Nobody moves house on a whim. It’s a process which takes careful consideration, weeks of searching and then months of paperwork and negotiation. And in a time of recession persuading someone to move from their home in to something new, to spend money on movers and solicitors, pay mortgage lenders fees and deal with estate agents is a tough job. Developers and estate agents have always been experts at concocting schemes to persuade you to commit to buy, but in recent months they’ve had to become ever more generous and inventive to tempt buyers in to their homes.
For investors huge discounts are now available so as a potential Landlord you really could make a killing. Many developers are now offering up to a rumoured 75% off of bulk bought properties – that is, four or more units purchased together. But you don’t have to be in the buy-to-let market to take advantage of the new found generosity of developers.
The trick to getting the best possible deal on a home is to have your finances set in place in advance of negotiating. This puts you in a strong position to offer a lower price – the developer can see you are serious and ready to move forward with a purchase. Even if negotiating a much lower price isn’t possible there are all manner of gifts you might like to take advantage of. For example a handful of developers are now offering a Rent Before You Buy scheme which provides first time buyers with a good way to get their foot in the door. You, the buyer, rent your dream home (Wolverton Park in Milton Keynes is among those new developments offering this scheme) while saving up the deposit for your mortgage. In the case of Wolverton Park if, after a year, you do decide you’re ready to put a deposit down your rent is taken off of the price AND the developer matches it too.
Another way to get a grasp on a new house before you jump in the deep end is to try before you buy. Confident sellers are offering a weekend break in your potential new pad to help you make the decision whether to buy or fly. The likes of Barratt offer to reimburse your deposit if you change your mind about the property.
Barratt are also showing confidence with a three year price guarantee on certain new builds too. They promise that if you sell your new property within the first three years after buying and make a loss they will reimburse the difference up to 15%. This offer is of course gold for those nervous about losing money in the currently rocky market. And if holiday letting fills you with fear how about a guarantee on that too? Home developers building in prime second home locations are now offering buyers a minimum income guarantee on their holiday pad.
Even if none of these offers can be found in your perfect area there are now more than ever ways to save money on property, from part exchanges to paid deposits and free HIPs. Do your research and be rewarded.