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Original poster

Has anyone bought a new build and had the developer buy their house? Did they give a fair price

11 replies

itsawayaway · 11/03/2024 07:54

For your old house?

I'm divorcing and DH is in rented, there are loads of new builds going up near me. I've heard that developers sometimes will buy your house. Just wondered if they pay a fair price or if it's a bit of a ripoff?

There's no prices on the houses yet (it's literally a building site, no show home yet) so no developer to enquire with as of yet...

OP posts:
DinnaeFashYersel · 11/03/2024 08:18

Yes I did part exchange.

They got 2 local estate agents in to value and went with the best price.

And they ended up selling it for £50k less than they paid us.

Along with not having to pay selling costs or having to bother about having viewers round it was amazing for us in every way.

Original poster
itsawayaway · 11/03/2024 08:41

DinnaeFashYersel · 11/03/2024 08:18

Yes I did part exchange.

They got 2 local estate agents in to value and went with the best price.

And they ended up selling it for £50k less than they paid us.

Along with not having to pay selling costs or having to bother about having viewers round it was amazing for us in every way.

Wow that's amazing, thank you.

OP posts:
Ilikewinter · 11/03/2024 08:43

We tried but couldnt make the figures stack up. Our new home could be no more than 70% of our current home and it was too much of a drop for us to accept. There are lots of different p/xoffers out there so it will really depend on what the building company is offering.

In addition - make sure you also ask about estate management fees and do your research. These are currently unregulated with no cap on the annual increase.

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BarbaricPeach · 11/03/2024 08:48

We've been trying to do this with no luck. It's a very narrow window of availability for part exchange on most properties.

Most builders will only accept part exchange in plots that are very close to completion and not yet reserved. The houses we've found that are approaching that point have all ended up being reserved before they get onto part exchange.

Also at each of the builders we've enquired with, the new house has to be worth 30% more than your current one (or your old home has to be 70% of the new one, which is even more difficult). Not too bad if you're moving to a more expensive area or dramatically upsizing but difficult if you're not.

Bluevelvetsofa · 11/03/2024 09:34

We want to downsize, so part exchange wouldn’t work, but it would certainly have made life easier if it were possible to do it.

Mmhmmn · 11/03/2024 09:36

Part X through a developer is well worth looking into.

berrypop · 11/03/2024 10:24

We did a part exchange when we bought our new build. They initially offered us £20k below our valuation, which we negotiated to £10k below plus a load of upgrades and with no estate agent fees to pay, we got a good deal.

Our house had previously been sold though, and it fell through and the developer had moved onto their next phase and wanted a quick sale, so it worked in our favour.

We did have to allow viewings on our old house, and it sold fairly quickly, though we were able to stay there until our house was ready.

Original poster
itsawayaway · 11/03/2024 10:32

Ah thank you, I'd essentially be downgrading (going from 4 bed to 3 and H will have the remaining equity) so doesn't sound like it would work :(

OP posts:
Original poster
itsawayaway · 11/03/2024 10:34

BarbaricPeach · 11/03/2024 08:48

We've been trying to do this with no luck. It's a very narrow window of availability for part exchange on most properties.

Most builders will only accept part exchange in plots that are very close to completion and not yet reserved. The houses we've found that are approaching that point have all ended up being reserved before they get onto part exchange.

Also at each of the builders we've enquired with, the new house has to be worth 30% more than your current one (or your old home has to be 70% of the new one, which is even more difficult). Not too bad if you're moving to a more expensive area or dramatically upsizing but difficult if you're not.

Thanks. I'm being thick, what does it mean your old home has to be 70% of your new one?

Figures for me look like:

Current home worth 550

Home I want to move to worth around 350-400

OP posts:
BarbaricPeach · 11/03/2024 11:39

@itsawayaway It means the house you're buying has to be worth more than the one you're selling. They won't part exchange with a more expensive house.

Ilikewinter · 11/03/2024 18:02

Yeah unfortunately if your downsizing part exchange will be a no go.

The house we wanted was for sale at £315k so the max they would p/x for was £220k.

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