Buying a new home advice

[MiniMum97]

I understand that if buying a new home, some builders will buy your own home off you. Do you normally get a reasonable price for your home when doing this? Also, do they consider buying homes that need work? Or do the expect the properties to be in readily saleable condition?

We have started work on our current house but I have a chronic health condition and we are struggling to do what needs doing (and to actually get any tradesmen round to do anything at all really - you have to call about a million people to get one overpriced quote and then you can't get them to actually agree a date - it's a nightmare tbh - too much work available unfortunately).

Obviously, we would expect to get a lower price due to the work needed. Anyone had any experience of doing this and how the price they received for the house compared to the price it was independently valued at? Looking for an easy out and just being able to live somewhere that isn't falling apart when feeling ill all the time.

Thanks for your help! :-)

Part-exchanges on your current property are usually only offered on new builds that have been built but not sold - also, they generally require the new build to be worth around a third more than your current property. It's not a straight swap.

Renovating a property can be pretty stressful and finding the tradesmen can also be difficult - sorry, there is no easy way around that one, OP. Is it work that you can do yourself at all? Or do you have friends/neighbours who can recommend any reliable people to do the work (they may have quite a waiting list, though).

We recently looked into part exchange with Persimmon. PP is correct that the value of your new house needs to be 30% more than the one you're selling.

We were told that 2 independent estate agents would value our property and they each give 3 valuations - the price they would market your house at, the price they would expect it to sell for and the rock bottom price they would expect to sell it for if they had problems selling it. We were told that we would be offered whatever the middle valuation was i.e what they would expect the property to sell for.

We are in a fairly new build and our neighbours who have an identical property recently marketed and sold theirs so we knew what a fair price for our house would be. We were offered £5k under what our neighbours marketed their house for and £2k under what they sold it for so it wasn't the rip off we were expecting and you don't have to pay estate agent fees either.

If you are considering it I would get a few agents out in advance to value it in its current state and ask them to suggest any minimum work they would recommend to make it marketable. That way at least you know roughly what it's worth and therefore whether you're getting a good part exchange offer.

I looked into this.

As posters have previously said you have to go for a house more expensive than your own. And you get a decent amount for your current home.

But the sting in the tail is it’s usually on selected plots they can’t sell or are slower to sell.

I was tempted by one perfect in every way but a alleyway to the local park down the side. This wouldn’t of put me off but I’d expect it to be 5-10% cheaper than the identical one next to it. No they wanted full price.

I’m sure if you were a cash buyer they’d bite your hand off. It’s a bit like when you part ex your car. You won’t be getting that 20% off new price mostly 10% off but sometimes it’s worth it for the lack of stress.....

Thank you everyone that's really helpful information and advice. I'll sit down with my DH at the weekend and run through it all.

Many thanks for taking the time to provide such full replies.