Keen to sell your home and buy a new build but struggling to find a buyer?
Look no further – house part exchange is a great way to guarantee a sale and ensure you can make the onward move you are dreaming of. Quick Move Now looks into this innovative way of selling a house and how it can help homeowners… and unearths some interesting property selling facts along the way!
Selling your house and moving into a brand new home can be a simple and stress-free process. Don’t believe us? Well it can – we see it happen every day. When looking for a house to buy, ask about the part exchange options available to you. Often, the new home builder you are buying from, or a home buyer the builder is working with, will purchase your existing property (usually at a 10-20% discount) so that you are able to follow through with the purchase of your new property – hurrah!
Who is eligible for house part exchange?
You are eligible for house part exchange if you are:
- A homeowner with equity in your property
- Looking to purchase a new build
It really is as simple as that!
What are the main benefits of house part exchange?
- You avoid the costs and delays of using an estate agent – if you sell to your builder or a homebuyer, you won’t have to worry about employing an agent, hosting house viewings, paying fees or waiting around for a buyer. Phew!
- You have a guaranteed buyer – a formal offer and a promise of completion from part exchange providers are worth their weight in gold. When selling on the open market, there is a high risk of a house sale falling through due to long chains and mortgage difficulties – did you know that more than one in three house sales is currently falling through before completion?
- You enjoy an efficient sale – with a professional, experienced buyer handling the process, you can be settling in to your new home in record time. It will probably be no surprise to you to discover that on the open market, the average time from an offer being accepted to the sale completing is 12 weeks – and that doesn’t take into account the marketing time or collapsed chains beforehand!
- You escape traditional house selling hassle – what could be better than leaving your builder or homebuyer to manage your house sale for you? Yes, we can hear your sighs of relief.
What is the house part exchange process?
Part exchange processes vary from builder to builder. Most ask two local, independent estate agents to value your existing property and then make an offer based on their findings. If you accept the offer, it will usually be the builder’s responsibility to manage the sale and work towards your desired completion date. The aim is that the sale of your property and purchase of your new build coincide to allow a seamless move – excellent!
What to do next…
Investigate! Not all new home builders offer property part exchange. Make sure you research the services on offer before setting your heart on a particular home. Speak to your builder about the terms and conditions of their particular scheme as some builders cannot always purchase and the opportunity for house part exchange may depend on factors such as the value, type and location of your existing home.
If you want to sell your house quickly and buy a new build but can’t because your builder doesn’t offer part exchange, have a look at what Quick Move Now can offer.