New House Purchase

[morbix]

Hi all,

I am after some views, I am looking at purchasing a house in my native North East England. I appreciated with all going in respect of Brexit many will think this is not a good time to buy. However, this is a house we have been after for a while, my partner and I are both in (hopefully!) secure jobs and planning for the long terms so willing to take the risk. The question is what is a fair price to pay? The builder is Taylor Wimpey and the have offered to part exchange our current house with an offer which is slightly lower than what similar houses have sold for recently but not much in it. On the current house, am I being unrealistic in asking for a 10% reduction (either via increase in my part ex value, decrease in their sales price or paying part of the stamp duty - it could be a combination of all)

Thoughts would be really appreciated.

[Jockman]

No harm in asking.

[Sarnie]

morbix said:

Hi all,

I am after some views, I am looking at purchasing a house in my native North East England. I appreciated with all going in respect of Brexit many will think this is not a good time to buy. However, this is a house we have been after for a while, my partner and I are both in (hopefully!) secure jobs and planning for the long terms so willing to take the risk. The question is what is a fair price to pay? The builder is Taylor Wimpey and the have offered to part exchange our current house with an offer which is slightly lower than what similar houses have sold for recently but not much in it. On the current house, am I being unrealistic in asking for a 10% reduction (either via increase in my part ex value, decrease in their sales price or paying part of the stamp duty - it could be a combination of all)

Thoughts would be really appreciated.

They can only say no!

They've lowb balled your property.............low ball theirs!

[Jag_NE]

morbix said:

Hi all,

I am after some views, I am looking at purchasing a house in my native North East England. I appreciated with all going in respect of Brexit many will think this is not a good time to buy. However, this is a house we have been after for a while, my partner and I are both in (hopefully!) secure jobs and planning for the long terms so willing to take the risk. The question is what is a fair price to pay? The builder is Taylor Wimpey and the have offered to part exchange our current house with an offer which is slightly lower than what similar houses have sold for recently but not much in it. On the current house, am I being unrealistic in asking for a 10% reduction (either via increase in my part ex value, decrease in their sales price or paying part of the stamp duty - it could be a combination of all)

Thoughts would be really appreciated.

assuming the other houses near to yours sold on the open market then it sounds like a fair price for part exchange. from personal experience, if they really want your business they are more likely to overpay on the p/ex or (more lilkely) throw free carpets & upgrades at you as they prefer not to lower the (public) final sale prices, assuming they still have properties left to shift of course.

[morbix]

Thanks for the responses so far. I do agree that they have offered a realistic price for my property. The other factor is that the house will not be built until the end of the year so they still have time on their hands to wait for another buyer if I don't take it.

[XMT]

There is quite a few people coming on here saying that they want to try get more off a price of a house specifically for new builds.

I think it might be a struggle however I think to make the pain easier on both sides why not ask for more extras for the house? Free upgrade to kitchen or bathrooms?

[LazyRoss18]

We part exchanged on a new build last month. They offered us £10k less than what we wanted for our property. When pushed they took £10k off the asking price of the new house

[morbix]

Thanks all for the comments so far. The builder has said that they would rather offer a slightly reduced value on the house and negotiate on the purchase price of the new one. I assume it allows them to move stock quickly and not recognises losses on the disposal of properties from an accounting perspective?

[morbix]

Quick update, we have agreed a slight increase on the PX price of our house and stamp duty paid. All in all I am pleased with the deal given that the house will be our dream home and won't be built until early next year which restricts the negotiation somewhat.

The options list seems to be a killer, I will see if I can get some discount off them as well.....