offer on new build show home

skap7309

It is priced at £250k and you want to offer £200k that equals -20% offer under asking price.

It is common knowledge that new builds are grossly overpriced so if anything your offer is generous.

A friend of mine at work has just bought on a new build estate - a massive area of new builds that is like a ghost town. It was priced at £230k and the developers snapped their hand off at £170k. Just goes to show - be brave and save yourself a ton of cash.

lostinrates

Cleaver wrote: »

Don't buy a new build. And for once I'm not just being sarcastic or flippant.

I think that every time I read it ..but...someone has to and if people want to then thats good for those of us who'd rather not. The key is I think, to only buy new build if you can get a cracking discount

Cleaver

lostinrates wrote: »

I think that every time I read it ..but...someone has to and if people want to then thats good for those of us who'd rather not. The key is I think, to only buy new build if you can get a cracking discount

I was a bit mean actually. Apologies for that.

It's just my preference, but I cannot think of a single reason to buy a new build. I guess it stems from my hatred of surburbia, but everything about these new build estates seems horrible to me: thing walls, everything in magnolia, no nice shops, pubs or restaurants, status-driven neighbours, no characters, identikit gardens and buildings.. etc.

And from a purely financial sense they seem very expensive.

But that's just me I guess.

ad44downey

formulaonefan wrote: »

We think 30K off asking price for new build is not bad.

?

If the asking price for the same property was £400K you wouldn't think £370K was a good deal, would you? Asking prices are an illusion devised by the developers.

Ignore asking prices completely, especially for new builds. You really shouldn't be paying more than 50% of a new build asking price in the current market

lostinrates

Cleaver wrote: »

IBut that's just me I guess.

No it isn't just you, but the point is, thank goodness it isn't everybody! I think the people drawn to new build should go ahead looking and negotiating: I can't believe they are a majority and with prices on them being so highlighted in the press throughout the house price falls some one who DOES want them can probably get a very competitive deal.

With regards the OP...I feel very strongly that 30% has been a magical round number. There are a plethora of pundits who can be quoted on the '30%' overprice on 'new build' and I believe all builders must know it. My best guess is they'd comprimise on something, maybe not the kitted out one, but somethng of the same size, at that value, bu that they might drag their feet over it. Its certanly a percentage I would not go above should the world end and I want to buy a new build.

incher

Cleaver wrote: »

It's just my preference, but I cannot think of a single reason to buy a new build.
And from a purely financial sense they seem very expensive.

I hear what you're saying. But from a purely financial sense, my pal's purchase of a 1930s semi in Sept 2007 for a ridiculously high price of £325k also didn't make financial sense to me at the time. And I guess I was right as she's now had two estate agents say she could get between £270-£300. I think she'd be lucky to get even £270k right now. (Is splitting from partner, hence need to sell.)

What I'm trying to say, quite badly and with the hindrance of almost a whole bottle of wine, is that it's only bad financial sense if you are not planning to stay in the property for a reasonable length of time (i.e. 5 years plus).

New build properties are not necessarily any worse than older properties. And not all new builds are in suburbia!

hethmar

What I cant follow here is, if the estate still isnt finished/all sold - when will they be allowing you to move in to the "show" home? Have you any idea?

formulaonefan

mark5 wrote: »

Does the sales person mean ask barratt or a private owner if they want to sell?
In my area Barratt sell the show home before its built on the agreement they can rent it back at a very generous rent until the site is completed.

Yes the sales person wants to ask barratt.

formulaonefan

hethmar wrote: »

What I cant follow here is, if the estate still isnt finished/all sold - when will they be allowing you to move in to the "show" home? Have you any idea?

Estate is finished and all homes are sold except the show home and sales office home. She is saying there are plans for further new development and they are not sure whether it is going to happen down the road (1/4 of a mile away) or another site. They are not sure whether they will build another show home or use this same one. But she said if you really want it then she will speak with barratt and say the buyers really want it and can we sell.

formulaonefan

I have come across these forums where everyone say put in 30% less or 40% less asking price for new build. But how many have succeeded with such low offers? We took this forums advise and tried and none of them worked. They are not accepting offers unless offers are maximum of 10% or less for new builds.