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part exchange old house for new?

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Comments

  • TANZA_2
    TANZA_2 Posts: 46 Forumite
    My boyfriend is trying to sell his flat and thought about part ex with a builder in our village. They valued ( 2 independent estate agents) at 120000 and 130000 and offered 140000 in part ex for a house on sale for 299000. He already has a mortgage of 70000 so it just wasn't enough. He's had his flat up for 145000 but hasn't had any viewings. I'm fed up with the whole thing. I think the thing about part ex is you have to be realistic about what your property is worth ( which my BF isn't). If there was a new build in our village which was affordable to us then we would go for part ex as it doesn't seem like we're going to sell the flat. Should it have sold in 14weeks?
  • jamzof
    jamzof Posts: 1 Newbie
    We are going through a part ex change at moment, the asking price was 230k we got them down to 185k so you can do it if you try, we lost 5k on the part ex change deal on our house but who cares, its going through really smoothly and should be ready to move in before the end of the month which is brill.
  • skintlass
    skintlass Posts: 1,326
    First Anniversary Combo Breaker
    Forumite
    jamzof wrote: »
    We are going through a part ex change at moment, the asking price was 230k we got them down to 185k so you can do it if you try, we lost 5k on the part ex change deal on our house but who cares, its going through really smoothly and should be ready to move in before the end of the month which is brill.

    That sounds like a great deal - which builder is it with and whereabouts in the country?
    Never let your sucesses go to your head and never let your failures go to your heart.:beer:
  • Please take note of this tale of caution about Part Exchange with Persimmon (big national builder :rolleyes:):
    http://forums.moneysavingexpert.com/showthread.html?t=949881
  • Has anyone seen this website : https://www.partexmyhome.com
  • geoffky
    geoffky Posts: 6,835 Forumite
    240k new homes near where i live are selling now for 187k so beware what you pay because if you pay near asking price you will have lost a lot of money..53k in this case...why anyone would pay anywhere near asking price for a house to me needs to have their head and pocket examined...have you all checked on the web what the other houses have sold for. or go and knock on some of the doors and ask..
    It is nice to see the value of your house going up'' Why ?
    Unless you are planning to sell up and not live anywhere, I can;t see the advantage.
    If you are planning to upsize the new house will cost more.
    If you are planning to downsize your new house will cost more than it should
    If you are trying to buy your first house its almost impossible.
  • 3KIDSNOMONEY
    3KIDSNOMONEY Posts: 811 Forumite
    hi, read through this thread and it seems that house builders are more likely to be haggled down on price now than they were last year - does anyone else think this is the case. want to p/ex our house for one that is up for 220k without any extras - any advice. thanks
    now mum of 4!!!
  • Hello,

    There is a new development about to start near where I live, it is a major house builder. Ideally we are looking to part exchange, can anyone advice whether the house builder will offer a part exchange straight away or shall we play it cool
  • I have recently just bought my first property, a new build 2 bed flat. This was a special easybuy scheme where the developer gave 15% deposit, i gave 5% and got a mortgage for the remainder.
    I havent been here long (4 months) but i already want to move.
    I want a house and a garden, and i dont like some of my neighbours here.
    What are the chances of being able to get part exchange on this scheme and what other costs are involved in moving? I'm sorry to be naive but i really dont have a clue. :eek:

    I dont mind staying here longer and saving but i need to know how much I will need to save so i can figure out a realistic moving time.
    I am a key worker and my wages will go up every year, i will also be moving with my boyfriend (he lives with me now but isnt on the mortgage)

    Many Thanks.
  • oggy1511_2
    oggy1511_2 Posts: 157 Forumite
    Very much recommendecwe have just exchanged on a part exchange with bovis our house is a terrace and wanted 72,000 for it bovis offered us 68,000. Dont always take the first offer they offer we didnt.
    Good Luck
    Oggy
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