Buying a new build

C

Chicci

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i would really appreciate if anyone could give some idea of the steps involved in buying a new build off the plans Some specific questions:

1. Is there any room for negotiation on the price. The house is in a popular area of Dublin and I anticipate there will be reasonably high demand.
2. Is it a case of identifying the house we would like best on the plans and then phoning/attending as soon as they go on sale to make an offer on that house. Is it first come first served if there are a few interested parties.
3. How much would the booking deposit usually be and is it refundable.
4. We will be in a chain so at what point should we put our own house on the market - presumably if we're buying off the plans we're looking at a fairly lengthy period before the house would be ready.
5. In terms of applying for a mortgage, should we do this before or making an offer given the likely time lapse.

Thanks so much for any guidance
 
1. Nope - generally prospective buyers will be seen on a first come, first served basis and given the opportunity to buy at the listed price. If you don't want to pay the listed price, they will move on to next in line.

2. Yes, as above.

3. €5000 - €10000 and usually refundable within 21 working days.

4. You'll need to talk to the agent about expected completion. However you will only be given a maximum of 4 weeks notice of closing.

5. Yes - do it as early as possible.
 
After you pay the booking deposit, and the refund period lapses, is it possible to transfer the option to buy the property to another person?
 
re 4 & 5
not much bridging finance around these days to allow you buy before selling so you may want to consider selling and renting.

Its a difficult market out there and in a forced sale of your current house you may get stuffed.

jimmeboy said:
After you pay the booking deposit, and the refund period lapses, is it possible to transfer the option to buy the property to another person?
Click to expand...

will depend on the paperwork and if allowed will be a disposal for tax purpose.
 
Thanks a million for all that info. At what point do we have to produce a letter of offer from our bank for the mortgage amount? I'm on probation in work at the moment so would ideally like to hold off applying until I am made permanent which should be around Christmas. Thanks again
 
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