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Hi Folks
A friend of mine is in the process of buying a newly built property. He has been a bit naïve in that he thought you could not haggle over the list price of a newly built property. I suggested to him that he could have asked for some extras to be included in the price such as carpets, lighting, kitchen appliances, payment of stamp duty etc.
However, he has already paid a small retainer to the property developer and will be paying the required 20% deposit in the next few weeks.
So, at this stage, is it too late to haggle over the cost price?
Thanks in advance for your responses.
I also found out today that he has paid a retainer towards the property.
So, doesn't this put him in a severely weak position before he even thinks to begin haggling over the price?
Sorry, I wasn't very clear in my response.
Basically if he does nothing, he won't get any discounts or extras, so if he goes back and tries to haggle, the worst that can happen is that he's in the same position he's in now. However, it's possible that they may throw in some extras, even though he's paid the retainer - in which case he's better off.
Hi Folks
My friend went to see the developers today with the idea of haggling..
He managed to get a washer/dryer machine and fridge freezer for the kitchen. So, it was well worth it. Many thanks to you guys for giving me the initial idea of haggling.
I have another question for you kind folks out there -
The developer is gently persuading him to use their solicitors. Are their any particular advantages/disadvantages associated with using the developers nominated solicitors?
Thanks in advance for your responses.
Hi there
Using their solicitor will speed up the process however they will act with the interests of their client so if there is a dispute then this will work against them.
My advice would be to refuse this and seek his own legal advice
Hi
Has anyone else heard of the new government scheme "Help to Buy!"
We are considering it as the govt lend you 20% towards the deposit and you start paying it back after 5 years
Too good to be true? I am seriously looking into it and need your expertise!
Hi Super Mario
Yes, I have also heard of that scheme. However, it is only available for first time buyers and as far as I know, only available for newly built properties. But you may be aware, that newly built properties are over priced anyway. I don't think you have to pay back the deposit but if the newly built property is overpriced at around 20% (which they are anyway), the govt deposit effectively only cancels out the overpriced portion of the total cost.
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