Buying a new build house or flat in the near future? Here are 5 of the most effective ways to save money on your new home, here are 5 ways to save money when buying a new build home
1) Always Try to Negotiate the Price
If you’re buying a new build property, fundamentally it’s always worthwhile trying to negotiate with the developer / builder on the price. Of course, whether there is scope for negotiation will depend on a number of variables, including how keen the developer is to sell a particular plot or phase within the development, how much margin they have to play with and the demand for properties locally. However, as the old adage goes, ‘if you don’t ask you don’t get’, and you’ll often be pleasantly surprised by the response.
Developers will usually be particularly keen to conclude their financial year on a high and this is therefore often a great time to make an offer. You can find out when a particular developer’s financial year end is at Companies House.
2) Ask for Extras
Irrespective of whether you are or aren’t successful in negotiating a discount for your new build, do also try to secure extras for free. As your house or flat will be brand new thankfully you won’t have the expense of any renovations, but that doesn’t mean to say that the specification will be completely to your satisfaction from day one.
Depending on the type of property and the particular developer there’s an array of things that you could manage to get thrown in for free, including upgraded fixtures and fittings, flooring, landscaping, stamp duty and much more besides.
The developer has suppliers and tradespeople readily at their disposal, meaning that they can usually get things done for you at a much lower cost than you would normally incur. Take advantage of this and ask for desired extras within your negotiations.
3) Part Exchange Your Existing Home
Not only can this save some of the expense associated with marketing and selling your current home but it can also make for a much less stressful transition to your new abode.
4) Be Ready to Move
It’s common knowledge that many property transactions don’t go according to plan, often resulting in sales falling through. This happens as much in the new build market place as anywhere and, when it does, this could work to your advantage if you’re waiting in the wings.
If you’re in a position to move quickly, make a developer aware of this by calling and/or visiting the local office, or indeed the estate agent that is handling sales for the development. If you’re ready to fill the void left by the buyer who’s just pulled out, you can become an attractive alternative, which in turn puts you in a stronger position to negotiate.
5) Don’t Rush Furniture Decisions
Finally, you might well have your heart set on some gorgeous new reclaimed wood furniture to adorn your house or flat, but it’s usually always best to wait at least a few weeks after moving in, and possibly even a few months, before making any purchases whatsoever.
It’s highly likely that you’ve viewed the developer’s show home prior to purchasing but of course developers use every trick in the book within these homes, in order to create the illusion of space. Most notably, relatively little furniture is featured and, when it is, it’s often smaller than most people would actually choose. Rushing furniture choices could leave you with too many items relative to the size of your new house or flat, or indeed items which take up too much space – either of which is unnecessary expenditure at the end of an already expensive move.
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