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New homes

Part exchange

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One of the incentives offered by developers is the opportunity for you to part exchange your home.

Developers will often send two or three estate agents to value your existing home and offer you the average of the valuations. Some developers will offer you a guaranteed price, which you can take or leave at any time, allowing you to go off and hunt for a better offer in the open market. This can be very useful as a fallback if you have a fixed timescale for your move.

Unfortunately, the amount they offer for your property will almost certainly be slightly discounted to allow the developers to resell it at a profit. You could probably get more on the open market and it may be worth getting your own valuation to strengthen your position. Bear in mind that some of this deficit is returned to you by not having to incur any estate agent fees. The schemes are increasingly popular with the public, so someone must be doing something right.

There are quite a few advantages of taking up a part exchange offer:

  • You get to sell your existing home quickly, as you will receive a serious offer within a matter of days.

  • There is no risk of being caught in a chain - you sell with a minimum of fuss in a way that is probably a lot less stressful than any other way of trying to co-ordinate the sale and purchase.

  • There is no risk of gazumping and no risk of the buyer changing their mind at a crucial moment.

  • A guaranteed completion date means you can make the most efficient use of your time to arrange your move.

  • If you are having trouble selling your home, this method guarantees you a buyer.

  • Legal costs are not likely to be as high.

Let us know your good or bad experiences of part exchanging.

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