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Can anyone say anything reassuring about the off plan flat we agreed to buy 2 years ago that will be ready this December....?

(10 Posts)
VanillaPumpkin Sun 24-Aug-08 19:29:14

It seemed such a good idea at the time. We are a forces family and were panicking about the rising market and wanted to get a toe hold on the property ladder so committed to buy this flat off plan.
It seemed to be a reasonable price and then we got a discount hmm and so we signed up.

Apart from the fact I am terrified that we won't even get a mortgage on it (and will therefore default and lose the £13000 we have put down plus additional fees) I am also terrified that this is going to just lose us money full stop.
DH is calmer. With his job we have a roof over our heads for at least another 15 years and so should have some time on our side for the investment to work out. If we rent it out we can afford it and if we can't rent it we will be struggling, but not destitute, and at the moment I am a SAHM so there is scope for me to get some work too, (but evenings and weekends so not high earning.)

What do you think? Are we in over our heads? Should we try to sell it on (at a loss most likely)? Or should we sit tight and brave it out? Eeek!

choufleur Sun 24-Aug-08 19:33:39

if you can afford it sit tight. the market will pick up - at the end of the day there is still a housing shortage in the UK.

misi Sun 24-Aug-08 19:36:04

only thing I can say is that the builder will be desperate to complete on the sale, as you have a £13k deposit, I guess the flat is well over £100k. I doubt he will get too many other buyers at the moment, so maybe you should see this as an opportunity to do some haggling??????
with you husbands 'job' I would think you would get a mortgage as you have a healthy deposit too already put down.
go see what reductions you can get out of the builder or see what extras they can give you as a sweetner wink

VanillaPumpkin Sun 24-Aug-08 19:38:49

Thank you for being positive smile. We have tomorrow to go through the paperwork (again) and see the mortgage advisor this week too. Yes flat supposedly worth over £100k.
Off now but will check back so any more advice gratefully received smile.

Upwind Sun 24-Aug-08 19:44:36

I would check your options - what could you sell it for now? IF it is 13k less than you paid, you would be better off walking away. But depending on what you signed that might not be an option.

If you can get a mortgage and do go through with the purchase, find out how much you can realistically rent it out for and how much of a difference you'd have to make up on the mortgage payments and maintenance.

The reassuring thing is that your DH is right, you have a secure home for the next 15 years and the option for you to get some work if you really need to. It will all work out smile

VanillaPumpkin Mon 25-Aug-08 10:47:19

I will get DH to investigate selling on this week. That would have to go through the same agents so easy to enquire.
I think I need to hold my nerve, but it is scary buying property isn't it? My £500 on the credit card scares me at 0% grin.

Upwind Mon 25-Aug-08 15:23:00

Another reassuring thought - prices dropping mean it will be easier for you to buy your dream home in a few years!

Earlybird Mon 25-Aug-08 15:27:41

Friends who bought a flat off plan said their builder/developer finished flats off to a shockingly bad standard.

Make sure you inspect/approve workmanship, and definitely consider holding back some of the purchase price (maybe between 5-10%) until the work has been completed to your satisfaction. Once they've got all your money, it will be impossible to get them to make good any flaws/defects.

VanillaPumpkin Mon 25-Aug-08 17:22:03

Thank you. That is a good tip.
Someone told me to sit on the toilet as well as there were cases of them having been fitted ridiculously high lol.
Our solicitor is pretty good I think. He still has the deposit money that won't be released until we approve. We have a parking space agreed too as a bonus. Originally they were all supposed to have parking spaces, then the contract came through for our flat without one so we obviously refused to sign and they then said we would have one and resubmitted the contract with the correct spec thankfully. I am hoping this will be a good thing, and should help our rental potential. Searching for the positives now <sigh>.

misi Tue 26-Aug-08 00:34:34

turn on taps, watch the water flow down plugholes open and shut all the doors, internal and external, check extractor fans, open and close all the windows.

you will have a ''snagging'' oporunity after you move in but best to see whats on offer and the workmanship before so you can get things fixed before you buy or negoiate discounts etc

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