Q:Hi
After many mmmm and ammmmm I have taken the plunge a put a refundale deposit on a plot of new housing development.
The price is not realeased until May/June time but the person dealing with it told me the price would be in the range of ￡300-325K – its a 4 bed detached house.
Obviously this is a little/alot overpriced – so wondered what you guys thought I should offer?
Social housing does not mean bottom of the food chain, In the past there was normally a destinction between "council" housing and "rich peoples" houses but builders would hate there name to be put to "council / social housing" estates so I think the destinction will be very blurred in the future.
Not getting at you but schemes like mine seem to get bad press.
I was speaking from experience, as I lived within one of these developments, and it was utter HELL! 99% of the residents are lovely, but that other 1% are the ones that cause 99% of the problems. Their kids ripped all the branches off the trees, car stereo ripped out (how very 1990s!!), windscreen smashed, bikes stolen, fencing/railings damaged from idiots driving their cars into it whilst attempting to drive through estate at 50mph, my car used as a goal post, then I got swore and spat at when I asked them to stop etc…
Tiresome, tedious, and hence I would never live on one of these developments again. Thankfully I'd only rented and not bought.
I know you can get bad neighbours everywhere, but I also have friends who've had similar experiences on large new build developments. Some HA tenants have been kicked out of 1 area and re-housed in another. These are the tenants I'm talking about – pay no rent, and have no respect for either their property, anyone elses property, or even people. They are certainly a minority, but they no doubt ruin an entire estate.
And I'de like to see him get his money back if he changes his mind.
Generally, "refundable deposit" means it's deducted off the cost of the time at the point of exchange, or it's given back to you when you return an expensive item undamaged.
A deposit on a new-build house is so they don't sell it to someone else… it's your promise to come back and buy it in exchange for them agreeing not to try to sell it to someone else. If you change you mind, you don't get you deposit back… that's the whole idea of a deposit.
I have it in writing – so not to worry about the deposit
That's a bit harsh!
I have just bought one of the first affordable homes on the barratt scheme in county durham.
They are building very expensive homes in neighbouring towns (£300K plus) and can not /won't fit affordable homes in there scheme so they get free land from the council and build MIXED housing. Because the land costs nothing the markup on the expensive homes is works out as profitable as those expensive locations.
I own my 3 bed house (100% ownership) for £82,500! Looking out of my front door in all directions there is homes sold for well over £200K
Social housing does not mean bottom of the food chain, In the past there was normally a destinction between "council" housing and "rich peoples" houses but builders would hate there name to be put to "council / social housing" estates so I think the destinction will be very blurred in the future.
If I lost my job the council would not step in and bail me out which only fair.
Not getting at you but schemes like mine seem to get bad press.
Sorry, disagree! I think mine was excellent value! My 2 bed flat (small development, no other flats nearby) was 85% of the price of a 2 bed terrace in the area, plus I get far more space inside (2nd bedroom is a big double rather than pokey single!), and a parking space, which I wouldn't have got with the terrace house! Mortgage interest is cheaper than renting the same property too…
SOME new builds are over price. I certainly wouldn't buy on a big development by a mass-production builder!
If you tell us this, we might br able to advise/comment.
And I'de like to see him get his money back if he changes his mind.
Generally, "refundable deposit" means it's deducted off the cost of the time at the point of exchange, or it's given back to you when you return an expensive item undamaged.
A deposit on a new-build house is so they don't sell it to someone else… it's your promise to come back and buy it in exchange for them agreeing not to try to sell it to someone else. If you change you mind, you don't get you deposit back… that's the whole idea of a deposit.
After many mmmm and ammmmm I have taken the plunge a put a refundale deposit on a plot of new housing development.
The price is not realeased until May/June time but the person dealing with it told me the price would be in the range of ￡300-325K – its a 4 bed detached house.
Obviously this is a little/alot overpriced – so wondered what you guys thought I should offer?
Why do you think its overpriced? It could be in a very desirable location and much sought after. I dont think they are likely to be taking offers immediately on completion. Unless they evisage problems shifting them.
1) Find out where all the social housing is going to be located (1/3 will be sold to Housing Associations for any developments over 16 I think), and make sure yours is as far away as possible!
2) Find out how much does an older 4 bed detached house cost, and offer something comparable.
3) Make sure they give you a decent kitchen/bathroom etc… on top of the low offer.
It's true… there is one born every minute.
maybe i'm reading this differently, but i saw the word 'refundable' before the deposit…. not always necessary to be rude to people, even on this board!
It's true… there is one born every minute.
After many mmmm and ammmmm I have taken the plunge a put a refundale deposit on a plot of new housing development.
The price is not realeased until May/June time but the person dealing with it told me the price would be in the range of ￡300-325K – its a 4 bed detached house.
Obviously this is a little/alot overpriced – so wondered what you guys thought I should offer?
You put down a deposit on a house when you didn't actually know what the full purchase price of the house would be? I think they saw you coming……
Admittedly it was built already and they were having trouble shifting it, but it was never worth what they were asking.
There's your benchmark