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Part Exchange - new house
Troytempest
Posts: 342 Forumite
We are thinking of buying a brand new house. One possible way to streamline the process would be a part exchange with the house builder (Redrow).
Has anyone any experience of how close a figure would be offered to the true market value of existing home.
Thank you
Has anyone any experience of how close a figure would be offered to the true market value of existing home.
Thank you
0
Comments
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Mine wasn’t Redrow but the company sent out 3 estate agents who all valued around the £340k-350k region. We were offered £335k which I thought was reasonable considering we wouldn’t have estate agent fees to pay, and also taking the risk out of the new build buying process (when in a chain). As it happened we decided not to buy the new build but if we would have gone ahead with it we would have taken the part exchange.1
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There are regular threads on here about issues with buying new homes when in a chain. For example people having to move out to rented accommodation following delays in the new build being complete, and not wanting to lose their buyer. Or chains collapsing due to delays etc.
So you might save a lot more than just estate agent fees.0 -
Anecdotally the valuations seem to be reasonable. Their profit margin is in the price for the new house, they're not generally seeking also to make a return on the old one. Their costs of doing this are just a freebie in place of whatever other incentives you could have chosen instead.1
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That is all good to hear - thank you so much.0
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