Should I part exchange

jackie_w

Hi there,

Im looking for some advice. We have been looking at some new houses being built, and they have explained they offer a part exchange service (our house hasnt even been put up for sale yet). We didnt go into this much further, so I really dont know very much about part exchange.
Does anyone have any experience of this? Does anyone think its a good idea?

The reason im asking is we live in a semi detached. My neighbour sold her house to her brother in law last year, but, he works in Dubai, therfore, the house has been emply for nearly a year. Needless to say, their garden is a total mess, there is rubbish lying in the garden (front & back), and im thinking this may put potential buyers off.

Its an ex council estate we live in, but, majority of the houses are now bought, someone told me to call the council to complain but I dont actually know if they will do anything.

Any advice would be appreciated.

Jackie

P.S Im assuming im allowed to post questions like this, if im not please tell me.

sujester

I have part exchanged in the past, and considered it more recently. You'll find that the builder will have a minimum % difference between the value of your house to the house you will buy (typically around 70%). You'll probably have a swift move (chain free of course) and save on estate agent fees, but you won't get the full price for your house and you won't be able to negotiate on the purchase price of the new house.

silvercar

The advantage of part exchanging is that you have an immediate buyer with no chain. Dwnside can be the price (not always).

Whether you sell privately or part exchange, a surveyor is going to visit. I would suggest you tidy up next doors garden or it could effect the value of your place - it could lead to the builders not being interested in your place. They want a property they can offload quickly.

terrierlady

did they say they would consider ex local authority homes, lots of builders dont,plus the local agents who come out will still value it the same as normal littered garden or not.you will not get the same price as going on the open market, developers sell homes not buy them, they will want to price it to sell quickly.

jackie_w

Hi Terrier Lady,

They said they will consider ex local authority.

I still havent decided what to do. I called council and complained about neighbours garden anyway, so they are going to look into that.

The its just a matter of me plucking up the courage and going for a bigger mortgage (yipes).