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Part exchange with Barratt Homes
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JFK88
Posts: 3 Newbie

Hello,
I'm looking for some advice ☺️ we are looking to part exchange our current house with Barratt homes and buy a new build.
Our next step will be for them to value our house but I'm really worried we won't even get what we paid for it. It's had new glazing and bathroom, do they take this into account? It does however need some cosmetic work inside.
Does anyone know the % they will likely reduce it by? I understand every situation is different but I'm just trying to gauge an average.
Most properties on our street were sold between 1999 - 2018.
Thank you 😊
I'm looking for some advice ☺️ we are looking to part exchange our current house with Barratt homes and buy a new build.
Our next step will be for them to value our house but I'm really worried we won't even get what we paid for it. It's had new glazing and bathroom, do they take this into account? It does however need some cosmetic work inside.
Does anyone know the % they will likely reduce it by? I understand every situation is different but I'm just trying to gauge an average.
Most properties on our street were sold between 1999 - 2018.
Thank you 😊
0
Comments
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Not sure what you mean by "reduce it"? They'll assess its market value. As far as I know it's generally a fair price (they make their profit on the new house).1
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Apologies, I was told they normally knock the price down a bit from market value, so I was wondering is it a % say 10% below value0
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You could ask 2 or 3 estate agents to do market appraisals (i.e. valuations) for you. That might help you get an idea of how good Barratt's offer is.
You can tell the estate agents that you're weighing up the options of selling vs part exchanging.
But bear in mind that estate agents sometimes suggest a slightly higher figure, to try to get your business.
You might get more realistic figures if you ask questions like...- "What should the asking price be, and what should I expect to sell it for?", or
- "If I wanted a quick sale, what asking price should I set?"
But Barratts will probably use 2 local estate agents to get their valuations for your house - so you might inadvertently pick the same agents.
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The reason I am looking at part x is because I didn't want a chain nor did I want buyers to pull out and make selling difficult. So I guess I will just wait for Barratt to value and then weigh up my options, I have given them a figure I won't settle less than in the hope they take that onboard.0
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they will do a quick sell price, using x3 agent pricesDon't put your trust into an Experian score - it is not a number any bank will ever use & it is generally a waste of money to purchase it. They are also selling you insurance you dont need.1
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JFK88 said:The reason I am looking at part x is because I didn't want a chain nor did I want buyers to pull out and make selling difficult. So I guess I will just wait for Barratt to value and then weigh up my options, I have given them a figure I won't settle less than in the hope they take that onboard.
I wasn't suggesting that you sell through the estate agents - just get them in to do valuations, so you have something to measure Barratt's offer against.
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OP, as above they will use local agents to value your house. Most EA's will value a house at a marketing price, and an actual what they expect it to sell for price. The marketing price is what they think they should advertise it for to get some interest in and potentially sell it for. This is why you rarely see EA's putting the price up on a house that's already up for sale - they either go down due to lack of interest, or the sold price goes up through high interest and bids on the property. Barratts will want the what do they expect to sell it for price. They aren't like these Facebook companies that then take that value and offer you 70% or less on it.
As above, Barratts will make their money on the sale of their property to you, so they'll value yours based on what they can sell it for. If the market is hot where you live, then you will get a better price than if it is slow as they don't want to be lumbered with it. Have you checked out the Ts&Cs? We looked at part exchange our house for a new house, and some schemes basically buy the house from you and sell it on, but some just market it for you so you might not get any more for it than selling yourself. We decided against a new house as the standard of new builds seems to be so hit and miss these days, even within the same building site.
Worth bearing in mind that the big builders will want the final sale price on their property to be as high as they can so are often keener to offer free extras rather than change the actual purchase price of the property. That's why you often see things like deposit help, free kitchen upgrades, free flooring etc. thrown in , rather than the equivalent price reduction on the property. Something to bargain with down the line.
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We part exchanged our last house against our current one which was a new build with David Wilson Homes who are part of the Barratt group.
We got 90% of the market value for our old house but that was only part of the story. We also received a £10k deposit contribution, stamp duty paid, legal fees paid, moving costs contribution and free flooring throughout.
Don't just look at the value you get for your property look at the deal as a whole.1 -
RelievedSheff said:We part exchanged our last house against our current one which was a new build with David Wilson Homes who are part of the Barratt group.
We got 90% of the market value for our old house but that was only part of the story. We also received a £10k deposit contribution, stamp duty paid, legal fees paid, moving costs contribution and free flooring throughout.
Don't just look at the value you get for your property look at the deal as a whole.0 -
JFK88 said:The reason I am looking at part x is because I didn't want a chain nor did I want buyers to pull out and make selling difficult. So I guess I will just wait for Barratt to value and then weigh up my options, I have given them a figure I won't settle less than in the hope they take that onboard.0
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