What should we offer for a house?

badger09

fluffyfish said:

RHemmings said:

My reading of the OP is that this is fully new build, and would be bought off a developer. 

With a private seller an insulting low offer (which I think 8% below asking isn't) could get their backs up.

However, with a developer those emotions aren't there. And, they'll be hard nosed and unemotional about it. They also have a number of houses to sell. 

As per above advice, I'd definitely put an offer in. The £350k with a request that the garden is landscaped sounds a good idea to me. 

Yes, this is a small newbuild development of 6 properties, all 3 bedrooms, 3 chalets and 3 bungalows.
thank you for your input 🙏🏻 wish us luck please ✨ 

Are you in a position to buy this now? In other words, are you in rental/living with parents and have sufficient deposit & mortgage in principle? Or do you have something to sell? If so, what stage are you at?
I doubt any developer with completed properties to sell will entertain your offer unless you are actually able to buy fairly quickly. 

I wouldn’t worry too much about a small development of 6 large expensive homes close by. We have had a development of 48 houses going on behind us since March last year. To be honest, apart from one sub contractor with a very limited vocabulary🤔 and voice like a fog horn who I call ‘Gobby’, it hasn’t really caused us any problems. Fortunately he’s not there all the time. 

We’ll miss some amazing sunrises, but people need somewhere to live, and while fairly close, the new houses are not exactly in our back garden😉

RHemmings

RelievedSheff said:

RHemmings said:

I wish you luck for a good response for your offer. 

BTW: Read this: https://hoa.org.uk/advice/guides-for-homeowners/i-am-buying/negotiate-new-build-house-price/   It sounds optimistic to me, but if you don't ask, you don't get. 

How much can you negotiate off a new build house?

New build home buyers negotiate a typical discount of 14% off the price, research by property tech company Unlatch found. But don’t get hung up on averages because the amount you’ll be able to negotiate will depend on a number of factors. So it’s vital to do your own research first – read on to find out what to do.

I would want to look more into that research, because 14% sounds to be a lot. 

EDIT: Here the same research is quoted as saying 'up to' 14% discount. This sounds more plausible to me. https://express-conveyancing.co.uk/5-steps-to-bagging-a-bargain-new-build/

It's often the incentives you get rather than discounts on the asking price.

We paid £210k for our new build which was the asking price (it had already been reduced from £225k over a number of months. But on top of that they took our old house in part exchange, gave a £10k deposit contribution, paid stamp duty, paid the legal fees, paid a moving costs contribution and free flooring throughout. 

The headline figures don't always tell the full story.

The article goes into that too. I quoted the bit of it more relevant to the OP who appears to want a reduction in headline price. 

Deposit contribution sounds a very good way to do it. Unless you bought some time ago, I guess that £210k was under the stamp duty threshold. It keeps the price up for the builder, but effectively (if not officially) is a price reduction for you. And £10k is certainly not to be sniffed at. 

SarahB16

RelievedSheff said:

RHemmings said:

I wish you luck for a good response for your offer. 

BTW: Read this: https://hoa.org.uk/advice/guides-for-homeowners/i-am-buying/negotiate-new-build-house-price/   It sounds optimistic to me, but if you don't ask, you don't get. 

How much can you negotiate off a new build house?

New build home buyers negotiate a typical discount of 14% off the price, research by property tech company Unlatch found. But don’t get hung up on averages because the amount you’ll be able to negotiate will depend on a number of factors. So it’s vital to do your own research first – read on to find out what to do.

I would want to look more into that research, because 14% sounds to be a lot. 

EDIT: Here the same research is quoted as saying 'up to' 14% discount. This sounds more plausible to me. https://express-conveyancing.co.uk/5-steps-to-bagging-a-bargain-new-build/

It's often the incentives you get rather than discounts on the asking price.

We paid £210k for our new build which was the asking price (it had already been reduced from £225k over a number of months. But on top of that they took our old house in part exchange, gave a £10k deposit contribution, paid stamp duty, paid the legal fees, paid a moving costs contribution and free flooring throughout. 

The headline figures don't always tell the full story.

Could I ask you please about the part exchange (or I'm happy to start a new thread on part exchange if that would be preferred).  I'm not sure how many developers offer this on new builds?  If I were to move house then I do think part exchange would take a lot of stress out of the move (i.e. not worrying about the person buying your own home walking away for whatever reason).  May I ask, if you recall, from the part exchange literature was there a limit in terms of when they would not accept part exchange, e.g. limit 80%?

For example, the new home you wish to purchase is valued at £500k and your current home is worth £350k (no problem doing a part exchange) but say you existing home is worth £450k I was wondering if that would cause an issue? 

I'm just wondering if there are any restrictions people are aware of when it comes to part exchange and the values of the newbuild you are buying compared to your existing home?  

Thank you in advance for your replies. 

kimwp

NB a new estate was built on the other side of the houses on the other side of my road (hopefully that makes sense). Our gardens are long (25m) ISH and my opposite neighbour said their house was constantly having to be swept with brick dust in every nook and cranny while the new houses were being built.

Also make sure the landscaping is a good job, not a matter of chucking rubble in the garden and covering with a thin layer of topsoil.