part exchange for buying new build property

Lexie_M

looking at buying a new build property. I am in a chain so would need to sell my current property. the developer of the new build I am looking at offers a part exchange scheme. has anyone used this and is it better to go for it and save the hassle of selling your property yourself or should you do it yourself instead?

eddddy

There's no harm in telling the developer that you are in a chain, and ask if will they offer you the same price as your buyer on a part-ex basis.

If business is a bit slow, they might. They might even treat it as a "chain breaker" - i.e. they buy your current property so that you can move, and they keep the current chain intact.

But it's extra admin, risk and cost for them - so if they have potential buyers without part-ex properties, they'll sell to them instead.


Or if they're prepared to do part-ex, but not pay you as much as your current buyer, you then have to decide how much of a financial hit you're willing to take.

lisyloo

We did this and it saved up loads of hassle for a small premium.
AFAIK they only do this when they have to.
Ours was one of the last plots left so they wanted to shift it.

I would say go for it but obviusly check out what the premium is.

Kevin1991

I attempted the route of part exchange for ease. The builder sent round 2 independent estate agents to value my property, they couldn’t say how much they’d value it at but said my previous valuation was about right (107k).
Builder sent round a photographer a few days later, rang me later telling me how I’d have to get electrical safety certificates and gas safety plus what I’d be leaving behind. Left me hanging for ages then hit me with a ridiculous offer of 90k after all the mess around.
Sold my house by myself 3 weeks later for 107.
So I guess go through with it just to see what offer they give you, have your own local estate agent come to your house to get a figure first then be ready to sell with them after you reject the builders offer.

Unicorn_cottage

They will only do it if it suits them that is the key thing to remember. They will either offer really low in the hope you are desperate to buy one of these house or as somebody said above it means they are able to sell some of the last remaining units on the estate. House builders are all about maximum profit.