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New build - would you?
Mazzawa
Posts: 173 Forumite
We keep changing our minds as to what we want to do property wise but the latest solution is to do a part exchange on a new build to get us out of the city. I think new builds have a stigma attached to them which does worry us so was wondering if any of you would buy a new build or have recently?
The company selling are Stewart Milne homes - anyone know of their building reputation?
Can you haggle down the price on a new build? I know nothing about them!
The company offer a 25% leg-up by means of stumping up that percentage of the value to help you purchase the house. Then at point of sale or after 10 years you pay them back 25% of the sale value. Taking up that scheme - is it smart or stupid?
If we hope to sell ourselves we'll be able to afford a 2 or 3 bed house in the city or surrounding towns only. With this scheme we can get a 5 bed with double garage!
Opinions please oh wise people!!!
The company selling are Stewart Milne homes - anyone know of their building reputation?
Can you haggle down the price on a new build? I know nothing about them!
The company offer a 25% leg-up by means of stumping up that percentage of the value to help you purchase the house. Then at point of sale or after 10 years you pay them back 25% of the sale value. Taking up that scheme - is it smart or stupid?
If we hope to sell ourselves we'll be able to afford a 2 or 3 bed house in the city or surrounding towns only. With this scheme we can get a 5 bed with double garage!
Opinions please oh wise people!!!
0
Comments
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Depends on what you can get for your money but I personally wouldn't go for a new build as I much prefer the charm of pre-owned houses. We did look at some new builds and they were as ghastly as we expected...really badly laid out, small rooms, zero storage and dire locations/parking.
If you find a new-build house that ticks all your boxes and can PX your own property in the process then go for it...it is a very personal choice, just not for everyone
Good luck,
Az0 -
We keep changing our minds as to what we want to do property wise but the latest solution is to do a part exchange on a new build to get us out of the city. I think new builds have a stigma attached to them which does worry us so was wondering if any of you would buy a new build or have recently?
The company selling are Stewart Milne homes - anyone know of their building reputation?
Can you haggle down the price on a new build? I know nothing about them!
The company offer a 25% leg-up by means of stumping up that percentage of the value to help you purchase the house. Then at point of sale or after 10 years you pay them back 25% of the sale value. Taking up that scheme - is it smart or stupid?
If we hope to sell ourselves we'll be able to afford a 2 or 3 bed house in the city or surrounding towns only. With this scheme we can get a 5 bed with double garage!
Opinions please oh wise people!!!
Do you need five bedrooms and a double garage?
Not all lenders will deal with shared equity mortgages, and fewer still if the developer offers it as an 'interest free loan'. I believe Halifax do but the rate is above their usual rate.0 -
Sorry, yes, completely overlooked the shared-equity element (as that's what it is, no matter how they disguise it/what they call it), wouldn't touch that with a barge-pole, but that's IMHO
Az0 -
Out of interest why would you not touch shared equity? As far as I understand there are no payments until 10 years or sale upon which they receive the equity back, same percentage. Maybe I don't understand?0
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Out of interest why would you not touch shared equity? As far as I understand there are no payments until 10 years or sale upon which they receive the equity back, same percentage. Maybe I don't understand?
With those terms I would only consider it if it was a property I anticipated staying in the property long term.0 -
I've got a new buildNew build - don't do it!:eek:0
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I've got a new build - and I hate it - never again. The planners mix up the community (which comes with its own problems - housing association and owner outrights where I live do not get on at all).
Honestly - I have realised that I do not need my shoebox bedrooms, double garage (which is too slim for most cars) and 4 toilets (they just need cleaning). Go for an established neighbourhood with a quality built older property. I have never regret something this much in my life....several years on we are now about to try and cut our lossses.
New build - don't do it!:eek:
And the good things?
0 -
I'm with azkaban, shared equity is a fad.0
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