I managed to get an extra parking space when I purchased my first flat many moons ago, it isn't totally out of the question, although the more of the development that has sold the less likely it is.
New build flat - offer/negotiation points
- Thread starter TNGL
- Start date
I managed to get an extra parking space when I purchased my first flat many moons ago, it isn't totally out of the question, although the more of the development that has sold the less likely it is.
Soldato
lol. Obviously you've not lived in a new build
Definitely this!
We had 161 items to be corrected when we moved into our first flat!
Soldato
I'm still picking up minor issues with mine 5 years later.
Soldato
Not massively relevant to negotiating price but have you checked the terms of the lease and if there are any maintenance fees or a service charge to pay?
Maybe living in Manchester has skewed my view of the housing market (especially apartments) but I'd be wondering why it hasn't already been bought up by foreign investment. Nothing around here stays on the market longer than a few weeks unless there's an obvious issue with it. As you say the last thing I'd want to do is end up in negative equity after buying my first home.
Maybe living in Manchester has skewed my view of the housing market (especially apartments) but I'd be wondering why it hasn't already been bought up by foreign investment. Nothing around here stays on the market longer than a few weeks unless there's an obvious issue with it. As you say the last thing I'd want to do is end up in negative equity after buying my first home.
I think its highly unlikely. Parking on new builds is often at an absolute premium anyway, and to give someone another parking space would need plans/contracts changing etc (even if there is a spare spot to give).
If you did get a new build developer to change their parking plans and give you an extra space you were supremely lucky.
Soldato
If it's a show home it probably won't be eligible for snagging, you'll be buying as seen I think.
One reason to negotiate a bit off the price (+ ask them about this before buying). If they say snagging as normal then get it included in writing in the contract you sign.
One reason to negotiate a bit off the price (+ ask them about this before buying). If they say snagging as normal then get it included in writing in the contract you sign.
Soldato
My first flat was a 3 year old new build. They paid £115k, I paid £102k.
New builds seem to have a totally unwarranted premium. Are they no nearly new flats that would suit? You will probably save a bundle.
New builds seem to have a totally unwarranted premium. Are they no nearly new flats that would suit? You will probably save a bundle.
I made 40k on a new build flat after only owning it for 4 and half years, so i think it really can depend/vary.
It's a new build, you'll end up replacing everything within 5 years because it'll be low quality and thrown together
Definitely this.
You don't want to find some lame leasehold agreements that restrict your usage of the flat, or be in a position where ground rent / service charges increase significantly - although i think the ground rent doubling thing has been bought to the public eye and IIRC a lot of house builders were reversing that clause.
I wouldn't say it's "unwarranted". The 'premise' of a new build is that you can move straight in and everything is perfect, no decorating etc required. In reality as most people have discovered that's rarely true and new builds still require a great deal of work.
Soldato
I think the big benefit of new builds tends to be the better use of space, even though overall space is usually less.
We moved from a 2 bed new build, into a 1950s 3 bed semi and it feels smaller in many ways. Small things that you don't initially notice make a big difference in the day to day living. It's all things that could be rectified but it would mean lots of inconvenience and probably end up costing the same as a new build anyway.
We moved from a 2 bed new build, into a 1950s 3 bed semi and it feels smaller in many ways. Small things that you don't initially notice make a big difference in the day to day living. It's all things that could be rectified but it would mean lots of inconvenience and probably end up costing the same as a new build anyway.
Associate
Everyone is getting out of flats right now - space for a home office / outdoor space have become uber desirable.
I think you'd be mad to offer on a new build flat without a significant discount.
I think you'd be mad to offer on a new build flat without a significant discount.
Soldato
Did you read the OP, properly?
yeh some new build designs are very well thought out. I have a 3 bed detached new build, and whilst it isn't that big, it is very well laid out and has a surprising amount of storage space etc. The landing and stairwell in particular is nice and open which makes it feel bigger than it is.
Not to mention, i know when we looking at houses most bog-standard 3 bedroom semi's that were built from 1930s till probably 1980s only had the single bathroom upstairs. We went for a much newer one where the house is similar in size, but more open plan, and we have 3 bathrooms (en-suite, upstairs, and downstairs). It does come at a cost of our bedroom being slightly smaller, but given the option of bigger bedroom and no ensuite versus smaller bedroom and ensuite, i know which option i'd choose any day of the week.
Soldato
If you think it's overpriced in comparison to other similar properties in the area then only offer what you believe it to be worth otherwise you could quickly find yourself in negative equity and stuck there when circumstances may require you to move again. Obviously you'd expect to pay a little more for something that's new if it's done to a high standard compared to similar square footage of a resale property but if you're doubting the value then chances are so would someone else when you come to sell. Depends how long you see yourself living there and the motivation for buying, an apartment is less for an investment other than being more savvy than renting but less about capital gain and more about being able to afford a life style of exterior maintenance not being your problem. If the economics are more important to you then lease hold is probably not right for you and you should consider a freehold house in a decent area even if it's not in great cosmetic condition.
As for telling the developers how much you love the property, absolutely not, they would not be ruled by their hearts and you shouldn't show your hand either. Telling them how much you've fallen for the place would be like telling a car salesman what your budget is, then they'll only show you something under that budget so you can't beat them down.
As for telling the developers how much you love the property, absolutely not, they would not be ruled by their hearts and you shouldn't show your hand either. Telling them how much you've fallen for the place would be like telling a car salesman what your budget is, then they'll only show you something under that budget so you can't beat them down.
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Luckily not everyone agrees with you.
Many will do after buying a new build though.