If you are unable to find the funds to purchase a new property then part exchange schemes could be the perfect solution. Also known as PX deals, these plans enable you to trade in the value of your existing home towards the purchase of a second house or property. One of the great benefits with this option is that you will not be stuck within the frustrating logistics of a property chain. Additionally, sources such as The Guardian point out that you are able to avoid hefty exchange agent fees. There are still a few things to keep in mind as well as some factors to take into account. Let’s have a closer look.
Part Exchange Schemes: Your Ultimate Solution?
We first need to address the fact that these options are normally offered by larger companies such as Bellway and Taylor Wimpey. As you can imagine, there is always something in it for those who offer this scheme as well as customers who hope to avoid the traditional sale process. It should still be pointed out that there are a number of benefits not to be overlooked. Reputable sources such as WhatHouse? point out that if your home is accepted, you will have a guaranteed buyer. Additionally, you will not have to actively seek this buyer. This is obviously very different to selling the home yourself. Besides keeping free from a property chain, part exchange schemes are ideal if you are looking to move homes quickly. Having noted some of the benefits, are there any drawbacks?
A Closer Look
Much like any real estate process, there are a few issues to address before making your final decision. First, you could be offered less for your home when compared to selling it on the open market. The homes that you can purchase tend to be from a smaller pool; you might not have as many options. There can even be times when you are not accepted into one of these schemes. This is normally the case if your home needs a substantial amount of repairs or if it is valued below a certain amount. Finally, it is rare that you are able to downgrade to a property of lower value. The company will require you to upgrade to a larger home. This could be an issue if you are concerned about expenses in the future.
What to Do?
It is clear to see that there are some definite advantages as well as a few drawbacks associated with property exchange schemes. The key point is to make sure you contact the developer and ask them about the terms and conditions that they offer. Although you might not automatically receive a great deal, the chances are high that there will be a number of options available. If you would like to learn more or discover other ways to sell your home quickly, please visit Molae Properties at your earliest convenience. We can provide a part exchange scheme that isn’t subject to the same restrictions as an in house developer.