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Buying a house before you will actually live in it

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I was in a similar situation to you. Unless you think these new builds are you dream property then I'd wait a little longer and see what you can find when you're closer to getting ready. Build up your deposit a bit more.

Me and my partner put a deposit down on a house and started paying our mortgage before we planned to move in and then had to rent it out due to the costs (we also have a pretty healthy joint wage, there's just a lot of running costs that come about!) After renting it out it wasn't our first new house together because we'd been paying it for 11 months but someone else had been living there! Now we wish we'd waited and got a house that we could have moved straight into when we were ready!

Thank you, that's really good advice, it's really good to hear from someone that is in a similar situation!
The thing is, the houses are pretty much perfect particularly in their location and the fact that help to buy May be taken away at any point. But I don't want to end up in a situation where we have bought and can't afford the costs!

Reply 21

Alfissti

Original post by Minniemousexx

I'm 19, me and my boyfriend have been together for a good few years and are starting to look at buying a house together. We are hoping to move out around spring/summer 2016.
We have just found some perfect new builds near us, which are eligible for the help to buy scheme so very affordable for us too. We have contacted the building firm who have said the houses will be ready around August/September 2015, so a bit early for us - we could afford to buy the house at this point but just want to wait until we have both finished studying first.
Does it seem idiotic to buy the house, then wait nearly a year to actually move into it?

Thanks for any advice :smile:

I've disregarded the age and how long you been together info.

First things first, unless that new build is in an A+ location it will be difficult to rent it out at a rate that is enough to cover mortgage, taxes plus wear and tear.

Also if I'm not wrong the Help To Buy scheme does come with some restrictions about renting out the property.

Many new builds are also plagued with defects that could cause leaks and may take time for the developer to rectify, you might put up with it but your tenant may not tolerate it if it is more than a few days where it could take a developer months to rectify just a small leak that takes at max 2 hours of time to do. Therefore you might need to cough up money to rectify it yourself if there is such a situation.

wear and tear to a house by tenants especially low-wage scums and those on DSS can be horrific as even a kitchen sink can get thrashed. Therefore after a year you might be needing to pay a lot of money to put things right before you move in.

Another issue to be aware off both you and your partner are in education and training, are you 100% that you might not want to move elsewhere for better prospects after that?

Finally a a point to consider, the interest rate may rise as early as next year, could you sustain the rise in mortgage rates?