How soon can you resell a new build (in an ideal economic climate)?

[Quenelle]

We moved to a new development last July and we don't like it. We have resolved to give it until the beginning of next year before we make any decisions but I have made my mind up.

Trouble is, they're still building here, our road isn't even complete yet. Would anybody choose a resold house over off plan? Or are we going to have to wait until it's complete?

[Barbeasty]

It depends on all sorts of things.

How big is the development overall? We sold a house we had bought off plan after living there for 2.5 years and they were still building more houses there.

Are the new houses the same style as yours? It would probably be easier if yours is a bit different from what people can get off plan (ours was a normal 3 bed terrace and they had moved onto building townhouses).

How would the price compare? Not just the headline price but what do you get. If people buy off plan then can they choose the fittings and things, because they would have to live with your choices if they bought your house. Are the builders including flooring and other bits like curtains (or the poles!) which can add quite a bit to the price. And what state do they leave the new build gardens in? What have you done to yours?

Of course there is the advantage in yours that any snagging should have been done after a year, but the 10 year guarantee is still in place, so in theory it is less hassle buying yours. You would also be able to give a far more accurate moving date! It's amazing how completion of a new house can slip and unless the purchaser has nothing to sell themselves then buying off plan can be risky- at least you could move to rented if your purchase fell through.

Have a look on rightmove at other developments by your builder that are still going, or others in your area, and see what's for sale/ sold more than once and get a feel for it.

I'd say at the moment the biggest risk is that we aren't in an ideal economic climate.

[Quenelle]

Thanks Barbeasty. It's a huge development. A new village in fact. The developer who's built our road has almost finished but there are other sections still to be started by other developers.

There is only one other house for sale in the village as far as I know, and it's in our road. It's a different size and style to ours though. It's been on the market for several months, they're asking for 15% more than the purchase price, I imagine because they want to eventually get what they paid for it.

We'll just have to wait and see over the next year I suppose.

[mushroomsandolives]

A friend of mine was in the same position and had EA round to value. The value had dropped quite considerably from the price she paid to 6 months on, trying to sell. However the EAs all said that once the development had been finished, the house would be worth a lot more. So its probably worthwhile to wait and sell once all the building work has finished (and that way, you're not competing with off plan/ brand new builds and the developers incentives - I think that's what would make most people not chose a previously-owned new build over a brand new build tbh).

[Quenelle]

Thanks mushrooms. I'm sure you're right.

There is a very good lower school in the village. Hopefully this will attract buyers when the development is complete next year.