PART EXCHANGE YOUR WAY TO NEW PROPERTY

Part Exchange Your Way To New Property

When you are looking to buy a home, it can be hugely frustrating to find yourself missing out on a property. There are many reasons why people may see their property dreams crumble but issues with a long chain are common. Many homeowners have seen their dreams of owning a new home thwarted by being unable to sell their home but there may be an answer in part exchanging property. You may not think that this is a suitable solution but when you consider how popular a concept part exchanging is for cars, it could be that a principle that is okay for homes too.

As this is an area that many people are likely to have an interest in, the National Association of Estate Agents have offered guidance on how to best understand this sort of deal. This style of deal is actually common when it comes to new developments. This is because it is often convenient to sell your existing property to the development firm. In this scenario, many homeowners are likely to receive a figure of around 90% to 95% of the market value of the home. Two independent agents will carry out a valuation of the property and an average will be taken from their figures. Once all surveys have been carried out, the developer will take steps to buy your current property and you will be able to place an offer for the new home.

Developers like this sort of deal

While it is less common for part exchange deals to take place for older homes, it can happen but it is certainly a simpler process for new homes. This is because the developers behind new build properties are often very keen to sell their properties on, and this means they provide a fair price for your current property. This should ensure that the deal is suitable for all parties, which is certainly something that will appeal to the majority of property owners.

Always check the terms and conditions

If you are considering this style of option, it is important to check the terms and conditions offered by the developer. This is because there is no set agreement for this style of deal; each developer is likely to have their own terms and conditions. However, if you review these terms and you are happy with what is on offer, you have an excellent opportunity to sell your current home and move in to a new property. Removing yourself from a property chain is a comfort for most people.

Buying and selling property can be difficult, so it is best to get as much assistance as you can. If you want to speak to Spencer Harvey about part exchanging or any other property deal, please get in touch.  Give us a call on 0161 480 8888 or send us an email at info@spencerharvey.co.uk. For a free valuation please visit: https://www.spencerharvey.co.uk/valuation-enquiry.html



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