Since it first began in the 1970s, property part exchange has become a more and more popular way for people to move home.
I don’t need to point out that the current market has taken a bit of a battering and selling your home has, for some, been really rather tough.
Part exchanging your current property frees you from the chains that usually bind you when you are trying to sell your house.
Registering with an estate agent; keeping your house spotless for photographs and endless viewings; haggling over the price and whether you will leave your curtain rails; and then the continuous toing and froing with solicitors, buyers and estate agents in the build up to the big move, all make for a rather trying time.
The rollercoaster that is a house move is, sometimes, just too much for people to take. And rather than curl up in a corner and cry, some are taking the part exchange option.
There are two ways to part exchange – through a house builder or through a third party company, such as Quick Move Now.
If you go through a third party you effectively become a cash buyer and can, therefore, try to negotiate a good deal on your new home. This could make up some of the shortfall of the price you will receive for your previous home. You must be realistic when going into a part exchange and accept that you will only be offered around 85% of the market value of your property.
Weighing this up against the fact that you do not have estate agents’ fees and all the hassle of selling your home that way, for many people is a good enough reason to take a reduced, but guaranteed, price.
For some, in the current climate, another 15% drop on the price may not be feasible and part exchange is, therefore, not for you.
But for those of you desperate to avoid all the hustle and bustle of selling your home on the open market or for those who have tried, and failed, to sell but have already found their perfect new home, then part exchange offers the perfect alternative.
If you decide to part exchange there are a few golden rules that can help make sure it is as stress-free as it can be.
- Select a reputable firm. As a general rule, if they are asking for a fee upfront, avoid them like the plague.
- Check the small print. Some companies could prevent you buying a smaller property or outside the area of your new home.
- Get three valuations so you know what price to expect to be offered. If you believe it differs hugely from the price the part exchange company offer you, query it.
For many, part exchange can be a lifeline. So if you are in need of a quick, hassle free sale and have found your perfect home, why not give it a go.