Nervous - Would you wait, or give in and increase the offer?

[RugbyWidow7]

We have put an offer in on a new build and as first time buyers we're keen to get a bit of a deal as it's way up at he top of our budget - and we're being completely crucified on the stamp and deposit, and considering the current economic climate hoping they might drop the price further! We offered just under 8% below asking two weeks ago. They've come back asking for no less than 4.5% off. That seems like such a small amount below asking!

What we're concerned about is that we live in the SE London commuter belt where property goes so quickly. It's a new build and we'd have to carpet once we move in as well as all the other soft furnishings, which we'd really struggle to do above our original offer.

So, should we wait - has anyone experienced this? Is it ridiculous to expect them to drop lower? Or might they given the climate? Or do we offer what they want and live on the edge for a while?

I should mention there's a higher offer on the table but they have to sell their property yet, whereas we're ready to go. So in theory the vendor has a fall back option.

Thanks

Walk away - new-build houses generally have a premium on them so you will be paying over the odds. Get somewhere second-hand, it will be better value and it will probably come with flooring .

Definitely walk away. Something better will come along.

Do you HAVE to have a dead-new-build? Maybe it's worth looking at a five or ten year old property. The previous owner will almost certainly be trading up and will leave carpets and sometimes curtains: and they won't have had time to become too trashed/dated with luck!

Walk away, as previous wise MN'ers have advised you, there will be better houses for you.

I loved my new build & am still here 16 years later! |We actually made a bit of a loss in order to move but 1 year down the line && the costs seemed less onerous. Loved choosing the bathrooms & kitchen, loved watching it go up loved the summer spent in the sales office drinking cups of coffeee & talking about who was moving in where!!!

A house is a home imo, not an investment so if you love it it may be wirth the stretch.