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Thread: New house - buy now or wait?

  1. #1
    Regular Member Vid's Avatar
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    Default New house - buy now or wait?

    I am currently negotiating the purchase of my first house.

    But I keep hearing news that house prices could yet drop as much as a further 30%?

    The trouble is we have found a house we like, being built, and we don't want to miss the opportunity and regret it later.

    We will probably be opting for a shared equity scheme the builder offers, meaning we pay only 75% of the total value, but the remainder must be repaid within 10 years (no rent charge but if the house goes up in value, we must repay 25% of the new value, if the value goes down, we are still liable for 25% of the original purchase price).

    What would you do?

  2. #2
    Regular Member MalcGSI's Avatar
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    If you (and more importantly swmbo) really want the house then buy it. You have to buy when it is right for you, can't see that the value in 10 years will be less than it is now. We completed on a house in June (offer made in Feb) and have no regrets about not waiting to see what prices would do.

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    Regular Member 67688c's Avatar
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    This is a difficult one... and MalcGSI has a valid point, it does depend how badly you want it.
    I dont think that properties will fall a further 30%, I do think however they will fall another 10% over the next 18mths and then bottom out for a while before slowly rising again.
    I really feel for young people who are trying to get on the property ladder these days. You could certainly save a few grand by waiting a little longer, it is definately a buyers market, unfortunately where the buyer has little cash for a decent deposit, one is obviously not in such a strong position, indeed in these cases people often sign up to expensive long term deals because of this.
    The question you have to ask yourself is... if I tried to sell this same property 1 month after buying would I lose money, you have to take into consideration any rental costs you may have to pay out. You obviously have doubts as you asked the question in the first place.
    Builders all over the country are desperate to move new properties, they simply are not selling. Is it going to cost anything if you dont go through with the purchase.? I would be inclined to wait another few months, mortgage deals may improve too, and save, save, save.
    If in doubt Wait!

    Thankfully we haven't had a mortgage for 15yrs, but I remember clearly how difficult it was when we bought our first house, my weeks wage was barely £20 a week. Anyway... best of luck to you in whatever you decide.

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    Regular Member Vid's Avatar
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    Thanks for the replies guys, my head is spinning with figures at the moment, having spoke with an advisor, we may now be able to stretch to buying outright, in which case we can get the house for around £8k less.

    Too much to think about!

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    Regular Member yorkshireborn's Avatar
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    i'd wait, all the so called experts say there another two years of falling house prices and that the market is 20% to 30% above the true figure.

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    Regular Member steve1975l's Avatar
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    There was a thing in the paper last weekend about shared equity, meant to read it but never got chance. It was in the mail so might be on there website.

    It's a buyers market at the moment so push hard for a good deal. You won't lose in the long term as long as you can afford the payments and any future rises if they happen.

    I would wait, are they more similar properties being built?

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    Regular Member parapaul's Avatar
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    Tricky one, Vid...

    If you can afford to buy outright, even if you're stretched to do so, that's the best possible option. It's suprising how quickly you learn to manage with the mortgage...

    I know of someone who wanted to buy the very last house on a new development, it had been for sale for months and the developers were off site and gone, but they refused to budge on the original list price.

    So I doubt you'll get much more than a token offer from the builders - but if you haggle right you can usually get stuff thrown in instead, free carpets or upgraded kitchen/bathroom etc.

    Where abouts is this place? Your area?

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    Regular Member david.aka.judas's Avatar
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    wait - houses are like cars - theres always another one round the corner.

    you have to weigh up the difference between losing the one you've found or finding another one at a lower price.....

    I know which one i would choose.

    I could think of nothing worse than the house being worth less, only after a month of moving in.

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    Forum Moderator soulman's Avatar
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    Default

    Quote Originally Posted by Vid View Post
    I am currently negotiating the purchase of my first house.

    But I keep hearing news that house prices could yet drop as much as a further 30%?

    The trouble is we have found a house we like, being built, and we don't want to miss the opportunity and regret it later.

    We will probably be opting for a shared equity scheme the builder offers, meaning we pay only 75% of the total value, but the remainder must be repaid within 10 years (no rent charge but if the house goes up in value, we must repay 25% of the new value, if the value goes down, we are still liable for 25% of the original purchase price).

    What would you do?
    how long b4 they finish building it ???????? i,m guessing it is on a new estate rather than a one off somewhere .if this is a multibuild have all the others been sold ????????? and interest rates will drop soon i,m sure .what you mustn.t do is to fall into the negative equity trap IE buying a house that is going to loose to much in value.dont stretch yourselves to far and also you must consider job safety etc etc ........personally if i was a first time buyer now i would buy a house you can add value to .IE a doer upper .....HTH

  10. #10
    Regular Member corman's Avatar
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    does the house tick all your boxes? are you planning on living there long term or is it just a step on the ladder or are you looking at it as an investment????

    if its exactly what your wanting in a house and your planning on living in it long term and you can afford it...... go for it!!

    if its for investment and your hoping to make profit in the near future i'd wait

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