We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
PLEASE READ BEFORE POSTING: Hello Forumites! In order to help keep the Forum a useful, safe and friendly place for our users, discussions around non-MoneySaving matters are not permitted per the Forum rules. While we understand that mentioning house prices may sometimes be relevant to a user's specific MoneySaving situation, we ask that you please avoid veering into broad, general debates about the market, the economy and politics, as these can unfortunately lead to abusive or hateful behaviour. Threads that are found to have derailed into wider discussions may be removed. Users who repeatedly disregard this may have their Forum account banned. Please also avoid posting personally identifiable information, including links to your own online property listing which may reveal your address. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide
Buying a new home, Haggling advice
insanojackson
Posts: 86 Forumite
Wonder if anyone could advise me re this.
We are currently looking at brand new houses built by Shepherd homes. We have 2 houses in mind one at £195k and the other at £240k. We would have a decent deposit and securing the remaing mortage on either would not be a problem (confirmed with a broker). The houses are in co durham with its cheap property prices all be it there are a lot on the market in the area at the min with a couple of new estates going up.
However being a tight/sensible sort i would be looking to keep any loan to a minimum.
We are looking at sheperds part-ex scheme on our current property however their terms state that the house you part ex must be at least 30% less in value than the one you buy and during our initial discussions the sales rep stated that if you do part ex there would be no discounts available on the new house.
Whilst our house is not being valued until next week I anticipate the Part ex value will be somewhere between 155k and 170k.
So my questions are really this -
1)If i haggle how flexible are the builders likely to be on their 30% part ex figure? Ideally I would (being tight) prefer the house up at £195k however my part ex is certainly worth more than the approx £139k max which would be 30% less than the new house.
2) If part exing on the cheaper house is not an option then the figures will probably stack up to be able to part ex on the £240k house however whilst we could afford the necessary mortgage to trade up (especially if the part ex value is at the high end of estimate) I would persnally (being tight) not want to comit to the biger mortgage. If however they could do the more expensive house t say £220k and allow me to part ex it would probably be a good option for me. In essence my question is if i part ex against a £240k house what are my chances of also getting a discount off the price of the house? I must add this house is fantastic.
I am not comitted to anything at the minute and I realise part exing has its disadvatages however at the min it is an option that appeals to us as it saves a lot of hassle.
We are currently looking at brand new houses built by Shepherd homes. We have 2 houses in mind one at £195k and the other at £240k. We would have a decent deposit and securing the remaing mortage on either would not be a problem (confirmed with a broker). The houses are in co durham with its cheap property prices all be it there are a lot on the market in the area at the min with a couple of new estates going up.
However being a tight/sensible sort i would be looking to keep any loan to a minimum.
We are looking at sheperds part-ex scheme on our current property however their terms state that the house you part ex must be at least 30% less in value than the one you buy and during our initial discussions the sales rep stated that if you do part ex there would be no discounts available on the new house.
Whilst our house is not being valued until next week I anticipate the Part ex value will be somewhere between 155k and 170k.
So my questions are really this -
1)If i haggle how flexible are the builders likely to be on their 30% part ex figure? Ideally I would (being tight) prefer the house up at £195k however my part ex is certainly worth more than the approx £139k max which would be 30% less than the new house.
2) If part exing on the cheaper house is not an option then the figures will probably stack up to be able to part ex on the £240k house however whilst we could afford the necessary mortgage to trade up (especially if the part ex value is at the high end of estimate) I would persnally (being tight) not want to comit to the biger mortgage. If however they could do the more expensive house t say £220k and allow me to part ex it would probably be a good option for me. In essence my question is if i part ex against a £240k house what are my chances of also getting a discount off the price of the house? I must add this house is fantastic.
I am not comitted to anything at the minute and I realise part exing has its disadvatages however at the min it is an option that appeals to us as it saves a lot of hassle.
0
Comments
-
Why don't you just ask the builders? people here will only be guessing.
Get them to value your house as a starting point to see if you qualify.0 -
Why don't you just ask the builders? people here will only be guessing.
Get them to value your house as a starting point to see if you qualify.
Of course I will be asking the builder, It would be nice though to knoiw what might be achieveable.
I am certain I will qualify on the more expensive house to part ex, but the cheaper and preferred is debatable.0 -
As with p/x for a car the price will be lower than you can achieve on the market. You may find that the price they offer is so low that you could sell your house for more than that very quickly.Remember the saying: if it looks too good to be true it almost certainly is.0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 354.4K Banking & Borrowing
- 254.4K Reduce Debt & Boost Income
- 455.4K Spending & Discounts
- 247.3K Work, Benefits & Business
- 604K Mortgages, Homes & Bills
- 178.4K Life & Family
- 261.5K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards