Interested in buying a new build property

jbennett75060

Hi everyone,
I have a question regarding buying a new build property. I recently went to visit a new build in Portland, Dorset (Officers field).

These houses are available to buy, but purchasers can not move in until about October/November this year as they are being used by the sailing team for the Olympics. They have currently only been built to an adequate standard for the olympics team (e.g. one lick of paint, and no kitchen as a communal building will be used for this), and will be finished in October.

I am interested in buying a 2 bedroom house at this site. However, I am a bit concerned. They have said I would need to pay 2k up front, and 10% of the house value within 4-6 weeks (about 15k).

I really like the house, but i'm not sure what to do as handing over 17k up front is kind of worrying. Also, where would this leave me when applying for a mortgage, would I need to find an additional deposit to give to the bank?

Thanks

Jon

Alexei

Have you looked into what the general area is like and how values are likely to hold up in the future?

I stayed for a weekend in a big development called Atlantic House (next to Officers Field) a few months ago. It seemed to me there'd been massive overdevelopment in the area by builders trying to make a quick profit on the back of the Olympics.

From talking to people there, it seems that only a quarter of the flats had been successfully sold. Most were lying vacant, with some being rented out as holiday lets. The general standard of the flats seemed pretty poor - communal areas were in bad repair. Most people we spoke to seemed to be moving out if renting, or else trying to sell. I would have thought most of these supposedly exclusive flats are destined to be rented to housing associations for social rent at a knock-down rate.

Added to the general windswept, isolated feel of the area and lack of amenities, I'd be worried that this overdevelopment would be seriously bad for resale value of properties on officers field.

jbennett75060

Hmm, that has got me thinking.

I do like the look of the property. I agree about the area being windswept, I work at Southwell Business Park, a few minutes away.

Although, the property I was looking at seems to be sheltered from the winds. It seems as if the houses form a wall around the central garden.


Also, I'm a first time buyer, and 150k for a 2 bedroom (with the 10k reduction due to some 'Olympics bonanza deal', as they call it) is quite a good deal for the Weymouth/Portland area IMHO.

I'm really not sure. I think the fact that they wanted 10% upfront does worry me a bit though, especially as I wouldn't get the keys to the property until October/November.