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I hope I'm not covering too much old ground with this question but has anyone had any dealings with off plan finding services. They seem to offer a good deal but a no hassle off plan profit is too good to be true surely. Any thoughts?
http://www.asset360.co.uk/
http://www.buyproperty4less.com/
http://investors.assetz.co.uk/
Many Thanks
Steve
They all seem |
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steve,
i personally do not no any of these companies but overall i would exercise caution with off-plan deals as they are not as good as they seem.
tom |
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Thanks for your input Tom, I'll tread carefully. |
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Steve,
Tom is 100% right: all that glitters etc...
Regards, Malik |
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steve,
if you want any comments for any reason feel free to email me at tomharwood88@hotmail.com.
tom |
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Hi
I hope you haven't had bad deals with these type of investments. I work for developers in Turkey Not Barfa Sim I may add.
I have seen the work these guys do and I was impressed.
Take a look at the website www.noktacompany.com |
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Hi Jane,
Are you based in the UK or out in Turkey?
Regards, Malik |
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I have been considering this type of investment for some time now.
My difficulty with new builds is trying to ascertain whether the valuations are correct and not artificially inflated only to be discounted back to or near to the true market value. Of course the introducers fee, figures averaging around 3% I've seen have also to be taken into consideration.
The developers/introducers usually use colourful language like "luxury living" and "upmarket accomodation" etc. which they can use in their defence when asked why similar resale accomodation in the area is on the market at a lower price.
I believe the council of mortgage lenders have recently been complaining to the RICS about the over valuation of new build properties by some of it's members. Chartered surveyors would n't behave like that now would they ;-)
In fact one large BTL lender refused to issue any further lending on new build flats saying that they would only consider at least one year old properties.
Alot of careful research in to prices in the area in which you are interested in is necessary in my humble opinion.
This type of transaction is far removed from your relatively straight forward conveyancing of a resale property. It is for this reason that you should employ the services of a solicitor who specialises in this area of the law.
That's "my take" on the subject, I hope I'm not teaching my granny to suck eggs. If anyone can further enlighten me on the subject I would be grateful. |
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Hi Malik,
Nokta are based in Bodrum.
I live in Bitez and have done for the last 14 months.I have my own cafe bar there but during the winter months one has to earn a living.
I have been working with Nokta now for 3 months and their standard is excellent,I must say being English I was rather scepital especially hearing all the bad reports during the summer that some of my customers had received from various agencies, but they do work extremely quickly and I can see progress advance on these sites from week to week.
I have asked the question re value to one of my colleagues and he says that the price is for the valuation at that time but when construction begins then the price may start to increase so it is always best to get in on the ground floor.
Hope that helps any other queries please ask. |
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robin,
that is really interesting about some lenders not lending on props less than a year old.
do you know where you saw this article?
tom |
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You basically have to make sure that the deal stacks up rental wise (which most don't).
I know of many investors who have got into trouble with these off-plan deals.
Promised the world by "Property Clubs" only to find the rent achievable is knowhere near what they thought.
So, you are running a loss-making property, which was overvalued in the first place.
BUYER BEWARE. |
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Tom,
The Mortgage Works (Portman) are one lender that have pulled out of this market, I beleive more will follow.
Also most lenders will now not do immediate re-mortgages on bmv purchases, MX are one of the few who still will.
As Robin & Adrian said off plan and new builds for investment is very risky now, especially flats.
As this year goes on I beleive many horror stories will come out regarding inflated prices from builders/property clubs from people investing and then realising they have paid over the odds, cannot sell and/or rent out the properties to cover their costs.
We been buying props for a few years now and I run a mile at the mention of new build flats/property clubs.
Andy
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Hi Everyone,
Like most of you i myself am an investor and was very cautious about off plan and newly built. So.. in my wisdom set up a totally honest investors club and unlike others my fee is only 1.5%. I am only a small company and mainly source deals in the Yorkshire area.
So far i have built up a fantastic relationship with some local builders who can i assure you give me genuine discounts for buying in bulk. I dont really understand why there are still companies out there that are being honest about the discount because if i can negotiate it why cant they? It is fairly hard for me as people have got a bad idea about off plan and newly built but let me assure you that i myself invest in deals that i source. I dont provide a seminar as i am not trying to brain wash anyone. I simply have a website which people can join for free sending me a few contact details. I only use these details to pass on new deals and investors soon see the nature of my 'genuine deals'.
Example: i have currently got a deal in Doncaster which i have negotiated a 15% discount and the apartment are on the market at £104,000 i estimate the rental at £450-£475. To all my investors i offer a property management and tenant finding service for reassurance. If i mess up it would mean that the investor doesnt come back to me. How i see it is it costs more to find new customers than it doesn't to retain old ones.
If you would like further information please join me at:
http://www.elitepropertysolutions.co.uk
Thanks for reading this i promise i wont let you down!!!!
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Jenny,
I registered on your site this morning, but the available developments section is under construction. Is the above development the only one you have at the moment. Can you email me with any details.
Regards,
Alistair
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I'd like to endorse the cautionary posts above, but with the right research it is possible to successfully invest in property, but even the most successful of property investors will make the odd mistake.
Make sure you do your own research, never rely on others or anyone who may have an interest in the sale.
For instance if you get a valuation, try to use the same valuer who your mortgage company uses, that way there is less chance of an over optimistic valuation!
regards
Mark Dalton
Business Finance Consultant
http://www.ebslfinance.co.uk
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Hi Alistair,
I have sent you an email but for the information of other readers:
The way i work is that developments that i have i send details over to the investors by email asap. As the property that we agree to buy is usually only between 5-10 properties in anyone development they sell out fairly quickly.
If you decide to buy property i ask for s resivation fee to be paid upfront and my finders fee to be paid on exchange of contracts. This is just to try and prevent people from messing me about!!
Thanks very much
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