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Buying a new build - Advise

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  • Buying a new build - Advise

    Hi,

    We are FTB and are looking at a new build. I have read a lot aout negotiating on the asking price, which we will be doing.

    The housing developer we are looking at want a £500 payment to 'reserve' the property for us, it will only by ready in Nov. 2014. I have read a lot about buyers paying the reservation fee and then having the valuation come through a lot lower than the developers asking price and even the agreed price. This leaves the buyer in a difficult position because they know they can pay less for the house but lose all negotiating power because if the developer refuses to move the buyer could lose the deposit if they pull out. This raises a few quuestions for me:

    1) Can/should you get the valuation done before you pay the holding deposit?
    2) Should you decide on your best price before paying the holding deposit?
    3) I am thinking of offering 20% to 25% less than the asking price, should I ask for more?
    4) Any other tips/sites you can recommend?

    Thank you

    Ash
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