Buying a new build house and selling current

Reachforthestars

Hi, we have decide to sell our current house and would like to buy a new build not to far from us as we need more space. I don't have much of a clue where to start. We have been this morning the view the show homes but they only have certain ones and not a full collection of what will be available and there still building them but a few have been sold and moved into already. The type we are interested in will be ready around August with more to follow around Christmas time/in the new year.
I'll have a look through the forum but could anyone give me some advice on where to start, they are offering to sell our home for us but not sure about that, they say give it 6-8 weeks and if do any sell they drop the price seems like that want a quick sale with it.

I'm not sure how it works if we decide we would like to go ahead if they will reserve it/take it off the market until we sell ours.
Really I can't make any decisions until there built and can view them, but in the mean time need to be finding out how to sell my property get valuations etc.

Sorry it needed up long, any advice or tips? Thanks

lincroft1710

First thing would be to find out if you can actually afford the house type you want to buy. Ask 3 estate agents to give you an idea of your current home's value, take the lowest, subtract the money you still owe on your current mortgage, then subtract that amount from the cost of the new house - that is the minimum figure you would need a mortgage for. Then ask your current mortgage provider how much you can borrow.

Also remember you have to pay stamp duty, estate agent and solicitor's fees plus moving costs etc.

It is also worth finding out how much the builder would give you for your house in part exchange

polki

I would ask if there are any other sites locally which have show homes of the house type you are interested in.


We have recently purchased a new build and couldn't view the exact property prior to reserving the plot, but were able to get a very good idea by comparing room sizes to other show homes.

Reachforthestars

Thanks, so you think i should get a range of valuations, is there a cost to get a valuation?

Reachforthestars

Thanks the lady is getting back to me she's going to see if she can find somewhere local with the house type we can view :-)

lincroft1710

EAs don't usually charge as they will be hoping to get your business. If you don't think the first 3 EAs are any good or will charge you too much to sell the house, you can always ask other EAs

marksoton

Reachforthestars wrote: »

Thanks, so you think i should get a range of valuations, is there a cost to get a valuation?

EA's will do it for free.But remember it's simply their opinion...

Reachforthestars

That's brilliant thank you I'm so excited but trying not to get ahead of myself.
So do you think it should go in this order-
Get range of valuations
Choose which EA to go with after looking at there charges and costs/agreed a selling price
Go to mortgage advisor/bank we have current mortgage with and maybe check around for better offers and see how much we can borrow
Take into account how our current house price and any money we may (hopefully!) come away with after the sale to use as deposit on new house- indicating how much we need to borrow

Reachforthestars

Do we need to get a survey done also? Just thinking back to when we brought this house, or is that up to the buyer?

visidigi

Reachforthestars wrote: »

Do we need to get a survey done also? Just thinking back to when we brought this house, or is that up to the buyer?

Buyer does the survey - chooses which type from a number of options, some mortgage providers may insist on a certain type.

lincroft1710

Get valuation, go to mortgage advisor/bank, then when you know figures add up, (remember to factor in stamp duty, fees, moving costs) instruct EA. Do not agree a "sole selling rights" deal with any EA.

Buyer arranges survey. Do check what builder of new home will offer in part exchange.

Do thoroughly check the actual location on the site of any house you are thinking of buying - avoid ones next to designated play areas or with footpath at side. Finally and this should be actually firstly, does the builder have a good reputation regarding workmanship, being on time, fixing snagging.