New Home Discount after Completion?

khakilad

Advice needed,

We are due to exchange contracts shortly on a house being built by Barrett at a price of £485,000.

There are two other homes on the same road as us of the same design and price. They have now been on the market for over three months and haven't sold so far.

Our concern is that if Barrett's can't sell the homes that they will reduce the price, effectively meaning we have paid too much for the house.

Does anyone have any ideas on what we might do or if house builders do reduce prices?

marksoton

Half a million pounds, yes £500,000 ( Best part of)

And you've already got neighbour envy?!

Reduce your offer to 400K. See what they say? You can only try.....

swishy87

We've just completed on a DWH and in between exchange and completion the price of the others the same did drop. It was a bit gutting, but that's life and we were happy with our choice and plan on being in the house a long time so it is what it is.

mary.f

we bought a house, and we think there is attached garage with the place and therefore we agree fir the higher price, but later on we found out it was not. it was owned by our new neighbors.

G_M

khakilad wrote: »

....

Our concern is that if Barrett's can't sell the homes that they will reduce the price, effectively meaning we have paid too much for the house.

Don't worry. You won't have paid too much for it.

you'll have paid what you thiought it was worth (otherwise you would not have bought it).

And a property is worth what someone is willing to pay - whether that someone is you or someone else.

Mobeer

Decide either you really want this home and carry on as-is, or renegotiate the price whilst being willing to accept that this might not work and you might have to look elsewhere. Depends upon how much you want this particular home.

ed67812

mary.f wrote: »

we bought a house, and we think there is attached garage with the place and therefore we agree fir the higher price, but later on we found out it was not. it was owned by our new neighbors.

How is that even possible. Didn't the solicitors notice? Was the garage attached on plans or actually physically attached?

There are two other homes on the same road as us of the same design and price.

Were they built at the same time. If so, is yours slightly better position or bigger garden? There must be a reason you chose it?

khakilad

Thanks for the advice,

We chose this out of the other two as it had a larger plot and better position.

I just don't want to be disheartened if they drop the price by £50k next door!

Lavendyr

Realistically you only have 3 options:
- Buy at the agreed price
- Reduce your offer and see if they accept
- Walk away before exchange.

The prices may fall, so you just have to decide if you can live with that and if you are happy with the price you paid for your property.

marksoton

khakilad wrote: »

We are due to exchange contracts shortly on a house being built by Barrett at a price of £485,000.

There are two other homes on the same road as us of the same design and price. They have now been on the market for over three months and haven't sold so far.

khakilad wrote: »

Thanks for the advice,

We chose this out of the other two as it had a larger plot and better position.

I just don't want to be disheartened if they drop the price by £50k next door!

So you're not comparing like for like. I really don't see the issue...

lee111s

Some poeople want it all...