Part exchanging for a new build?

[Choco88]

Has anyone done this? We’re looking to move next year as we need more space but I’m dreading all the stress of moving so I’m considering part exchanging to (hopefully) make the process smoother.

I know they give you less than Market value but is there anything else I need to know about?

Thanks

 

[ClockworkDolly]

I have done this and yes, it does take the stress out of trying to sell your house. Depends on the builder as to how much they will buy your house for and they do give you less than market value.

But, it was a relief knowing I didn’t have to drag things out trying to sell my house, having to conduct viewings, etc.

 

[TicketyTock]

I was going to do this but I couldn’t as the difference in my house to the new house wasn’t enough , my house was valued at 290 and the new build I wanted was 315 , I can’t remember the exact % but you need to be spending a certain percentage more than your current house x

 

[Choco88]

Thanks for the replies it does sound like a good option for us . My only worry really is that we have damp so I know that will flag up on the survey

 

[TicketyTock]

Thanks for the replies it does sound like a good option for us . My only worry really is that we have damp so I know that will flag up on the survey

I wouldn’t worry too much , they tend to send 3 estate agents over to value your house then go for the middle value , I don’t think they are actually that bothered , they essentially just want you to buy one of there houses , I have two friends who have both done it with their houses and then companys who had bought their houses sold both on for cheap as they want a quick turn around , they don’t want your old house just sat empty as it has no worth to them X

 

[Choco88]

I wouldn’t worry too much , they tend to send 3 estate agents over to value your house then go for the middle value , I don’t think they are actually that bothered , they essentially just want you to buy one of there houses , I have two friends who have both done it with their houses and then companys who had bought their houses sold both on for cheap as they want a quick turn around , they don’t want your old house just sat empty as it has no worth to them X

Thank you that does sound reasurring. Just need to save save save for the next 12 months and then we can start looking for a place. I can’t wait to have more space!

 

[ClockworkDolly]

Thanks for the replies it does sound like a good option for us . My only worry really is that we have damp so I know that will flag up on the survey

The house I part exchanged had cracks due to a large tree outside. They still took it though.

 

[marlaxo]

think the new house has to be 30% more - or it is with the new builders in our area

 

[Choco88]

think the new house has to be 30% more - or it is with the new builders in our area

So if my house was worth 140k and the new build was 250k that would be ok? Sorry I’m getting confused

 

[marlaxo]

Yes that would be fine In our area the builders are mainly Barratt, Persimmon, Charles Church, Kier and Crest Nicholson.

 

[Cunderthunt]

I would never buy a new build, they're destroying what little remains of our countryside. It's not ethical.

 

[TicketyTock]

I would never buy a new build, they're destroying what little remains of our countryside. It's not ethical.

For some people it’s the only option thou isn’t it , not everybody has the luxury to be able to choose where / what to buy . There is lots of situations where new builds are the only answer , in my town there has been a development on a old abandoned school site and a development on a dis used industrial estate.

 

[Choco88]

For some people it’s the only option thou isn’t it , not everybody has the luxury to be able to choose where / what to buy . There is lots of situations where new builds are the only answer , in my town there has been a development on a old abandoned school site and a development on a dis used industrial estate.

It’s so hard to find honest, reliable tradesmen. That’s what puts me off buying another fixer upper

 

[The Dowager]

I would never buy a new build, they're destroying what little remains of our countryside. It's not ethical.

What’s the alternative?