Buying a new build flat - advice

Theogirl_2

Hi, I was wondering if anyone had any advice for me. We moved to a new town and have been renting for 9 months (sold our place before). It's a town with a very small rental market and I hate the place we are in so we have decided to buy. I have been looking on and off since we moved here. I'm interested in some newly converted flats that were finished in May this year. Only 5 of the 15 available have been sold/reserved. The prices range from 195 to 270 K which is Ok for the area and the developer will 'pay' stamp duty.
So my question is, would you take the long time on the market with the low uptake and the stamp duty incentive and run a mile as there must be something not quite right? Or would you try to see what sort of offer they might be willing to take? In which case how low should I go?
Sorry this is long
Thanks

distilled

Hi Theogirl, What kind of conversion is the development?

Theogirl_2

Hi distilled I'm not sure exactly what it was before but someone at my work mentioned a theatre though to me it looks more like a fire station. If you are interested here is the website for the development.

https://www.royalquarterhitchin.co.uk/home.htm


One thing that puts me off buying a flat in this area is that there are several developments either recently finished or in progress. Could be a problem for resale or a possibliity to get the price down?

Cheers

trigger_mike

well as always the best way is to haggle, they need to sell them to get them off the books so do your best to haggle

Doozergirl

I would take the fact that they haven't sold to be that they are either overpriced or that there are better developments out there - either spec, location or builder reputation. As it's a conversion, will the flats becovered by an NHBC type insurance policy?

As long as you're sure that it isn't overpriced, the rest is a matter of opinion. If you're in a position to move fast, I'd play on this. Go as low as you dare, they can only say no. I'd knock a good 20% off at least!