Procedure for buying a new build.

MelBean

Hi,
would like some advice on the process of buying a new build home. Will fill you in on a bit of background info. Was planning to move in a year or two for senior school purposes but was passing a development yesterday and saw a house that would be perfect right area etc. Am completly confused as to what the next move would be as I have a house to sell but is not on the market how I do I proceed with the developers will they take me seriously or will I have to have sold etc before I can register an interest. The development is finished with only 2 plots available but there are incentives to buy offers etc. Any advice would be greatly appreciated.

terrierlady

do they offer part exch or easy mover deals?

glen8

ask about a part-ex deal, it's very VERY easy. They sort everything out for you. No estate agents fees, no chains, no stress :-)

You need to be going up at least 30% tho

We have just gone through the process. We got 10% more than true market value for our house and knocked them down 15% on the new build. They also threw in carpets, curtains, blinds, tiled flooring and a fully landscaped garden. I worked it out that we saved a proper £50,000 which is what you need to be aiming for with the economy like it is.

Don't forget that with a new build you get a 2 year builders guarantee and 10 year nhbc. It's great :-)

Jonbvn

If you do decide to buy a NB house, I would strongly recommend that you get a professional snagging inspection done. Check out www.snagging.org for more info.

Unfortunately the NHBC guarantee is not worth much, and would only really cover you if there were very serious structural defects.

The general consensus regarding part-ex for NB is that the developer will offer you a very poor deal. You are much better selling your own house first, then negotiating with the developer with cash in your pocket.

Finally, please understand that with the current problems in the property market, new builds are expected to fall more than other types of property.

MelBean

Thanks to all who replied. Yes I do think that developers do offer part exchange but was interested in buying the house under an easy buy scheme so am not sure if the two offers can be used together. My other questions are with the current economic upheaveal I am not sure who holds the strongest position I know that I have a house to sell but then again so do they. Are people buying now or waiting for the predicted price drop. Am so confused as to the next step. If i was to put a deposit down what is the expected time scale to sell my property bearing in mind three houses on my road have been up for sale nearly a year. Though in my mind vastly overpriced. Any advice much appreciated. Also what is the best way to negotiate a bargain should I find myself in a position to do so. Thanks.

terrierlady

Easy buy is what?
an easy mover is when the developer pays your estate agents fees and free removals, help towards legals etc. Most developers will not reserve until you have a complete chain on your property then the sale can go as quick as the chain and build allow.
P/X the diff can be 25% or higher some are 30% you reserve once price for both homes agreed.

best position is being sstc then doing the deal but P/X is very easy as is much same with easy mover.You need to know the value for yours first then negotiate on the new build.

Jorgan_2

terrierlady wrote: »

Easy buy is what?
an easy mover is when the developer pays your estate agents fees

If easy buy does involve paying the agents fee, check the fee paid by the builder covers the entire fee and that it isn't capped at a pre-set figure, leaving you responsible for the balance.

nutmegman

Jonbvn wrote: »

Finally, please understand that with the current problems in the property market, new builds are expected to fall more than other types of property.

WHY? how does this work out

space_rider

I bought the house I`m living in from the first owner. They bought it for £180,00 and I bought it for £145,00 after 14 months. Alot of the new build estates have fallen quite a bit. If you don`t have any intention of moving then it may be ok. I suppose it`s no different to buying a new car as that depreciates too.