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Selling new house before development finished

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  • Selling new house before development finished

    Hi All

    Wondering if anyone has experience / advice on a situation where you buy and move into a new house in phase 1 of a development. But that development may take 5, 8 even 10yrs to complete and you want to move on before the whole place is finished.

    It seems to me the property value is going to be linked to the new homes available with little scope of adding value and you may well find yourself with a reduced potential customer base as they're all looking at the shiney new places.

    Any thoughts most welcome
    Cheers

  • #2
    Re: Selling new house before development finished

    I don't think it makes much difference whether you enter at phase 1 or 5 etc.

    Difference is, by later phases, amenities are usually in place, and there's usually less visible building work and noise, so the earlier properties usually gain in value - the developer normally ups them.

    However, with house prices coming down, it's worth factoring in that as a main concern.

    There's a development I left a few years back - new 4 bedroom house was sold by the developer at £205k without furnishings. Now the existing builds are reselling for £185k.

    Nothing wrong with the homes, and a lovely area - but a glut in available property with fewer buyers means prices must come down.

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    • #3
      Re: Selling new house before development finished

      You can sell yours easily by undercutting the developer's price for brand new houses. But you knew you would lose money in the short-term when you bought, didn't you?
      RICHARD WEBSTERwww.rwco.co.uk
      As a conveyancing solicitor I want to be helpful (England/Wales only) but can't accept liability for this.

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      • #4
        Re: Selling new house before development finished

        The developer's price will be market determined.
        You will get less than that as your home is now secondhand.
        In a rising market you could do better selling on before the estate is finished. In a falling market you would be better off staying put.

        However, your buyer will probably not have to do the rear garden from scratch and your home may be in a more established and completed area.

        AND If you put a big add in your window saying FOR SALE BY OWNER You will then get the benefit of the house builder's marketting bringing potential buyers to your front door.
        BRAND NEW HOMES
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