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new build part exchange deals
tentickles666
Posts: 833 Forumite
yello!
need some advice..... we have had our house on the market for 6 months with only 2 viewings so we are discussing the pros and cons of buying new build and either doing part ex or the deal where they sell your house for you.
can anyone advise on these? what kind of deal do you get? im guessing they dont offer the market asking price....
thanks in advance
xx
need some advice..... we have had our house on the market for 6 months with only 2 viewings so we are discussing the pros and cons of buying new build and either doing part ex or the deal where they sell your house for you.
can anyone advise on these? what kind of deal do you get? im guessing they dont offer the market asking price....
thanks in advance
xx
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Comments
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hi. looked at this myself. they typically offer 90 to 95% of the market value of your home. but then expect you to buy one where the offer price on yours is no greater than 70% of the new home. so, this can be quite a hike in mortgage.0
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They'll offer well below the market value, I'm afraid.
And new builds are set to crash in value themselves:
http://www.telegraph.co.uk/money/main.jhtml?xml=/money/2008/02/21/cmbtl21.xmlpoppy100 -
This is the route I'm currently looking at too, I was told the same your house has to be priced 30% under the new one you are buying.
The company I was interested in is Redrow but the 3 bed semi is overpriced now so I will to negotiate on that and the building is yet to commence, any day now it will start and they expect to be finished in 5 -6 months.
So my feeling is we should wait as prices will go down and I know it's overpriced so hopefully (there are only 2) no one else will be interested.Competition wins - 09/03 - £500 ELC Vouchers 11/04 - Lush Goodies 21/04 - Gillette Fusion Gift Pack 22/05 - Mirrors DVD 29/05 - Return Flights to London & £500 29/05 - £50 Homebase Gift Vouchers 20/09 - Remote Control Helicopter 28/09 - £225 Bingo Win 05/10 £25 Photobox Vouchers 16/09 £90 Cash 30/11 £29 Cash 03/01 £20 03/04 Fifa Football :T0 -
They'll offer well below the market value, I'm afraid.
And new builds are set to crash in value themselves:
http://www.telegraph.co.uk/money/main.jhtml?xml=/money/2008/02/21/cmbtl21.xml
This thread seems to apply to new build flats as there are so many and the large proportion being bought by buy to letters who are now facing negative equity.
I'm hoping that as there is always demand for houses that new build houses will not be as drastic as that is sounding. I appreciate they will go down in value but not as much as the flats I would have thought.Competition wins - 09/03 - £500 ELC Vouchers 11/04 - Lush Goodies 21/04 - Gillette Fusion Gift Pack 22/05 - Mirrors DVD 29/05 - Return Flights to London & £500 29/05 - £50 Homebase Gift Vouchers 20/09 - Remote Control Helicopter 28/09 - £225 Bingo Win 05/10 £25 Photobox Vouchers 16/09 £90 Cash 30/11 £29 Cash 03/01 £20 03/04 Fifa Football :T0 -
Hi
This is the route we are taking. We are just awaiting our mortgage offer so fingers crossed about that.
Our house was on the market for £112500 and the one we are buying is £169995. Its with Bellway and I dont think its overpriced either as you cant really get a lot for that price in older properties that dont need any work doing.
They came round to see our house and 2 days later they came back with an offer. They offered £100000 for ours and that was it!! We said no and said we wanted more. They came back and said they will pay our stamp duty, 5% deposit (we need 95% LTV) and our legal fees so that worked out at another £11500. We were quite happy with that but said we would think about it. We then went into the sales office and said we were quite happy with the deal but if they fully carpeted the house all through as well then we would sign there and then. They umd and arghd but then they agreed.
I think we have got a good deal as all added onto the price of ours we have ended up with a deal better than we would have got if we had sold ours ourselves.
Dont accept there first offer be prepared to haggle.0 -
PRINCESSKERRY wrote: »I'm hoping that as there is always demand for houses that new build houses will not be as drastic as that is sounding.
Persimmon, the UK's largest homebuilder, don't agree with you. This morning they have announced that they are suspending all new developments, due to lack of demand.
http://www.telegraph.co.uk/money/main.jhtml?view=DETAILS&grid=&xml=/money/2008/04/24/bcnpersim224.xmlpoppy100 -
Persimmon, the UK's largest homebuilder, don't agree with you. This morning they have announced that they are suspending all new developments, due to lack of demand.
http://www.telegraph.co.uk/money/main.jhtml?view=DETAILS&grid=&xml=/money/2008/04/24/bcnpersim224.xml
<smug>Maybe I should print that out and show it to their sales rep, they laughed at us when I presented our offer to them a few weeks back</smug>
Perhaps the reason (in part) for their poor sales is to do with staffs inability to read the market
We made them a good offer which they refused......more fool them as we have just bought a bellway on the development next door
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They'll offer well below the market value, I'm afraid.
And new builds are set to crash in value themselves:
http://www.telegraph.co.uk/money/main.jhtml?xml=/money/2008/02/21/cmbtl21.xml
rubbish, the market is way different than a few years ago0 -
builders offering way less than market value when doing a part-ex0
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