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 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!
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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....?
9 replies
VanillaPumpkin · 24/08/2008 19:29
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