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Offers on “Guide Price” New Build Home?

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  • Offers on “Guide Price” New Build Home?

    Hi All

    First post to the group and leaning all over again the art of buying and selling.

    We have found a new, one-off development of a single 5 bed house, in a small Berkshire town.

    The developer bought the land with an existing small house on it, demolished it and is currently building a new 5 bed house. The house is being built to a very high specification and finish and done in an old Victorian style outside – lots of period exterior detail.

    The area around the house is very, very limited to this type of new build as most of the immediate surrounding houses are listed Victorian and Edwardian houses. There is also an SPA Special Protection Area on the surrounding area.

    My question to the forum is regards to the “guide price” for the property and making an offer. The agent has said that there is no room for price negotiation due to the rarity of this type of property being available in this particular area of the town. The guide price is the price you would pay if you want the house!

    Another house by the same developer a couple of miles away did sell for the full guide price a few months ago.

    I know that “everything” is open to negations, but wondering if this type of situation is not uncommon when it comes to this type of development?

    Any advice and or comments would be much appreciated.

    Regards
    LRS

  • #2
    Don't take sales advice from the party interested in selling - ensure you have your own surveyor and either property solicitor or estate agent advise accordingly.

    Comment


    • #3
      Very risky. If there's nothing really to compare it with builder can invent a figure can't he?

      Unusual properties (and this one seems to be) sell well in times of boom but in times of slump struggle to justify the same relative margin over the next nearest comparisons in not such a nice area etc.

      This doesn't matter too much if you can afford it and intend to live there a long time but if you want to sell in a couple of years I would leave well alone.

      As a conveyancing solicitor I believe the information given in the post to be useful but I accept no liability except to fee-paying clients.
      RICHARD WEBSTERwww.rwco.co.uk
      As a conveyancing solicitor I want to be helpful (England/Wales only) but can't accept liability for this.

      Comment


      • #4
        What should you do?

        I would tend to agree with Richard, as this property has no real comparable, a surveyor is likely in this market to take the value down a peg or two though the actual valuation will do very little to change the vendors opinion of the value and the price he or she wants, and as such I would walk away from this one unless the vendor suddenly becomes motivated you'll have to pay the asking price.

        On the other hand, if this property is as nice as you've described, and it is what you want, and it meets the value or asking price from the surveyors valuation, and your happy with that then BUY IT AND BE HAPPY.

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