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Where to start with a new build?

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  • Where to start with a new build?

    Hi

    We are looking to purchase a new build. We're looking around £300k and our current house is worth about £240k.

    Every single development we've visited so far, and every single sales person we've spoken to, has pretty much refused to talk to us until we have a complete chain and we can exchange in 28 days. They are all actually saying that unless we have the ability to exchange in 28 days they won't even let us reserve a plot.

    They're not interested in Part Exchange unless we give them ours for about £200k.

    Everytime I've said but its ridiculous to expect a complete chain before I can even reserve a plot or put a deposit down they've just said "That's the way it is."

    Is this true? If they are being so inflexible, how on earth do you start making offers on the price, negotiating extras etc?

    I can't believe everyone who buys a new build does so in 28 days, but how can I make the developers stop being so inflexible? Do I just look wrong to them?!?

  • #2
    Re: Where to start with a new build?

    Just walk away from them - if they aren't too interested in your becoming a customer, probably best to ignore them.

    Or wait a few months and see what happens in the market anyway.

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    • #3
      Re: Where to start with a new build?

      Every developer nowadays tries to secure their part of investment. That is because each developer faces difficulties in being developer.

      Comment


      • #4
        Re: Where to start with a new build?

        I would like to say hello and kindly comment on LJB12 comments. First may I say sorry that you have received this response from ANY national or local developer.

        You are a valued buyer and should be treated as such. There are many developers that offer a "supported purchase scheme" or something on those lines. I have excellent relationships with a number a large developers and I do understand their feeling with Part Exchange.

        Their feeling of adding to their portfolio and hence the ave of 30% differentials when looking at PX property. They use this differential to yes try and make a profit from the related sale, pay the estate agent the agreed 1 or 1.5% fee and any work needed to bring the property up to a suitable level.

        Even if the property is Great and I am sure your is, this is the normal guide stick used. However you should be able to complete a Chain Reservation or Related Sales Reservation.

        It also depends yes on what incentives YOU can offer for buyers of your property. These can be very simple yet effective. Yes it all relates for value, however any good Sales Manager will look at their margins (wont be a lot these days), however should you reduce your property value then maybe the developer would look to reduce your new plot (property) value to reflect any loss you feel you may have.

        Let me assure you that their are people like myself in the property industry that really do feel that your business is important. Simply it just need more time, dedication and effort from the developer.

        I was shocked to read that you felt ignored, well I can say that one company Miller Homes will not let you down and would be willing to look at any options you may have with you to ensure a sale.

        I am new on this web site so can not leave my email or web address but feel free to ask me any advice and I will try my very best to point you in the right direction.


        Thank
        Stephen Fairclough-Speed
        Faircloughspeed-property consultant. com

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        • #5
          Re: Where to start with a new build?

          I enquired about a new build once and they wanted so much paperwork that i walked away, it seemed too pressured and didnt want to deal with ppl like that for the next 12 minths til it was completed!

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          • #6
            Re: Where to start with a new build?

            I would agree with every comment made, if there are so many restrictions placed as to make you feel pressurised take a hike.
            You'll feel better for it and the chances are you will also be better for it too.

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            • #7
              Re: Where to start with a new build?

              Part Exchange could still be your best option. Some house builders give 100% of the average valuation of three independant valuations.
              This would get you out of the problem of selling your own home.

              All house builders require you to Exchange in 28 days. That is not BUY in 28 days!
              It is still a pain and quite stressful. You really need your mortgage agreed in advance.

              However in the current market, buying in a recession should put you in charge.
              BRAND NEW HOMES
              Information for UK new home buyers
              New Home Blog The latest news and views

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