This is what the builder has offered

jonathanftb

New build house is for sale at £399k, one of the first plots on the first phase of a large development in bedfordshire.

I can afford upto £387k , I've asked for £13k gifted towards my deposit to make up the shortfall and they have come back and offered £8700.

I can't borrow any more money from anywhere, maybe another £500... I told them on the phone i just cant stretch any further and left it at that.

What would your game plan be from here?

I think im going to wait till monday as their sales office opens Saturday, I'll call them Monday and offer the £500 more and hope there wasn't much demand.

Just to give you some perspective, there are 3 other house builders in the area and the next most expensive 3 bed detached of same size is priced at £383k.

Many thanks in advance for any replies.

Slithery

jonathanftb wrote: »

What would your game plan be from here?

Look for a property that you can actually afford?

ACG

As a first property on the first plot, you stand little chance unless demand is low. To put it into context, if they agree a lower price on yours once it updates on the land registry, it will have an impact on all of the future properties they sell.

If it was one of the last ones you would stand a far better chance.

There is another option, there are some lenders who do not ask for proof of deposit. If the house is not quite finished yet and you reckon you can have the money available in the next few months, then you could possibly go down that route.

Otherwise, I think slithery has hit the nail on your head - you are trying to get something out of your budget.

On a side note, mortgage lenders do offer different amounts. You may find another lender will offer you more. I have seen over £100,000 different between 2 lenders for the same customer before now.

Rodders53

+1

Not forgetting the suspect build quality of new builds.
The premium paid for 'new'.
The ongoing building works, noise, dust, disruption all around you for years to come as they go further on with the development.

Where in Beds? There's loads of developments hereabouts.
How are prices compared to older properties nearby?

davidmcn

jonathanftb wrote: »

What would your game plan be from here?

Buy a non-newbuild property that isn't stupidly overpriced.

AdrianC

jonathanftb wrote: »

New build house is for sale at £399k


I can afford upto £387k

there are 3 other house builders in the area and the next most expensive 3 bed detached of same size is priced at £383k.

You can afford one of those, so buy that one instead.

davemorton

If you can only manage to source another £500, you are seriously stretching yourself too far.

jonnygee2

I think im going to wait till monday as their sales office opens Saturday, I'll call them Monday and offer the £500

That's 0.001% of the asking price. I don't think you are going to do anything other than make a fool out of yourself by offering that.

If you want to make the deal 'sweeter', I'd make it sound like you will complete very quickly. Cashflow is important to developers, especially at this stage of development, so that could make your offer more attractive to them.

konark

Don't forget to save some money for the escalating leasehold ground-rent and 'maintenance' fees for the estate. And buy some wellies, you'll be living on a building site for the next 2 years. Have fun.

getmore4less

Are you using HTB?

robatwork

jonnygee2 wrote: »

That's 0.001% of the asking price. I don't think you are going to do anything other than make a fool out of yourself by offering that.

Perhaps you were just making a point that £500 is a tiny fraction of £399,000 but if you're going to use maths it's better to get it right.....ie. 0.125%. Or did you mean 0.001 times the asking price?