Upto 20% discount on new build

topdealman

I was feeling happy because I have recently had an offer accepted on a new build Bovis home, it was a coach house the place will not be ready till Aug/Sept this year.

However having told a few people the deal I got

Cost £143950
Deposit Paid
Stamp Duty Paid
£500 towards`Legal fees
Fully fitted carperts

I thought this was a a good deal but now people are telling me I should have got this house with a 20% discount is this realistic meaning the coach house would have been £116000, advice please as I am feeling a bit foolish/mug

I have only reserved with £500 so not to late to cancel, the whole deal.

thesaint

Have 'a few people' purchased a property on this development?

wnb

Seems unlikely to me that the builder would be willing to knock 20% off the purchase price. The last thing builders will do is reduce the price of the house they will offer things like 5% deposit paid, carpets, curtains, cutlery, pots&pans they will thow alsorts in before reducing the price.

AndrewSmith

Ok,

It's you that will be living there not the other people. If you feel you are paying a fair price and are happy with the deal (and the value holds up under survey by the lender) then why no go ahead?

Deposit paid, Stamp duty paid, £500 legal fees and fitted carpets sounds like a good standard new build deal to me as long as you feel the place is worth the money.

topdealman

thesaint wrote: »

Have 'a few people' purchased a property on this development?

This is the second phase and there are quite a few occupied, but still many being built. The first phase seems all sold.

Rachel85

At the end of the day, a house is worth what someone is willing to pay for it. If you think you have paid a fair price and are happy with what you have, that's all that matters.

Richard_Webster

How does the price compare to similar 5-10 year old houses in the area?

Newbuild always more expensive but depending on the circumstances may or may not command same price differential in the future.

As a conveyancing solicitor I believe the information given in the post to be useful but I accept no liability except to fee-paying clients

Doozergirl

I don't think it's any secret that the discounts offered are just an enticement to make you think you're getting a good deal, when all they do is simply overinflate the asking price. The flat is probably only worth what you are actually paying and I still count the 'developers premium' in that, so you're still probably paying a slightly overinflated value.

That said, I would not 'expect' a 20% discount either. You get sometimes negotiate bigger discounts on houses already built which they are having trouble shifting, in which case the house isn't worth what the asking price anyway

I'd expect to be able to get them down from their standard offers (which yours sound like to me) but you've already played your hand now, so I doubt they'll be negotiating any further .