buying off plan advise please?

Kasha

My daughter is thinking of buying an appartment due to be completed in 2009 off plan. She would have to rent somewhere until it is complete. We hear there is discount to be had for buying off plan?....but .........Should she wait or do it now? We know nothing about buying off plan so any advise would be really welcome.

Thanks

dwsjarcmcd

New apartments are the riskies property purchase of all, primarily because of vast oversupply in many cities e.g. Leeds and the proliforation of buy to lets either trying to be sold, or still bought.

If it was me, I would want a massive discount - 20% plus and be prepared for it to stagnate in price for a long time. Either that, or buy an older, preferibly period flat. Sorry but a complete 'bear' about new build flats.

David

Trollfever

buying off plan advise please?

DON'T DO IT!

Doozergirl

Oh God. Please don't do it.

I just can't be bothered to go through this again but please don't. There is no genuine discount available. You can knock any new build down on price - those already built I think you have best chance. And at least you know what you are buying. But I will not even buy a repossessed new build apartment. If your daughter has a genuine deposit and new build apartment is what she wants then an auction is the place to look. I live near Birmingham and I could have my pick of several repossessions at auction each month.

Mortgage lenders are starting to ask for a 30% deposit on new build apartments. Can you see what I see?

Were the salespeople dribbling?

eldowardo

Doozergirl wrote: »

Were the salespeople dribbling?

I love this quote! Offplan buying is risky anyway, but I hold agreement with what people are saying above there is massive oversupply of these props that just cant be sold and are sat empty

CYBERCIDERSAVER

How many apartments are there in this complex?? Are they going fast??? If not surely better to wait. Discount may be had now but surely bigger discount awaits if and when the developper gets desperate to shift them....

vansboy

Not quite off-plan, 'cos they're just about built, but next week on Location-Location, Kirsty & Phil are in Luton & it looks, from the trailer, that they're in the bug development, down the road from us, here.

When we looked (being nosey, not to buy) the 2bed show flat would have cost just on £200,000, with a service charge of £2000/anum. All looking smart, with 'upgrade city' installed - sales girls description - one underground parking space, no option for more, on a verrrry busy main road, but a convenient for motorway/station/town, area.

Compare that to our place, a massionette, 2beds, BIG living space, seperate kitchen, in block of 4 with 6 other blocks, looking over our communual greenery, no yellow lines, garage, cul-de-sac, 1960's built, complete re-furbished, £50ish (not mis-type) annual groundrent & we're just off the same main road - except you can't hear/see it. Value £130000.

We're not on the market, but others get snapped up pretty quick, at these prices, or lower, if you want to do some adding value.

So, bet you'd find similar opportunitites wherever you're looking!!

VB

SouthCoast

Did somebody say...........................................


Run away, FAST.

Doozergirl

SouthCoast wrote: »

Did somebody say...........................................


Run away, FAST.

We need a bingo card of popular phrases on this board.

"HOUSE!"