Valuation on New Build 12k Under

myhouse_2

john_white wrote: »

why not 250,000?

Just to confirm your tactic here, you have instructed a professional to value the poperty on behalf of one the largest banks in the world. They have valued the property at 265k, so you think its worth 249,999?

The developer walues it at 300k, the OP at 277k, a surveyor at 265k. Yet you think 249,999?

The surveyor has confirmed its worth more than 249,999.

The OP seems keen to pay more than the stamp duty threshold - that's a personal decision and entirely up to them. From my point of view though, the stamp duty threshold distorts the market - I would never pay 270k for a house if it meant I had to pay the extra stamp duty (unless it had been valued at much much higher). Actually in this market, even something valued at 300k is in danger of slipping below 250k.

Now it's hardly surprising the developer is asking 300k is it? Makes the OP think they're getting a bargain when it's discounted. I'd put more faith in the valuers report, but even then they get their values by phoning Estate Agents in many cases. Very hard to define a "true" value for a house.
So to sum up, I'm not "valuing" it at 250k. I'm just applying practical facts relating to a falling market and a stamp duty threshold. In addition to that, I've visited many developers recently and they all offer me 5% discount before I've even expressed any interest in the house.
To the OP, at least get your stamp duty paid by the developer if you're offering that much money - and let us know how things pan out.

caeler

What does the rest of the development look like? Are they getting snapped up or have they been for sale for months and months? I bought off plans 6 months ago and watching all the houses that are still not sold is pretty shocking and to be honest I could have afforded to be much more ruthless, checking out how little they are being sold for on rightmove. Do your research and explain what you want to the developer. Good luck.