House buying advice.

[Champ]

And steps up to the front door?

 

Well, I was just going to post that and then I thought I'd check what kind of a shop it was next door. Have you? Even if it doesnt bother you, you've always got to think resale value Next!

[Rico1304]

I've just moved into a new build after 8 years in a small terraced that I'd done up. So far the experience has been great, yes there have been snags but the builders have sorted them all out. The main bonus is that everything is guaranteed and maintenance costs for the next 10 yrs will be minimal.

[lifetime fan]

And steps up to the front door?

 

Well, I was just going to post that and then I thought I'd check what kind of a shop it was next door. Have you? Even if it doesnt bother you, you've always got to think resale value. Next!

 

 

 

[lifetime fan]

I've just moved into a new build after 8 years in a small terraced that I'd done up. So far the experience has been great, yes there have been snags but the builders have sorted them all out. The main bonus is that everything is guaranteed and maintenance costs for the next 10 yrs will be minimal.

 

 

Is that not where you make the profit margins though?

 

Surely a new build you buy at top whack and only make money if the whole of the market inproves. In fact you may lose money fairly quickly as the home is not 'brand new' to the next buyer.

 

I'm not looking for a building project due to our circumstances (I'd go that route every single time otherwise) but I'd also want to add a bit of value to the place if I decorated, did the bathroom or kitchen etc.

[Champ]

To a point but unless you're buying a dump your profit margins come mainly from market increases. It may help resale but I don't think you ever recoup what you spend on doing up a bathroom or kitchen, say. Do those things to enjoy while you're living in the place. Adding a room or bathroom, now that might be different. You'll never have trouble getting rid of a well presented new build...most people don't want to be doing work

[Rico1304]

Yes, we made a fair few quid in moving - about a 20% deposit. The missus is pregnant now though, and we didn't really fancy a project. It suited us to stretch ourselves now, and then stay here for the next 20 years. Hopefully by then the market will have stabilised and we'll still have a few quid equity + whatever % increase in the market.

 

Also, the number of decent opportunities out there has reduced, the best ones have already been done.

[lifetime fan]

Yes, we made a fair few quid in moving - about a 20% deposit. The missus is pregnant now though, and we didn't really fancy a project. It suited us to stretch ourselves now, and then stay here for the next 20 years. Hopefully by then the market will have stabilised and we'll still have a few quid equity + whatever % increase in the market.

 

Also, the number of decent opportunities out there has reduced, the best ones have already been done.

 

 

This.

 

A mate of mine is buying the right places (when they become available) for cash the day the estate agents are instructed. They don't even get to be advertised.

[bigbak]

I've just moved into a new build after 8 years in a small terraced that I'd done up. So far the experience has been great, yes there have been snags but the builders have sorted them all out. The main bonus is that everything is guaranteed and maintenance costs for the next 10 yrs will be minimal.

 

The 10 year NHBC guarantee is usually for the structure and not the interior. You'll have 2 years from when the house was completed, not when you bought it to get any interior things sorted. Stuff like settlement cracks.

 

The house I'm in is 6 years old. The settlement cracks weren't done, a lot of the toilets failed this year and some of the taps. None of them covered by guarantees.

[Champ]

The 10 year NHBC guarantee is usually for the structure and not the interior. You'll have 2 years from when the house was completed, not when you bought it to get any interior things sorted. Stuff like settlement cracks.

 

The house I'm in is 6 years old. The settlement cracks weren't done, a lot of the toilets failed this year and some of the taps. None of them covered by guarantees.

 

On the development, I assume. Or we demand pictures of your palace!

[bigbak]

On the development, I assume. Or we demand pictures of your palace!

 

Just three. One downstairs. One in the bathroom. One in the en-suite. Lots is probably an exaggeration.

 

I friend had a four bedroom house with three en-suites, a bathroom and a toilet downstairs. Totalling five toilets.

[Champ]

 

Just three. One downstairs. One in the bathroom. One in the en-suite. Lots is probably an exaggeration.

 

I friend had a four bedroom house with three en-suites' date=' a bathroom and a toilet downstairs. Totalling five toilets.[/quote']

 

That's a lot of cleaning

[lifetime fan]

Pain in the arse this mortgage lark isn't it.

[Champ]

Pain in the arse this mortgage lark isn't it.

That what you been up to today? How far have you got?

[lifetime fan]

Mortgage agreed in principle but they want 15% deposit not 10%. It's doable but stretching it to the very limit, including wiping out my money for a dishwasher.

 

The hassle was a single application for a mortgage by a married man wanting to live there with his wife. Apparently they needed to do some fraud prevention checks as it sounded a suspicious 'story'. That and I couldn't find my P60. Oh and trying to explain guaranteed shift bonus (you know, because I work shifts!) but it's different each month because I work different shifts.

 

Anyway got offered 3.99% fixed for 5 years, no penalties for overpaying and no mortgage fees.

[Champ]

Mortgage agreed in principle but they want 15% deposit not 10%. It's doable but stretching it to the very limit, including wiping out my money for a dishwasher.

 

The hassle was a single application for a mortgage by a married man wanting to live there with his wife. Apparently they needed to do some fraud prevention checks as it sounded a suspicious 'story'. That and I couldn't find my P60. Oh and trying to explain guaranteed shift bonus (you know, because I work shifts!) but it's different each month because I work different shifts.

