Arrgghh decisions decisions!

scarletjim

What would you do in this situation?

I've saved up for about 15 years to buy my dream house, I wait 5 years someone to build one on the empty piece of land opposite my mum's house and no one ever does. So 6 weeks ago I agreed to buy a house about a mile or so away, which is roughly what I want, although not perfect (is any house perfect?)

Now, after paying £500 deposit, plus some searches and solicitor's fees, a developer tells me he is building pretty much exactly what I want on that piece of land near my mum's, better room layout and sizes and everything.

It sounds an obvious decision, forfeit the £1,400 I've committed to my current purchase, and buy the new one near my mum's, but there are several concerns. I know nothing about the developer, he has only recently set up his company, what if I forfeit my current purchase and the new developer goes bust, or changes the plans and builds something different? I could end up losing £1,400 and the nearest thing I've ever found to the 'right' house for me in nearly the right location. Plus the unbuilt house is £50k more, I can just about afford it, but is it worth it?

Main advantages of the 'current' purchase are that a). it's already built! And b). the area is much nicer, quiet, gated and out the way with long driveway, whereas the new one will be right in town so no room around it and some dodgy people about occasionally...

Don't know what to do!

Anyone been in a similar situation?

dizzydonkeys

for me I'd buy the one your on with and IF builder builds then look to sell yours and buy that, he could take 20 yrs, has planning been put in? It could get refused then what?
Also what if he is a chancer who has heard what your after grabs your money and legs it?!
My personal opinion is tell him you'd poss be interested if and when he's built at least most of it and ensure had a water tight contract i.e don't fund the build for him as your prob stuffed if it never gets finished.

Other option is why not buy the land yourself and build exactly what you want if can afford it/get planning?

scarletjim

Planning permission was granted in May, then the company who owned the land at that point sold it to this fella. He says they are starting to build in Sept and aim to finish by March / April 2012, it's not too far away, and he has given me architects floor plans.

My ideal option would be to buy the 'current' one, then move in 9 months if I like what he has built, but that's just not practical because when you add up stamp duty, legal fees, estate agent selling fees etc, a big house costs nearly £20k to move! Again I reluctantly could stretch to afford that if it happened, but it would seem like such a stupid waste of money.. Maybe it's a case of saying 'I don't trust what he is gonna build and when so I'm prepared to throw away £20k to see it first'