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New build home - mid phase ...will rate go down on final phase
drivecrazy
Posts: 14 Forumite
Hello ,
I am a first time buyer and interested in a new build 3 bed home . its been advertised on builder site for 315k . we reserved a plot few weeks back by paying 500 and booked some finishing touch and payed 30% in advance already. All search results has come through which is all fine. yet waiting for the valuation report . we are suppose to excahnge contract mid of june and completion date as of now is end of june. this is kind of phase 2 ( getting completed by end of june ) and phase 3 yet to come in getting finished by december this year .
whats the normal trend of new builds will the later phase means reduced price ? well i agree it all depends on current market ..but can anyone flash light how current market looks like .
btw , we are paying 5 % deposit by cash & taking help to buy 20% and rest 75 % as mortgage.
Also great if someone can guide what are the factors or ideas in terms of negotiation on a new build .
I am a first time buyer and interested in a new build 3 bed home . its been advertised on builder site for 315k . we reserved a plot few weeks back by paying 500 and booked some finishing touch and payed 30% in advance already. All search results has come through which is all fine. yet waiting for the valuation report . we are suppose to excahnge contract mid of june and completion date as of now is end of june. this is kind of phase 2 ( getting completed by end of june ) and phase 3 yet to come in getting finished by december this year .
whats the normal trend of new builds will the later phase means reduced price ? well i agree it all depends on current market ..but can anyone flash light how current market looks like .
btw , we are paying 5 % deposit by cash & taking help to buy 20% and rest 75 % as mortgage.
Also great if someone can guide what are the factors or ideas in terms of negotiation on a new build .
0
Comments
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New builds don't generally get cheaper as the phase moves on. They tend to put the price up as they build more. My house is £78k more expensive than I paid 18 months ago.0
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Almost certainly not - prices rise as more phases are built. I'm in process of buying a new build, still not moved in yet, but identical properties are already 5k more than what we are paying and that's within a few months as more phases are released.0
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If the builder is left at the end with an odd house on perhaps a crap plot or next to a busy road etc - he may offer discount incentives to finish that site and get rid of that house but as a general rule the houses will increase in price as the site moves on.Stuck on the carousel in Disneyland's Fantasyland
I live under a bridge in England
Been a member for ten years.
Retired in 2015 ( ill health ) Actuary for legal services.0 -
We reserved in Jan. House isn't completed til November, yet asking price for equivalent home in worse plot is currently £20k more than we paid.
New build prices are going one way only and that is up.0 -
We purchased a new build last year reserved end of Feb and completed in the June in that space of time the same houses were being sold for £15k more. The last couple on the road took a while to sell but still at same price the developer just gave more incentives such as carpets, fitted wardrobes etc.0
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New houses are selling so much better than they did 2 years ago. On our development they cannot build them quick enough now.0
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