New Build Flat

[jd99]

I'm looking into buying a new build 2 bed flat off plan in London (just outside the Docklands Area). Going along to see the developer next weekend... I was interested in the last phase but there weren't any suitable left.. so I'm looking at the plans for these before they're officially launched.

Was wondering if anyone else has bought off plan and what experiences you've had with it? Also, are there any questions I should ask when i go to see the developer? I think I've got the basics covered... looked at the area, looked & spoken to people in the other buildings (all done by the same developer) and will arrange for a snagging agency to check the flat once its finished (in 2009).

 

[jd99]

I hope you have at least £700,000 floating around in your back pocket.

It will be near to the royal docks and close to a DLR station so an easy commute to canary wharf... so I'm looking at approx £300-350k

 

[jd99]

Is there any particular reason why you are choosing that area of London? For the same money you could probably get something in an area with a better heritage (Kensington, City of London, zone1, perhaps).

I work in Canary Wharf and prefer the DLR commute rather than Jubilee line etc... I think the one I'm looking at is a good balance between size & ease of commute. I'd much rather live somewhere a bit smaller but be able to get to work in 20mins on a single DLR.. personal preference.

If you intend to live in that property I would strongly advise you to take a look at other new builds in the area. I looked at new builds in the Docklands area and I found:

low ceilings - I was able to touch the ceiling with my hand.
small rooms - if a room can fit a double bed it is classified as a double room
thin (stud) walls - punch hard enough and you fist will go through the wall.
no windows in the bathroom - only an extractor fan
everything in general seemed lightweight, as if done on a very tight budget.

I've had a chance to look around their previous buildings (all by the same developer on the same site) and the quality is good in comparison to other new builds. I intentionally waited for this particular building as it has higher ceilings and larger balconies.

If you have no money and you want your deposit paid and/or need the cashback, etc then by all means go new-build but other than that there just isnt any other advantage. You can get a larger resale property, probably in the same area for less money. The rooms will be bigger and build quality will be better.

If you have £350k to burn then might I suggest that you find your own land and have a property built upon it. This will negate remove all the negative points I have listed above. You will also get superior build quality, even to resale properties.

IMO £350k on a 2-bed new build is madness.

I think i will be towards the bottom of their scale £300-310k. I'm going to move back in with my parents (+ will be working in NY for a chunk of the time) until it is finished .. and so using that time to save up money. With savings + that money I will be able to pay off 20% + stamp duty + furnishings. This way hopefully will serve me better than buying a resale now (of course house prices can fall).

 

[jd99]

Ask about parking.

Yeah already checked that. It comes with underground secure parking for the same time as the leasehold. Definitely will help resell value.

 

[jd99]

Did you come up to me today at Canary Wharf asking me where the Pan Peninsula marketing suite was by any chance?
If not, is it any of these developments:
Pan Peninsula
Elektron Towers
Ontario Tower

Edit: I think it is the Elektron Towers you're going for. If so, add me to MSN and i'll tell you all you need to know about them.

Wasn't me I'm afraid.. and its not the Elektron Towers. I have looked at all 3 of those.. but they're out of my price range at 400k+ for a 2bed/2bath.

Thanks for the offer though.

 

[jd99]

£400K+ for a 2bed flat.

Ontario towers.... a big new skyscraper near to canary wharf your looking at 300k for a studio, 350k+ for a 1 bed and 450k+ for a 2bed. Londongs strong property prices, high demand and high city bonuses are making it ridiculous.

 

[jd99]

Yeah alright. You got me there. But you get my drift. If you look around there are better properties in better areas for the same price or less.

I guess it depends on what your priorities are. I know a few people who live near canary wharf area and basically paid a lot of money so they can walk to work and get home in 10/15 mins. Whilst other people are happy to commute for 1+ hours each way. It all depends on your priorities.

I'm hopefully aiming for a happy medium.. 20 min commute on the DLR.

 

[jd99]

I'm in the same boat as jd99 but not looking to move that close to Canary Wharf.

I like all of the nice modern apartments already posted, they're my style. Does anyone know of any similar ones further west? I'd even be prepared to go just outside the M25 if the place has good rail links.

Best thing is to get on the mailing list of the major developers.. if your interested in a new build they will send out details before they appear on sites like rightmove. The main ones i've been looking at (in no particular order and with no guarantees of quality) are:

barratt
berkeley homes
bovis
bryant
countryside properties
crest nicholson
david wilson homes
fairview
george wimpey
kingsoak
linden homes
martin grant
miller homes
redrow