Part Exchange Smugness. We made 22k!

[sugarbum]

Actually we didn't 'make 22k' exactly.

Barratt Homes gave us market value for our house in exchange for a(n outrageously expensive but beautiful) new build earlier this year. They offered us that price based on the opinions of three different estate agents.

Our old house sold just after we completed in July, but I just found out how much (how little) it sold for as it has been undisclosed until now.

So I'm feeling ridiculously smug today. And feel the need to boast about it, in spite of it having nothing to do with anything we did at all.

That is all.

Barratt I doubt will have lost out on the deal , they will have built all this into the margins of the total cost. That said part ex is a good route in this market.

Nah. I know they're still quids in. But from our point of view, 22k is a massive amount that we 'saved'
(again, I know we didn't 'save' it, but had we tried to sell our house on our own, we would have only got what the buyers paid, not the 'market value')
So. still smug ;)

We also px with Barratt this year. Just waiting to see what our old house sold for. It was marked for nearly 10k less than they paid us and it took ages to sell 🤔

I imagine the amount you overpaid for the new build was way more than £22k.

We have large new builds in our village selling for £300k+, while a fully modernised 5-bedroomed older property sold for £235k. The older property had much more space around and is of much better construction.

Barrats won't have lost on the deal.

Great

New builds are warm & easy to decorate & it sounds like your part exchange worked for you

Please don't let people turn the thread in to new build hatred

I really want to do this for our next house, I personally love new builds and hate the idea of selling having only been ftb before. I'd expect to lose out a bit but save on stress, but good to know it can work out like this too!

Don't piss on my parade. It won't work anyway :)
Barratt have a contingency of about 30k as far as I'm aware, so no of course they haven't lost out.
I'm well aware of the differentials between new builds and old builds in our town.
That isn't the point. The point is that we got the house we wanted to buy, at 22k off the purchase price, because if we'd sold our home ourselves, we'd have gotten 22k less than we did. And we'd have still have wanted to buy a new home. Even at the elevated prices they are sold for.
I absolutely love our new house. I don't regret it for a single minute.

It’s not unusual for house builders to offload part exchanges at bargain prices. Good for you, not so good for any of your former neighbours that might be thinking of selling.

Don’t let the cynics ruin it for you - you deserve a day or two of gloating. I hope you love your shiny new house.