalisation, new builds go up in value also sir.

MortgageMamma

if new builds didnt go up in price nobody would buy them, ever.

tomstickland

3 bed for £123K is reasonable price, well in the South West. I'd advise going to look at other properties of a similar price to see what else you could get for your money.

whambamboo

Albert_FTB wrote:

Myself and my partner have a joint income of £37,850. We are thinking of buying a Ben Bailey 3-bedroom new build for £123,450 (after a £10,000 price reduction and further 5% off for FTBs). Obviously nothing is ever certain but would anybody say if this is a good deal in the current climate? Personally we think it is - we'd probably pay around £700/month on the mortgage over 30 years, and would have around £500/month after food, bills, etc to spare. We are both late 20s and are quite keen to have our own place as we are still at my parents at the moment.

Thanks

where is it?

Don't forget the price reductions are generally complete BS, designed to make you think you are getting a good deal when you're actually paying over market value.

There was a thread about this on I think Singing Pig. Someone complained that the supposed discount was actually false, they paid over market value.

Don't trust the sellers.

Still might be a good deal, but be aware that they are trying to sell a house: they are just like used car salesman.

What's the market like?

mr.broderick

I am a used and new car salesman so i resent your last comment...estate agents and surveyors are much worse !!!!