New Build - Paid SUBSTANTIALLY more than neighbour

parking_question_chap

AdrianC wrote: »

It's a bit like talking to the guy in the seat next to you on a Ryanair flight...

Simple answer is that if you'd waited until the developer got desperate to shift the last few plots, you may have found there were none left. You got in early, you got the full choice.

What is it really £30k to use the toilet onboard now?

Ozzuk

Crashy_Time wrote: »

No it isn`t, it is 30k, and as rates rise he is paying interest on it, the sooner debt is priced at sensible rates again the sooner people will stop thinking that getting into a few 100k debt is like buying a fish supper up the road, and hopefully more over-charging developers will start going bust

Sadly, the end of this tale isn't confirmation of impending doom, but rather a suggestion that we should become quantity surveyors...:D

Anyway...rent is debt for life.

Comms69

DJP1987 wrote: »

Guys, firstly I want to thank everyone for the replies on this. It's appreciated and has made me realise what not to do in the future.

However, today the plot thickened.

So, we had our demo visit today and the site manager, lovely man, let slip that Plot 11 was actually being bought by the Developers own quantity surveyor. I could see the sales rep twitching as he was saying it because she's aware I have logged this as a complaint with their head office (what you don't ask, you don't get right? I'm sure they don't want an unhappy resident 3 doors from the site office).

Now, are there any rules around insider trading or anything on sites like this? Given he's the company's Senior Quantity Surveyor for the region (found out his name and looked him up), surely there's something unethical about me being in a purchase process, 2 doors down having £31k knocked off the asking price and then a day or two later an offer being accepted on it from the Employee?

Again, I think it's a code of ethics, insider trading or something along those lines. The PR would obviously be poor so I'll not name the developer until they don't give me a satisfactory resolution!

Given I work in PR, it would be fantastic....


Come work for us! We offer a discount on your home purchase if you buy on one of our new estates.


You're clutching at straws. They could give the house to him for free if they wanted to.

ThePants999

FWIW, this is the main reason why developers are so keen to give incentives like stamp duty and upgrades rather than drop the price!

ACG

ReadingTim wrote: »

How many years have you been saying that now Crashy? And have any of your hopes and dreams come true? Thought not.

http://forums.moneysavingexpert.com/showpost.php?p=66170152&postcount=7

At least 3 and a half years.

House prices have gone up by around £35k on average in that time - https://www.ons.gov.uk/economy/inflationandpriceindices/bulletins/housepriceindex/december2017

Give or take, £10k per year added to the fact home owners would have paid down some of their Mortgage in that time and probably paid less on a Mortgage than they would have in rent.

Crashy_Time

Ozzuk wrote: »

Sadly, the end of this tale isn't confirmation of impending doom, but rather a suggestion that we should become quantity surveyors...:D

Anyway...rent is debt for life.

http://www.dailymail.co.uk/wires/pa/article-5434005/UK-mortgage-bill-increase-10-billion-1-rate-rise.html


People have been taking out 30 year mortgages though, they would have been better with the flexibility of renting, at least they would be able to move somewhere else without waiting years for a buyer?

Crashy_Time

ACG wrote: »

http://forums.moneysavingexpert.com/showpost.php?p=66170152&postcount=7

At least 3 and a half years.

House prices have gone up by around £35k on average in that time - https://www.ons.gov.uk/economy/inflationandpriceindices/bulletins/housepriceindex/december2017

Give or take, £10k per year added to the fact home owners would have paid down some of their Mortgage in that time and probably paid less on a Mortgage than they would have in rent.

How have house sales done in that time? Don`t forget, a large number of people believed that property would be their pension.......

Ozzuk

Crashy_Time wrote: »

http://www.dailymail.co.uk/wires/pa/article-5434005/UK-mortgage-bill-increase-10-billion-1-rate-rise.html


People have been taking out 30 year mortgages though, they would have been better with the flexibility of renting, at least they would be able to move somewhere else without waiting years for a buyer?

30 yr old decides to buy house, 30 year mortgage. What do they then own at 60 (which they could then sell and rent if so inclined)?

30 yr old decides to rent, 60 years of rent ahead of him?

I know its not as simple as that. Rent if you want to, lots of positive reasons to, but as a financially sound decision, no (IMO).

Crashy_Time

Ozzuk wrote: »

30 yr old decides to buy house, 30 year mortgage. What do they then own at 60 (which they could then sell and rent if so inclined)?

30 yr old decides to rent, 60 years of rent ahead of him?

I know its not as simple as that. Rent if you want to, lots of positive reasons to, but as a financially sound decision, no (IMO).

Problem with your theory is that most 30 year olds can`t afford to buy. The market is broken, borrowing money to buy into an obvious bubble with interest rates only set to go up is a massive risk IMO.

AdrianC

Crashy_Time wrote: »

Problem with your theory is that most 30 year olds can`t afford to buy.

...and let's not forget the long-term ownership rate curve.

(Sorry, can't find a similar graph showing more recently than 2012, but other sources show a tidge under 63% for 2016, so pretty flat since 2012.