New Build: Advice needed-Optional extras

R2default

Hi All,
My partner and I have found a new build site and the location is ideal for us. We were the first to pick our plot and put down an early bird reservation. Last week we made it a full reservation and asked about acquiring a list of optional extras so we could guage exactly how much everything is going to cost. They want the exchange to take place late December and have said that an options meeting will take place in January. (Expected completion mid next year).
Because we were first to pick our plot we didn't feel we were in a position to negotiate on the house price. However my intention was to negotiate on the optional extras, but this feels like it'll be impossible once the exchange takes place. We are already thinking about buying a property that we haven't seen in the flesh as it's just a foundation and now I feel it's too risky to not know exactly how much our preferred extras will be before the exchange. What if for example the deposit we plan to out down plus the cost of the extras would be our 10% deposit on a same size property(non new build). We are first time buyers and using H2B, I can't tell if it's just a case of me being irrational because of what we are about to undertake or if this genuinely feels like we're being pushed into a position and will have to accept the potential high costs of the extras.

Any advice is welcome and if I need to clarify more I will do.

FTBAngst

How well are the other properties selling?

Can you afford the ‘same size property (none new build)’?

A friend bought a new build and was told all deals and negotiations (like the integrated appliances they got) had to be agreed at reservation.

Your exchange probably won’t be done in December. These things are always delayed. You could get away with choosing before exchange. That doesn’t necessarily mean you’ll get a discount. Have you asked for a discount? Also are you using a solicitor you’ve chosen independently?

R2default

All I've seen are reservation stickers on a map, as there isn't a single property built I'm really uncertain as to how well they are selling. The sales people said they have had lots of interest, however I'm unsure if that's just sales talk.

If we were to add the deposit and predicted extras I feel it'll be achievable to get a non new build.

I feel gutted that we've reserved with no negotiation what so ever, I saw similar to what your friend said and feel like we've moved to fast and missed out big time here. We were told they had no extras list and it won't be until January when we'll see it. Leaving us blind to what to even negotiate for and then trapped by reserving before the above could be seen.

We have a meeting this week when we want to ask about a discount, the sales person also mentioned that they could throw stuff in but I presumed that'll be when we have the options meeting and not before reservation.

Yes solicitor is separate.

FTBAngst

You can always ask for a discount but a new build will cost more than a non new build of same Size

ShannonE91

@R2default how did you get on?
Unfortunately.. My partner and I have done the same thing 😞. Although we have paid the deposit, we haven't actually signed anything yet so we may be able to negotiate before signing the reservation?! 

R2default

@ShannonE91 The builder wasn't willing to negotiate, but I was willing to pull out of the reservation. I managed to pull out and got my reservation fee paid back(this may vary based on T&Cs of builder, you may lose your reservation fee). For me even if I lost it, it would've been worth it to get extras added(cost offset). I'm now in a new home(different builder), negotiated and I'm very happy with the outcome. 
My partner and I practiced with other builders in regard to negotiations, so when we found the right home we were ready. 
To get the best negotiation, end of quarters they need to hit sales targets. End of tax year and if it's already built you can have great negotiating power.
Hope this helps, don't live in regret. But saying that this is a massive decision. Take some time to talk through it and be 100% sure, what I did was risky but paid off.