I am in a bit of a bind, would appreciate if askaboutmoney readers could give me some suggestions. I have recently been bought out of my family home in a marriage separation situation, and have a reasonable sum of money on deposit. I want to live in the general area of the family home to be near my children but not exactly across the road. This limits my house choices as most of the suitable second hand homes are in the vicinity of the family home. Also, since the start of the year, not many second hand homes seem to be coming on the market/ most are not suitable. Thus a second hand house whilst not a non- runner does not look very viable.
I have a booking deposit on a new homes development that is in the area that ticks plenty of boxes, but have concerns about road noise / distance from public transport and also the orientation of the house (sun gone from 12 noon in main kitchen/ diningroom living area, front room is small) ie it does the job but is not ideal. I consider the house well priced, quite salable in the future (last houses in development/ also smallest and least expensive ones), and it is ready for immediate occupation. To summarize, i have doubts about it but it could all turn out fine.
I have to make a decision imminently.
There is a second new development that on paper at least ticks the boxes better, and overall I feel better about, notwithstanding I have not seen the finished product, just the detailed plans on paper. Assuming prices do not go up, it would be somewhat cheaper than the current option (perhaps 5-10%, guesstimate), as it is in a perfectly acceptable but what the market considers a less"exclusive" area. Construction has just started on the first phase, they are timber frame and should in theory be built quickly.I have spoken with the guys on site / the EAs who will be marketing it, and the "for sale" date (not completion date) keeps slipping. They have said July, now its September, but if there was further slippage on this, one wonders if it could easily be Spring 2016.
My concern is that if I hold out for the apparent better option, I will end up paying more, and having to rent for maybe a year or more. As I have good capital, the transaction costs of buying and then selling are roughly about the same as renting for a year, and I have the security of my foot back on the property ladder.
Is there any logic to buying the current option, keeping an open mind about moving to the new house development when it is ready for occupation in 9/12/15 months time? Is this nuts? I've been through a lot lately and am prone to find problems with any options/ am admittedly very indecisive. I have to balance concerns about sitting on the sidelines having capital eroded by price rises (which is worrysome) versus inevitable hassle +of possibly moving house again/ moving into a new house that you might be contemplating moving out of which is a bit strange.
Of course a suitable second hand could appear on myhome in an hours time, but looking at the property register over the last 2 years, little suitable as come on.
I'm getting quite stressed by this and can't decide what way to jump! I am hearing a series of contradictory voices from friends and family.
Any ideas? Buy or sit on the sidelines?
Just as an aside, would an EA on new homes expect your current home to be sale agreed before they would take even a refundable booking deposit on a new home? Must you have sold your own home first?
I have a booking deposit on a new homes development that is in the area that ticks plenty of boxes, but have concerns about road noise / distance from public transport and also the orientation of the house (sun gone from 12 noon in main kitchen/ diningroom living area, front room is small) ie it does the job but is not ideal. I consider the house well priced, quite salable in the future (last houses in development/ also smallest and least expensive ones), and it is ready for immediate occupation. To summarize, i have doubts about it but it could all turn out fine.
I have to make a decision imminently.
There is a second new development that on paper at least ticks the boxes better, and overall I feel better about, notwithstanding I have not seen the finished product, just the detailed plans on paper. Assuming prices do not go up, it would be somewhat cheaper than the current option (perhaps 5-10%, guesstimate), as it is in a perfectly acceptable but what the market considers a less"exclusive" area. Construction has just started on the first phase, they are timber frame and should in theory be built quickly.I have spoken with the guys on site / the EAs who will be marketing it, and the "for sale" date (not completion date) keeps slipping. They have said July, now its September, but if there was further slippage on this, one wonders if it could easily be Spring 2016.
My concern is that if I hold out for the apparent better option, I will end up paying more, and having to rent for maybe a year or more. As I have good capital, the transaction costs of buying and then selling are roughly about the same as renting for a year, and I have the security of my foot back on the property ladder.
Is there any logic to buying the current option, keeping an open mind about moving to the new house development when it is ready for occupation in 9/12/15 months time? Is this nuts? I've been through a lot lately and am prone to find problems with any options/ am admittedly very indecisive. I have to balance concerns about sitting on the sidelines having capital eroded by price rises (which is worrysome) versus inevitable hassle +of possibly moving house again/ moving into a new house that you might be contemplating moving out of which is a bit strange.
Of course a suitable second hand could appear on myhome in an hours time, but looking at the property register over the last 2 years, little suitable as come on.
I'm getting quite stressed by this and can't decide what way to jump! I am hearing a series of contradictory voices from friends and family.
Any ideas? Buy or sit on the sidelines?
Just as an aside, would an EA on new homes expect your current home to be sale agreed before they would take even a refundable booking deposit on a new home? Must you have sold your own home first?