 

Anyway got offered 3.99% fixed for 5 years, no penalties for overpaying and no mortgage fees.

 

Nice work by the sounds of it Mr Fan!

 

Does that mean you've found somewhere or is that how it works...you secure a mortgage deal first?

 

I'm sorry about the dishwasher *sad face* (find a new build that comes with a dishwasher!)

[lifetime fan]

Nice work by the sounds of it Mr Fan!

 

Does that mean you've found somewhere or is that how it works...you secure a mortgage deal first?

 

I'm sorry about the dishwasher *sad face* (find a new build that comes with a dishwasher!)

 

 

No, not yet. They've agreed a mortgage on the understanding any property would meet their criteria and valuation etc

 

15% deposit means no chance of a new build, looking at something like the two garden flats I posted earlier.

[Champ]

Hasty re-write...bloody timeout thing

 

Ok, have had a minute to think...

 

Wish I knew where you'd got your mortgage from because I would shut up if you've done this already but had you ruled a new build out and did you get the mortgage via an independent mortgage advisor? You're not committed to it, are you?

 

In your circumstances I would definitely recommend it....ie tell them what kind of property you want to buy and see if it can be done. Again, in your circs, the 15% sounds quite steep when you dont know what's ahead of you. Equally, if you want a new build did you speak to any builders directly...lay it on 'with a trowel', they may offer some special deal

 

And apologies, again. if you have done all these things

[lifetime fan]

Is there a group of more useless, pointless, lying, backstabbing, fake, pond life cunts in existence than estate agents.

[brucespanner]

Is there a group of more useless, pointless, lying, backstabbing, fake, pond life cunts in existence than estate agents.

 

When I'm made Lord Emporer of the known world, about six years time I estimate, the the list for 'Against the wall' runs as...

 

1) Recruitment Consultants. Shit haircutted, acronym spouting fucking thundercunts.

 

2) Estate Agents. See above, but the added bonus in the fact they all seem to be lacking a vital synapses, thus negating their humanity.

 

3) The French. France is beautiful, the French are cunts, once they've all been taken care of* then I'd move to France and rename it Spanners Pleasure Island.

 

*Fit French women can stay to be taken care of in a different way, I like them.

[RJ Fan club]

Is there a group of more useless' date=' pointless, lying, backstabbing, fake, pond life cunts in existence than estate agents.[/quote']

 

No mate there isn't. The bullshit I hear is unbelievable. They've openly lied to me on numerous occasions about extensions, what your allowed to do without planning permission only for me to tell them I'm a chartered town planner. The backpedaling is amazing.

 

At the end of the days they are salespeople and usually pretty shit ones. Bear that in mind and you'll not go far wrong.

[lifetime fan]

Said right at the start we're first time buyers wanting to move as quickly as possible so ideally want a property without a chain. If there is a chain that won't be a deal breaker but if I find out just once they've lied to me about anything I will refuse to buy the property even if I like it.

 

Seen a flat, I like it as does Carly, told the estate agent we need leasehold because of our mortgage and ask if its in a chain.

 

The guy promises me it isn't in a chain and its leasehold. I double check and he promises me again that it's both leasehold and not in a chain, "it would be pushing it but you could possibly be in for Christmas".

 

So I ask for the management company details in writing today for the mortgage people. Collect the paperwork and its freehold. What's more the reason it's not in a chain is the owner hasn't even started to look at other properties yet and isn't prepared to rent in between. And he'd been honest about this from the start to them.

 

I'm actually glad I'd gone in to collect the paperwork so I had the opportunity to call him a lying cunt to his face rather than over the phone.

[bigbak]

Said right at the start we're first time buyers wanting to move as quickly as possible so ideally want a property without a chain. If there is a chain that won't be a deal breaker but if I find out just once they've lied to me about anything I will refuse to buy the property even if I like it.

 

Seen a flat, I like it as does Carly, told the estate agent we need leasehold because of our mortgage and ask if its in a chain.

 

The guy promises me it isn't in a chain and its leasehold. I double check and he promises me again that it's both leasehold and not in a chain, "it would be pushing it but you could possibly be in for Christmas".

 

So I ask for the management company details in writing today for the mortgage people. Collect the paperwork and its freehold. What's more the reason it's not in a chain is the owner hasn't even started to look at other properties yet and isn't prepared to rent in between. And he'd been honest about this from the start to them.

 

I'm actually glad I'd gone in to collect the paperwork so I had the opportunity to call him a lying cunt to his face rather than over the phone.

 

I had a feckless twat when I sold my place. Lied to over and over again. I'm 6ft1, quite broad and can do a good evil face despite being a pussy cat. I went in to see him one day. I walked in looking like a giant, asked for him by name to two blokes at the front. One pointed at the other one and he absolutely shit himself. I've never seen somebody play with their pad and pens so much.

[Rico1304]

Is there a group of more useless, pointless, lying, backstabbing, fake, pond life cunts in existence than estate agents.

 

no.

[Champ]

Thank God I have never had to buy a property under that system. That's no help, I know....just saying/sympathising

[lifetime fan]

They don't have any other suitable properties so I didn't even half to bite my nose to spite my face when the branch manager rang to apologise and beg for my money.

 

He didn't have an answer when I accused them of deliberately lying about it being a freehold, hoping to then push their own 'recommended' mortgages.