Discount for first time buyer with 25% deposit

StephLam

Hey all,
I was just wondering if anyone knew how much of a discount I would be able to negotiate off a new build home as a first time buyer with no chain, high-ish (25%) deposit and flexible moving time?
I'm debating whether it would make more financial sense to buy a doer-upper or something new.
Thanks

csgohan4

StephLam wrote: »

Hey all,
I was just wondering if anyone knew how much of a discount I would be able to negotiate off a new build home as a first time buyer with no chain, high-ish (25%) deposit and flexible moving time?
I'm debating whether it would make more financial sense to buy a doer-upper or something new.
Thanks

Deposit doesnt involve the developer but the mortgage lender. Whether you have 25 or 50% deposit the price will be the same.

However you could get some money off by haggling or extras like flooring and fixtures etc.

IMHO I avoided new builds due the standard of quality or lack of. The NHBC can be difficult to deal with and plenty of horror stories on developers like persimmon.

Get an older property to see how well the quality has stood the age of time. Plus their usually bigger and cheaper. New homes you pay the premium of it being new, like a car it loses its value as soon as you use the toilet the first time for a dump.

mrginge

Exactly the same discount as anyone else

StephLam

Ok, yeh silly of me to mention deposit but the main thing I was asking is, is it possible to get extra off because no chain or do they not care?

societys_child

I don't think they care. When the money lands in their account, they're not really interested if the money is from your account or your lenders account or your solicitors account or your uncles account, as long as it's legal.

Pixie5740

The no chain thing doesn't really get you a discount from builders. New builds tend only to be sold to buyers in a proceedable position so FTB, buyers that don't need to sell (going to let out current home), buyers with a buyer already lined up for their current property or buyers who have sold and moved into rented accommodation.

You would probably have more negotiation power buying an older property that someone is keen to sell due to relocation or because they are trying to buy their dream home.

StephLam

Thanks guys. Was worth a try. Looks like it's an old property for me.

indianabones

I have heard and noted from the behaviour of estate agents and sellers that their eyes pop open with people who have no chain. If the seller is desperate to get rid quickly, someone without a chain would be ideal.


But don't expect too much extra, perhaps 1-2%.

bclark

Well why don't you actually try rather than give up when being told a few negative things on here.

The real truth is that it totally depends how well the development is selling now. If it's not doing too well then they would probably bite your hand off but if it's shifting quite nicely then they won't be too bothered about your situation.

Either way you are better off actually going in and talking to them and making an offer.

HappyMJ

StephLam wrote: »

Thanks guys. Was worth a try. Looks like it's an old property for me.

Doesn't even have to be that old. A 10 year old property will be very well insulated meeting the building regulations of just 10 years ago. It'll have good electrics and require very little work maybe just a bit of paint and some new carpet. It's just out of the warranty period and will have lost a fair bit of value and might be a good buy right now and still feel fairly new.