Buying a new build house

[Princesa]

Hi,

We’re looking at moving house and there’s a new estate being built that we like the look of. However, it seems a faff having to sell our own house in order to be able to put a deposit down on the new build and then have to rent for an estimated time that could end up longer. I was just wondering how other people coped with it or if there’s anything they’d recommend/do differently?
Thanks!

[BevS97]

It’s years since we did it but the developer appointed our estate agent and the move didn’t happen until the new house was ready.

I wouldn’t have been prepared to live in rented while I waited.

[Princesa]

Did you sell your house through/to the developer? We’ve been told one estate nearby does this but that we’d get less money for our current house this way. It may be worth losing some money to save on hassle, but I suppose it depends how much money we’d lose on our house.

[danisleigh]

My brother In law made sure the people who are buying his were willing to wait for the new build to be completed. He moves on the 26th this month after selling in September and exchanging contracts in December.

[BevS97]

We didn’t part ex. But the developer did appoint the estate agent and pay the fees.

[Bee happy]

We sold our house and moved in with my Mum for 6 months, we sold very fast so was able to secure the plot we wanted. Wasn't easy with a 3 year old and being pregnant. My youngest son was born 3 weeks before moving into new home.

[BevS97]

Originally Posted by Princesa

Did you sell your house through/to the developer? We’ve been told one estate nearby does this but that we’d get less money for our current house this way. It may be worth losing some money to save on hassle, but I suppose it depends how much money we’d lose on our house.

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How much would you end up paying in rent. Factor that in.

[aqualiv]

We had a nightmare! So stressful!
Put our bungalow on the market in January after really liking one of the new builds due for completion may/June
Sold bungalow after first viewing, told them we couldn’t move out till may/June which they were fine with
Then delays happened due to COVID
Buyers gave us ultimatum in august - move out or sale falls through
New build now estimated for October
So I frantically looked for a rental that would have us for 5 weeks in our area and booked two weeks in the lakes for the interim. Also arranged storage for all of our stuff
Nail biting at the end as developer only gives 10 days notice of firm completion move in day and our air b n b could not extend due to people booked in the day after us
Genuinely thought we might be homeless for a bit
Luckily after me telling the sales office we had to have it ready on the date they originally said our we’d be camping outside the sales office we moved in on agreed oct date
All in all super stressful- loads more happened with our buyers which I won’t go into
Would not buy a new build again after an extremely stressful 10 months

[Blue nose]

We part ex our old house for a new build. It was the best decision for us at the time.

Our old house would have sold for around£125k if we could wait but accepted £118k off the builder. We actually had a deal where if they sold it in the first month of us agreeing terms we could have anything over £120k.

I had no estate agents fees saving about £2500 so we technically lost about£4.5k but we may not have got the full £125k and we had a 6 month old baby and didn't need the hassle.

As the builder didn't have an immediate buyer for ours we were allowed to live in the old house for up two 2 weeks after completing.

This was amazing as it gave us time to have carpets fitted, curtains put up and all the bits you don't think of with a new build. There's no curtain poles to hang curtains on, no towel rails, no toilet roll holder, no light fittings, We needed to literally buy everything everything. Build this expense into your budget. We probably be spent just over £10k including flooring throughout, turf and half of the fence costs.

[Blue nose]

Most on our estate you just had to pay a reservation fee if about £1500 and then agree a timescale to sell yours in line with when your new one is ready.

So you could always look at both options. If the new one is ready before you've sold you then part ex. If the new one is going to be ages it's a risk you sell and need to move out before new one is ready.

Go and speak to the sales team.