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Another 'what to offer' thread

samsam89
samsam89 Posts: 214 Forumite
First Anniversary First Post Combo Breaker
in House buying, renting & selling
Sorry, it's another one of those threads.

Basic gist: Sold our property and staying with in laws. Have £50-£60k in savings plus a little bit more invested in a 5 year dividend scheme which negates need to pay tax or NI (roughly £6k). We are currently saving between £1000 and £1500 every month.

We are (fingers crossed) able to borrow £190-200 - meeting broker next week. Perhaps slightly less.

A small development of houses are due to begin construction in the next 2 weeks and one is on at £280k. They are set to be completed in 9months and have a non refundable reservation fee of £1000. They aren't registered for HTB and don't appear to want to do so.

Is this too optimistic as a price range, taking into consideration offers? And what would be a good starting point if so...

http://www.rightmove.co.uk/new-homes-for-sale/property-50169732.html

Yes, I know a property is worth what someone will pay for it.
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Comments

  • Crashy_Time
    Crashy_Time Posts: 13,386 Forumite
    First Anniversary First Post Name Dropper
    Others here will no doubt disagree, but if you pay 280k for that you are definitely going to lose money IMO. The 9 months might be a godsend because if the market deteriorates in that time you have a chance to pull out, and will have been building up your cash cushion, losing the 1k is no big deal in that situation because you will be saving much more in the long run. If you enjoy being at the in laws, and they like having you there, why not stay on a while?
  • Cakeguts
    Cakeguts Posts: 7,627 Forumite
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    How many cars have you got? The cheapest plots which look as if they are going to be 4 and 5 have what looks to me as less parking than all the others.
  • samsam89
    samsam89 Posts: 214 Forumite
    First Anniversary First Post Combo Breaker
    Cakeguts wrote: »
    How many cars have you got? The cheapest plots which look as if they are going to be 4 and 5 have what looks to me as less parking than all the others.

    Just the 2. Interestingly the bungalows are the cheapest at 270 & 275.
  • diggingdude
    diggingdude Posts: 2,445 Forumite
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    I may be wrong but in my experience I have never been to a development which will negotiate price unless they are trying to flog a problem one. Good luck regardless
    An answer isn't spam just because you don't like it......
  • glasgowdan
    glasgowdan Posts: 2,967 Forumite
    First Post First Anniversary Combo Breaker
    I don't think you can afford these houses. They'll sell to people who can and you are probably best to keep looking.
  • samsam89
    samsam89 Posts: 214 Forumite
    First Anniversary First Post Combo Breaker
    glasgowdan wrote: »
    I don't think you can afford these houses. They'll sell to people who can and you are probably best to keep looking.

    Thanks. I think it's touch and go depending on price. If the price came down slightly I'd be more optimistic, for example if the developer doesn't sell them quickly then I think we could afford one as they'd be more willing to negotiate. Average sold price for 3 bed detached in area is £257k which we could afford, but just a lack of property makes it hard.

    We are continuously looking nonetheless!
  • juniordoc
    juniordoc Posts: 366 Forumite
    Worth waiting a few weeks to see where they are with offers and see how your savings are stacking up. Be patient and in a while they might accept an offer. Good luck!
  • Crashy_Time
    Crashy_Time Posts: 13,386 Forumite
    First Anniversary First Post Name Dropper
    It`s nothing special in the middle of nowhere, save your money IMO, there will be bargains when they are forced to raise rates and Brexit comes off the rails.
  • samsam89
    samsam89 Posts: 214 Forumite
    First Anniversary First Post Combo Breaker
    Called estate agent few days ago. They mentioned they've had "a bit of interest", in plots 1 and 5. The interest in those plots could well have been my other half mailing them under a different email address. EA did say there hasn't been any reservations at the present time.

    My income has gone up and we are able to roughly borrow £193k. We're definitely saving well with circa £1300 being put away this month.

    Just wondering if a cheeky offer is worth it, and at what price point.. hmmmm.
  • martinsurrey
    martinsurrey Posts: 3,368 Forumite
    edited 3 October 2017 at 5:25PM
    Crashy_Time wrote: »
    It`s nothing special in the middle of nowhere, save your money IMO, there will be bargains when they are forced to raise rates and Brexit comes off the rails.

    http://www.rightmove.co.uk/house-prices/detailMatching.html?prop=58508458&sale=5708203&country=england

    There is a new build in Norwich that has risen by £51k in the time Crashy has been advising against it.

    edit

    4 Malthouse Drive, Hoveton, Norwich, Norfolk NR12 8GN

    06 Dec 2013 Detached, Freehold (New Build) £269,950
    11 Aug 2017 Detached, Freehold £325,000
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