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Negotiating the price of a new build ?
SC1991
Posts: 39 Forumite
A new development has been ongoing for a while now in my area consisting of around 175 properties some flats some houses. It has been done in 4 phases with properties from the 4th phase about to be released.
I went to view the show flat in the 3rd phase but unfortunately all the plots had been reserved and all that was left were studios which I'm not really interested in and houses which are way out of my budget.
I would be interested in buying one of the flats however the prices seem to of majorly increased with this latest phase. The 1 bed flats were listed for between £110k-£120k (dependent on the plot, some were slightly bigger than others) on phase 3 and were dropped to £105k-£115k. Now the 1 bed flats are listed at between £135k-£145k with no real reason as to why they're so much more expensive the sq ft is in the same brackets as the previous phase and the specification is the same. Is this normal ? i thought if anything the price would stay the same as by now the developers will have made their money back and everything now should be profit ?
My question is has anyone managed to get money off a new build ? Is it difficult to do or are they normally willing to negotiate ? I could understand a slight increase in the price but a £20k increase seems a bit steep seeing as the last plots from phase 3 only sold about a month ago for the prices above. Unfortunately i can't make a cash offer to try and get the cost way down as i will probably be using help to buy as a first time buyer. Would really like to get one as these are the best properties I've viewed but i feel £135k is not only overpriced (based on the prices the previous ones sold for and in relation the similar property in the area) but also out of my budget by around £15k.
I went to view the show flat in the 3rd phase but unfortunately all the plots had been reserved and all that was left were studios which I'm not really interested in and houses which are way out of my budget.
I would be interested in buying one of the flats however the prices seem to of majorly increased with this latest phase. The 1 bed flats were listed for between £110k-£120k (dependent on the plot, some were slightly bigger than others) on phase 3 and were dropped to £105k-£115k. Now the 1 bed flats are listed at between £135k-£145k with no real reason as to why they're so much more expensive the sq ft is in the same brackets as the previous phase and the specification is the same. Is this normal ? i thought if anything the price would stay the same as by now the developers will have made their money back and everything now should be profit ?
My question is has anyone managed to get money off a new build ? Is it difficult to do or are they normally willing to negotiate ? I could understand a slight increase in the price but a £20k increase seems a bit steep seeing as the last plots from phase 3 only sold about a month ago for the prices above. Unfortunately i can't make a cash offer to try and get the cost way down as i will probably be using help to buy as a first time buyer. Would really like to get one as these are the best properties I've viewed but i feel £135k is not only overpriced (based on the prices the previous ones sold for and in relation the similar property in the area) but also out of my budget by around £15k.
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Comments
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If you're using Help to Buy, Part Exchange or a similar offering, your chances of negotiating a discount are slim to none.
However it depends on the site. Like everything else they'll only discount if they have to. If properties are selling at a rate they're comfortable with then they don't need to take a hit on their profit margin.0 -
Developers won't be sitting there thinking we have made enough profit now and therefore keep the prices as they are. The price will depend on the market. Some can increase a lot more than the ones you have referred to.0
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