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Buying New Build

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If you buy a new build property straight from the developer, can you make an offer (as you would for other properties) or is it not really the done thing?

Comments

  • csgohan4
    csgohan4 Posts: 10,600 Forumite
    Ninth Anniversary 10,000 Posts Name Dropper Photogenic
    You can try and reduce the price or ask for extras such as flooring e.t.c
    "It is prudent when shopping for something important, not to limit yourself to Pound land/Estate Agents"

    G_M/ Bowlhead99 RIP
  • marksoton
    marksoton Posts: 17,516 Forumite
    ThemeOne wrote: »
    If you buy a new build property straight from the developer, can you make an offer (as you would for other properties) or is it not really the done thing?

    You can try. But if the properties are selling well chances are slim to none it'll be accepted.
  • AnotherJoe
    AnotherJoe Posts: 19,622 Forumite
    10,000 Posts Fifth Anniversary Name Dropper Photogenic
    edited 20 November 2016 at 10:59AM
    There's more chance you'll get extras either for free or at reduced price because it costs them less. E.g. If extra quality kitchen is list price £3k it probably only costs them £1k so they are more likely to do that for £1k than knock off £2k off the list price. It also hides any decreases in the overall sale price, the houses are still selling at whatever the list price is so that looks good for them.

    And as said all depends on how well the estate is selling amd what incentives they need to offer

    But by all means ask, it doesn't cost anything. They'll need to think you are serious though, so you'll need to phrase it right " we can puta deposit down now if you can reduce the price by £10k" rather than "do you do any deals"
  • Mobeer
    Mobeer Posts: 1,851 Forumite
    Part of the Furniture 1,000 Posts Academoney Grad Photogenic
    Always make an offer - but make it sound serious, not just speculative. At worst they say no, at best you save thousands.
  • ThemeOne
    ThemeOne Posts: 1,473 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    Thanks everyone, really helpful.
  • kingstreet
    kingstreet Posts: 39,253 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    A reduction in the purchase price reflects on future comparables for surveyors valuing on the site and most builders are anxious to avoid this for obvious reasons on early sales on a particular site.

    Your best chance is the negotiation of incentives which many lenders will accept upto 5% of the agreed price - check your lender's attitude.

    If you are buying close to the end of a development; or at the quarter/half/year end for the builder, bargains may be easier to obtain as staff right up to director level are anxious to hit targets and achieve bonuses.
    I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.
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