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investme
Posts: 106 Forumite
Hi folks
Me and my partner are reserving a new build this Sunday. I'm fairly clued up on mortgages, houses and always been good at haggling etc. so i fully intend to try and squeeze something out of them, however every thread / guide i've come across sets the context of developers having an abundance of overpriced homes set 10%~ higher than they are worth and seem to imply it's easy to drop the price, secure some flooring and a few upgrades etc.
In this development however this is absolutely not the case. We have been on a waiting list, along with a few other people (which before anyone says they may have been misleading us, i do believe, as we were told we couldn't have the plot we wanted initially however the previous buyers sale fell through).
Anyway, my question is this, realistically what can we expect to negotiate? The asking price is just shy of £300,000 which in all honesty is a good price for the area - filtering on rightmove for detached houses from lowest to highest price only shows a few cheaper properties in need of heavy renovation in worse areas.
Ideally i'd like to get some appliances thrown in, and flooring if possible (as i'd never pay their price)
Does anyone have any experience negotiating a new build in a highly sought after area?
Me and my partner are reserving a new build this Sunday. I'm fairly clued up on mortgages, houses and always been good at haggling etc. so i fully intend to try and squeeze something out of them, however every thread / guide i've come across sets the context of developers having an abundance of overpriced homes set 10%~ higher than they are worth and seem to imply it's easy to drop the price, secure some flooring and a few upgrades etc.
In this development however this is absolutely not the case. We have been on a waiting list, along with a few other people (which before anyone says they may have been misleading us, i do believe, as we were told we couldn't have the plot we wanted initially however the previous buyers sale fell through).
Anyway, my question is this, realistically what can we expect to negotiate? The asking price is just shy of £300,000 which in all honesty is a good price for the area - filtering on rightmove for detached houses from lowest to highest price only shows a few cheaper properties in need of heavy renovation in worse areas.
Ideally i'd like to get some appliances thrown in, and flooring if possible (as i'd never pay their price)
Does anyone have any experience negotiating a new build in a highly sought after area?
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Comments
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It's mainly going to be done to supply and demand.
If there is excess demand then there's no reason for them to give you anything.
Have you checked their financial year?
They might be keen for you to complete before the end of their year.
Some friends of mine got a whopping discount from a small developer by agreeing a really quick completion, so that may be worth something to them.
but i dont think its a given if there genuinely is plenty of demand.
Things like appliances and flooring are good to go for for both sides because it's costing them trade price and you are getting retail value.0 -
It's mainly going to be done to supply and demand.
If there is excess demand then there's no reason for them to give you anything.
Have you checked their financial year?
They might be keen for you to complete before the end of their year.
Some friends of mine got a whopping discount from a small developer by agreeing a really quick completion, so that may be worth something to them.
but i dont think its a given if there genuinely is plenty of demand.
Things like appliances and flooring are good to go for for both sides because it's costing them trade price and you are getting retail value.
The house isn't complete until October so a quick completion isn't really a card we can play, though that would be ideal for me as my FTBs have a long wait to get hold of my current house! But that should give some idea of the demand. On the plus side, we get to spec everything and the standard spec is already very good (turf, patio, shed, high grade appliances (of those that are included) good quality worktops and so on)
I think appliances and flooring might be the way to go rather than any cash incentives for the reason you mentioned.0 -
You can try and haggle with the price and see what they say. I'd definitely try and get flooring included, which i don't think will be too much of an ask for them. Also, get them to turf the back garden and enquire if they'll be fencing the whole garden off. I have a friend who bought a new build and their garden was only partially fenced and had to pay someone else to completely fence the garden off after they'd moved in.
Just be cheeky and see what you can get out of them - you get nothing for being polite!0 -
We have recently gone through this process on a new build. The plot we went for was partially built with completion due for June/July. Having a buyer on our current property, and the fac that we are willing to move out of that as soon as needed in order to not hold up a chain, means we're probably in as good a position as we can be without being FTB's.
Similar thing to you, the builder's standard spec is fairly good. Integrated dishwasher, double oven, fridge freezer and 6 burner hob all standard and good quality items. Large selection of 'standard' kitchens and tiles to choose from. Turfed rear garden and landscaped front, outside lights on all external doors, fully timber fenced with gate, garage with light and power.....etc etc, you get the idea.
Developer wouldn't shift on anything initially. Buckled first with less than 40% towards SDLT, finally rising to a "potential" 70% towards SDLT. It took us 3 visits over a weekend, each one walking out with no reservation before they finally agreed to cover full SDLT (£10k), but no way no how were we going to get a reduction in asking price or any additional flooring (bathrooms, WC and utility are lino as standard). We liked the house, we accepted the deal.0 -
We have recently gone through this process on a new build. The plot we went for was partially built with completion due for June/July. Having a buyer on our current property, and the fac that we are willing to move out of that as soon as needed in order to not hold up a chain, means we're probably in as good a position as we can be without being FTB's.
Similar thing to you, the builder's standard spec is fairly good. Integrated dishwasher, double oven, fridge freezer and 6 burner hob all standard and good quality items. Large selection of 'standard' kitchens and tiles to choose from. Turfed rear garden and landscaped front, outside lights on all external doors, fully timber fenced with gate, garage with light and power.....etc etc, you get the idea.
Developer wouldn't shift on anything initially. Buckled first with less than 40% towards SDLT, finally rising to a "potential" 70% towards SDLT. It took us 3 visits over a weekend, each one walking out with no reservation before they finally agreed to cover full SDLT (£10k), but no way no how were we going to get a reduction in asking price or any additional flooring (bathrooms, WC and utility are lino as standard). We liked the house, we accepted the deal.
Is that Story Homes by any chance? We have been given nothing... we asked they said no to everything, its a brand new site and the houses are flying out the door.0 -
We have bought on a high demand development (awaiting completion) and all we managed to get was upstairs flooring, they wouldn!!!8217;t shift! The only other thing they said they could do is cover legal fees IF we used their solicitor which we refused to do.
It was the last of that house type on the development and the cheapest 3 bed so both sides knew that if we didn!!!8217;t reserve the day it was released someone else would have snapped it up.
Thankfully standard spec is okay- full turfed and fenced garden, outside lights, landscapes frontage, doorbell decent amount of sockets and tv points, shower over bath etc so we didn!!!8217;t opt for any other upgrades- and will get someone else in to do the rest of the flooring (better choice then anyway)0 -
I've just tried speaking with them - no give at all sadly. Asked if we still wanted to go ahead else they'd offer it to the next person. I will try on the day but doubt i'll get much if anything0
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We have been on a waiting list, along with a few other people...
If there's a waiting list, it seems unlikely that you would get anything.
If you won't agree to pay full price for the house (and full price for any extras), I guess they'd just go down through the waiting list until they find somebody else who will.0
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