Putting in an offer - new build

jam.jar1989

Good afternoon everyone,


I'm a first time buyer and have seen a property I would like to put an offer in for. It is currently under construction will be completed in approximately 3 months time from what I'm told.


What would be an appropriate first offer to make? 10% below the asking price? then go up in stages?


Thanks

kingstreet

In most of the developments we cover, they will tell you the price and you will have the option of taking it or leaving it, such is the lack of supply.

You are more likely to get a few incentives thrown in than a price reduction as that negatively affects all the builder's future sales on that site.

Good luck with whatever you decide.

TrickyTree83

kingstreet wrote: »

In most of the developments we cover, they will tell you the price and you will have the option of taking it or leaving it, such is the lack of supply.

You are more likely to get a few incentives thrown in than a price reduction as that negatively affects all the builder's future sales on that site.

Good luck with whatever you decide.

That's what we did. We looked at all the options they had and how cheaply we could source them for.

Turned out the fitted furniture was cheaper through the developer (even called their designer out to check) so we had those which saved us money.

So we totted it all up, how much would we spend to get the same stuff and chose our options based on those findings and managed to get about £8000 worth of incentives from the developer which are actually worth about £9000 (some were more expensive, the fitted furniture much less expensive). We then took the money we would have spent on all that lot and poured it into the deposit and changed our LTV bracket from ~83% to 80% and got a better mortgage deal.

teddysmum

On some new build sites ,it's a case of grabbing before the price increases, rather than trying for reductions.


Even back in the 1970s,when our estate was built, each new phase, of four to eight properties, carried a price rise and houses were plentiful then.