Advice wanted on part ex / new build please

Iris_Blue

Hi,
I’m looking for a bit of advice if possible please.

We have our property on the market priced £127,950. We’ve had 3 viewings and 2 offers which I ( & the EA ) considered too low (110k & 115k off the same person) I would take £120k.

We have a viewing booked later today. I’m not in a major rush to go although as we could do with the extra space I would, ideally, like to move this year.

We’ve now seen on the net a new build property which is 275k and tbh seems good price for the location it’s in. It's where we want to move to. We’re going to see it this weekend.

What I’m asking is:

If I enquired about a part ex what price would you think I’d get for mine?

If they gave me the asking price for it would I then be able to barter a good deal on the new build or would that be it? What I saying is I know they knock a few k off new builds but would I get a good price for mine too or would it be one or the other?

What price would I expect to get the new build for if it's priced at £275k?

Obviously I want the best deal possible.

Any advice is appreciated

Thanks

CloudCuckooLand

Did you go back to the £115k person and say, "make it £120k and you've got a deal..." ?

(Buyers are not psychic, they don't like having to guess how much you have added to the price that you are happy to negotiate away.)

You want the new one under £250k to avoid the extra £5k in stamp duty. Aim for £240k...as they have probably built £25k into the price knowing where the stamp duty threshold is, to get buyers thinking £25k off is a bargain.

If they give a good part/ex price, they may not knock much off the new price. And vice versa. Although what they will agree to will also depend on the stage the site is at, how sales have gone so far, whether they have targets for end-financial year/quarter etc...

Obviously, do your local research to see what else has sold recently, to give you ammo in negotiations.

BadgerFace_2

It's entirely possible (depending on the area, sale rate etc.) to get money off and a decent part ex. They will almost certainly say no initially. Be prepared to draw the negotiating out over a few weeks and they will give more and more. You need to put it to them in terms they can easily understand.

'Look, I like the house, have mortgage etc...But, this is what I need to make it work'

Start a bit lower than what you actually want, so they can negotiate with you and feel like they're getting the best deal they can out of you.

Iris_Blue

CCL – Thanks – No I don’t think the Estate Agent went back and said that. It was all done by email at the time and it was weeks from the first viewing to the offer and then another 4 weeks when she offered £115k. At the time I had just had a baby so I didn't really want to move so quickly with Christmas and everything ( She did'nt have a property to sell) plus it was too low an offer anyway. Looking back I should have pushed the EA a little more. That's a good point you made though, and good tip about the stamp duty. Do you think we would actually get as low as 250k?

Badger – Thank you. You’re right. That’s one mistake we both tend to make, rushing in head first. I’m going to have to be cool and aloof!

I presume the houses aren’t built yet and are only just being advertised but we’ll know more tomorrow. I don’t want to lose out by waiting but also don’t want to rush in head first. What will be will be I suppose.