Part exchange - which developer do you recommend?

Chocolatecookies28

Hello 👋 looking into part exchanging our current home, which is a 1921 end terrace and living here for almost 17 years. Can anyone recommend a reliable developer?
Thanks 😊 

MattMattMattUK

Chocolatecookies28 said:

Hello 👋 looking into part exchanging our current home, which is a 1921 end terrace and living here for almost 17 years. Can anyone recommend a reliable developer?
Thanks 😊 

Those that offer part-exchange depend on the development you are looking buy on, surely it depends on the new build estate you are interested in living on?

Mutton_Geoff

You will pay dearly for the convenience. As with cars, the headline figure must be "cost to change", not the actual price you get for yours. What's wrong with a traditional agent and your negotiating skills on the new build. You may be persuaded by a high trade in offer for your home, but does the cost to change stack up?

RelievedSheff

We part exchanged with David Wilson Homes and got a really good deal.

Our old house was worth around £100k on the open market, they gave us £90k but then we also got £10k deposit contribution, legal fees paid, stamp duty paid, moving costs contribution and free flooring throughout plus of course we had no estate agents fees to pay.

The house we bought was completed and ready to move into it so from reservation to moving in was 3.5 weeks. The house had also been reduced prior to us reserving it so we were more than happy with the whole deal.

born_again

Chocolatecookies28 said:

Hello 👋 looking into part exchanging our current home, which is a 1921 end terrace and living here for almost 17 years. Can anyone recommend a reliable developer?
Thanks 😊 

Surely it should be a case of where you want to live, rather than who is going to give a good deal?

YoungBlueEyes

There’s an area near me where different developers built on consecutive fields. I think it’s 3 but might be 4, all down the one road.  

Chocolatecookies28

born_again said:

Chocolatecookies28 said:

Hello 👋 looking into part exchanging our current home, which is a 1921 end terrace and living here for almost 17 years. Can anyone recommend a reliable developer?
Thanks 😊 

Surely it should be a case of where you want to live, rather than who is going to give a good deal?

Yes I agree however we have got many developers in our area so just checking to see which are recommended or if anyone had any issues with any particular developers. 

pinkteapot

Mutton_Geoff said:

You will pay dearly for the convenience. As with cars, the headline figure must be "cost to change", not the actual price you get for yours. What's wrong with a traditional agent and your negotiating skills on the new build. You may be persuaded by a high trade in offer for your home, but does the cost to change stack up?

But simultaneous selling and buying when you're buying a new-build is hard. On the new-build you'll have to exchange within 28 days with completion on notice, which may be months later. Your buyer won't want to exchange that early on your house - why should they when they wouldn't have to on other houses? You can't exchange on your new-build without your buyer exchanging because you risk not being able to afford the new-build if you lose your buyer. 

So, people buying new-builds often end up having to break the chain and sell up and rent, stay with family, use temporary accommodation, etc. That adds to the cost calculation you have to do, and for some people (e.g. with kids in schools, pets...) can be just too difficult logistically. 

I agree that part-exchange isn't the MSE way, but it was created because selling conventionally while buying a new-build doesn't work very well in practice. 

And to use your analogy, I part-exchange when I get a new car because it is just so much more convenient than selling my car myself. Drive in in one car, drive out in the other. I keep my cars for 10-15 years, so spreading the slight loss I make on selling the car over that timeframe I'm more than happy to pay a bit for the convenience. OP may feel the same.