Survey on a new build flat???

Hoploz

Anyway, check with the HA re the survey as you don't want to think all is well proceeding and they say oh didn't we mention we need you to get one of these done!

united4ever

Hoploz wrote: »

Sounds a great deal based on what you say, although it's not my area. THe picture looks nice too. How do you know the other one has gone for 209? Why is yours that much cheaper? I would expect ground and first floors to be at a premium price over a 2nd floor one, white goods and laminate flooring would cancel this out making the value about equal IMO.

I called the estate agent selling the flats for the builder through the open market to find out the 209 figure for the flat above mine. I asked the HA why mine was so much cheaper and they said the lack of parking/flooring/white goods are reflected in the price. I am surprised you think a ground floor flat would be cheaper than a 1st/2nd floor flat would be more expensive than first or second. I always thought ground floor flats were less in demand and therefore less expensive - mostly due to higher security risks. In the case of these flats the first and second floor flats have a balcony where the ground floor flat doesn't even have a patio so that may explain it.

guppy

Hi United,

You're probably in the best place to judge the value, just compare it to what else you could get in the area instead.

As others have said, you do pay a premium for a new build property, and it probably won't go up in value as fast as an average property in the area in the short term, especially if loads of other new flats are being built there.

That said, I don't imagine you could get a two bed terrace or converted flat there for similar money.

So, my advice for what's its worth, would be to stop worrying too much about its value as an investment, just make sure you'd be happy living there for five years or so. At the end of the day, owning a property is just somewhere to live...not a cash cow.

Although I'd personally like to see prices fall, I don't see it happening, and if they do come down a bit, more FTBs would simply rush in to buy and we'll be off again.

Anyway, before you sign on the dotted line, make sure you're aware of the service charges and find out what the terms are for buying more % in future or reselling your share.

And give the snagging some consideration, its cheaper than hiring a Chartered Surveyor and the snaggers seem a lot more pedantic in my opinion.

Good luck