When selling a property, there are a number of things that you should be concerned with. Some of the most common include; finding the right time to market, attracting buyers, waiting for a sale and dealing with potentially expensive estate agents. Thankfully, there is a way to avoid these scenarios. In fact, you may have already asked the question “How to part exchange my house?” Let us quickly examine this process before providing you with some hints so that you will be able to enjoy the most efficient sale.
Part Exchange My House: Defining this Concept
We can think of a part exchange much in the same way as trading in an old car for a newer model. This can save you a great deal of time and aggravation. In essence, this scheme generally involves “selling” your existing home to a property developer. In return, you will be provided with a new property that was recently built. The one key to point out here is that the value of your house should equal around 70 per cent of the value of the new home. This makes sense, for the builder also needs to turn a profit. This is also why it is critical that you have your house assessed by a professional. He or she will be able to tell you how much you can expect to receive from the builder and agree a fair price.
Part Exchange – What Should You Take Into Account
The first thing to appreciate is that the number of part exchanges taking place has risen dramatically over the past few years. It has been shown that between 2012 and 2013, this rate increased by no less than eleven per cent. Why is this the case? It could be argued that a slowing housing market and a lack of buyers with liquid capital are the two driving forces. In terms of the Brexit, it has yet to be seen what effect this move will ultimately have.
It should also be mentioned that the buyer (or builder) will normally seek a valuation from two or three estate agents. It is still wise to acquire your own estimate and compare this figure to what the buyer is offered. However, you will normally be given a fair market value.
When asking the question “part exchange my house”, another thing to check is whether the new home can be occupied immediately. There can be times when you will be required to wait weeks or even months to complete the move. In the majority of cases, you can still live in your old home even if it has been already sold. Be sure to ask the builder about this before committing to any sale.
Still, keep in mind that part exchange is based upon the principle of a quick sale. You might not get the value that would be possible if it were listed on the open market. If you have time to wait, it might be better to place a normal listing.
Part exchange schemes are likely to become even more popular; particularly if the London housing market drops significantly. Understanding the basics of this process can help you to secure a much-needed sale.