Help to buy, Barratt Homes (Locksbridge Park), Negotiation

tripleninjat

Hi Everyone

I am interested in buying a house using Barratt Homes and the Help to Buy scheme. I understand the implications of new builds and all the horror stories but it suits our circumstances at this point in time.

Given that we will use help to biy, is it likely that I will get any extras or price negotiation thrown in? I have heard that some developers offer next to nothing on those using help to buy. Basically i am not sure how bold to be as we really want this house and don't want to lose out to someone else.

Thanks for your help.

kingstreet

HTB or not has little bearing on the price.

If it's a busy site with plenty of demand, you'll get very little. If it's quieter and lower turnover, you'll get more.

Approach to the builder's year-end also helps.

Remember, some lenders don't like builder cash incentives and will deduct them from the valuation of the property, leaving you with a price reduction. This can be a problem if you were getting stamp duty paid as you'll then need the cash to settle the tax.

hobbitses

I was in your position 2 months back with Barratt's too. It makes no difference, and any "incentives" can actually go against you in the Help to Buy and mortgages application as it is viewed that the house isn't worth what they claim.

Alias_Omega

Look at the price of the house against what is locally.

We were looking at a 4 bedroom with garage new build, it was £179,000 which was expensive. This house was Phase 4.

We looked elsewhere and found the same house, just built in 2003, therefore Phase 1 for £135,000.

Why was a 10 year old house, in the same area, in the same style worth £44,000 less?

People cant afford a £135,000 mortgage as a first time buyer, but with a 50/50 Help To Buy Homeshare they can...


What happens when you want to sell?
Who will buy a part shared house?

Relocationrelocation

You have nothing to lose in asking! Maybe try high and work down from there...

tripleninjat

Thanks for the advice everyone. Having looked at sold prices in the area, i actually think the pricing is competitive plus we plan to live here ten years or more so aren't in it for the profit if that makes sense. The only reason we are looking new build is so we can have a better house, what we can afford otherwise is pretty rubbish in comparison.

It is just the extra things i want to consider. For example i would like the builder to include floor tiling in bathrooms, white goods, etc but not sure if I am being realistic.

Gene_Geney

Locksbridge Park has a community forum (www.locksbridgepark.co.uk) where you could discuss all of this with current, or other future residents, of the development.

Gene_Geney

Website is at http://www.locksbridgepark.co.uk

Gene_Geney

Forgot to ask - how did you get on with the negotiations? Wouldn't have thought you'd have much luck as sales are VERY strong. The site manager told me the other day that they can choose which clients they want as there is so much interest.