If I pull out of this sale to save money, I have a new problem, please help me work this out?!

[Ddfgk]

It’s maxed the budget and now a new build has come on (not yet completed) for 25k less. This means I could save the 25k. At the moment I’d only have 10k.

The problem is that baby due October and house won’t be built until 31 December. The sale of my house goes though in September.

I don’t know what to do. Can’t stay with family so would have to find an air B and B for the remainder of pregnancy and birth, then move with a newborn all on my own! Though family would help with the move side of things.

I have to have a c section and it’s all feeling overwhelming but I keep thinking I should keep some money back. I’m also worried about the property completing when maternity has started.. will that be an issue etc.

I don’t know whether to just proceed with the current place and forgo the idea of extra savings given the situation I’m in. Maybe it wouldn’t be so daunting being in an air B and B with a baby? I have no idea. Any advice welcome.

Well a long term air bnb in winter will save a fortune on energy bills with a baby.
We stayed in one for a month and got huge discount and no utilities to pay.

You may have more savings but you will get a lower value house so by the time you come to sell on you will make more on the original purchase

Does the new build price include the fit out - flooring, kitchen, bathrooms etc?

This what I was wondering. The list price often doesn't cover these things.

Does the new build have ground rent? Another factor to consider.
in your situation is go with the 1st, apart from anything else don’t underestimate the feelings of nesting pre birth and I’d want to be settled when baby comes

Is the new build freehold or leasehold?

@Ddfgk

i can see the appeal of saving ~£25k if it's cash in the bank.

However, as others have said, there are a lot of hidden costs in buying a new build & as I said earlier, they are mostly terribly built these days, corners cut everywhere to save ££. The chances of it coming in on anywhere near the date are minuscule.

The established house is solid, bigger & you know exactly what you're getting & when.

Not to mention the sheer hassle & cost of renting, Air B&B until your new build is finished. Where you can then look forward to months of snagging, walls cracking as it settles, garden having been build on rubble over a flood area (or waste disposal site) (obviously this doesn't always happen, but more often than not). Paper thin walls etc

Nothing could induce me to buy a new build. But that aside, even financially it makes no sense, you'll lose a lot of money on rent/moving costs & making the new build liveable.

if you want more opinions about new builds start a thread 'experiences if you bought a new build- hood or bad' type thing.

My cousin had to wait an extra 3 months for her new build house, to be ready. When she moved in, she had loads of problems with it. They did come back and fix/connect things, but it took 6 months. I wouldn't bother with a new build.

Having bought a new build 4 years ago I'd never buy one again. The builder is coming back on Monday- again - to try and sort out some of our plumbing issues. This has been going on for 4 years.

On top of that it's likely flooring isn't included, you'll need to buy curtain poles and/or blinds, back lawn won't be included so you'll need to sort that, if you want any extra sockets you'll need to pay extra (as well as say a built in dishwasher). We spent £8k on flooring and that was 4 years ago (not even anything fancy, we have basic carpets and vinyl cushion flooring), almost £1.5k on blinds, etc.

Buy the other house.

depending on the type of development existing houses (so older) tend to be worth more than new builds over the longer term. Also due to generally having bigger plots and being less overlooked

My sister lives in a new build
It was ready three months after they said and she was prepared for at least six, our understanding was that three months late is pretty good.

This was four years ago so I'd guess that delays are longer now.

I agree with the above posters, new build kitting out will tear through your savings and unlikely to be finished on time.

If you are mortgaging your could lose your deal and interest rates are going up. You will also need to put down a bigger deposit on a new build (may not apply depending on your loan to value or if you're a cash buyer) as banks factor in their initial depreciation in value e.g might only need 5-10% deposit usually but this can be between 15-25% for new build depending on provider.

Also - having recently sold a new build I'd lived in for a while - if it is leasehold don't touch it with a barge pole, puts a lot of folk off of you decide to move on and adds a lot of stress often dealing with a useless third party.

I live in a new build, and moved when my baby was 8 weeks old - difference is that the house was already built when we viewed it, so we knew exactly what we were getting with no extra costs. You do end up spending with a new build though - sorting out garden, and doing bits in the house. Go for the house you've already committed to, moving with a baby is SO hard.