Part exchange with new build

[Maybenexttime08]

Has anybody successfully part exchanged their house? I would love to hear if / how it works, and whether it is ever worth it given the fact you may not get a good value on your home?

Hi, we enquired about part exchange and the value they offered was around 15k below what we sold for eventually. We didn't go through with the part exchange because we decided against buying the new build house. I felt the price was reasonable that they had offered us however I understand that the price they can offer is quite low. It depends on how quick you would like things to move. No harm in them offering you a quote?

@Rlw2020 - thanks, that's interesting. Out of interest what % decrease was the £15k??

I get the feeling it is rare to find a new build development that will accept a part exchange but might be worth looking into further?!?

I'm curious. What does the developer do with the old house? Renovate and re-sell for profit? Or rent out?

@Maybenexttime08 - why are you considering part-exchange rather than just selling on the open market? Or is it taking too long to sell?

www.nationalpropertybuyers.co.uk/sell-your-house-fast/part-exchange-house-how-it-works/

Might be useful?

We just had our buyers drop out yesterday and rather than the pain of trying to sell again, would just like to see if this is an option as would be happy with a new build.

@ChocoTrio

www.nationalpropertybuyers.co.uk/sell-your-house-fast/part-exchange-house-how-it-works/

Might be useful?

Thanks! Just saw this and had a read!

It was about 5%. If the new build house had been what we really wanted I personally would have gone with part exchange for the ease. The same development we were looking at offered a friend nearly 25% less just recently so I think it can vary. We had 3 local estate agents out to value for the part exchange, although they didnt tell us what they suggested the value to be to the developer, they gave us a rough guide if we were to put the house on the market ourselves.

@Rlw2020 ok thanks that's really helpful. We know the asking price value as its on the market and would accept 5 - 10% less so will be interesting to see what they say. Another snag is it is a very old house (1860's) so might be a little too unconventional for a px!

We part exchanged ours. We had sold it the previous year, but our buyers pulled out as we were about to exchange. We then decided to part exchange for ease really. The company we exchanged with got 2 estate agents round to value ours, then split the difference and that was what we got for it. We ended up getting 15k more than what we originally sold it for. So for us it worked well.

We're part exchanging ours, have been offered 90-95% of value depending which valuation you take. Has saved us on the work we'd planned to do to get it looking good for selling and estate agent fees as well as taking a lot of hassle away. Happy with what they've offered overall

@Maybenexttime08 I would give it a try.

@Coldfrostymornings that's awesome well done 😊

I part exchanged a flat with Barratt in 2014. My home report valued it at 58-60k. Barratt offered 56 as they wanted it sold within ten weeks. Their buyer then paid 54 so I was better off in that I didn’t have to hang around and pay estate agents fees. We moved in five weeks after agreeing a price as we bought a plot that was almost finished but whose buyer pulled out.

We had a brilliant experience. We received market value and from the day we looked around to the day we moved on was 6 weeks. I would definitely recommend.

These comments are all cheering me up! Are they quite picky about surveys etc?

I haven't done this, but I did look into it when we were moving to a new area. They generally only considered part-ex on plots that were already built but not sold, and required the new property to be a third higher in value than the property you wanted to part-ex.

We part-ex ours. We were second to sign for a house on a brand new development so got Market Price. They wanted to do a "look how popular our new estate is" thing and we were ready to go really. They offered us £70k, we actually bartered them upto £72k. It was a 2 up 2 down terrace, which they ended up selling for £48k to get rid about 4 months later. They got 3 valuations and we'd got one of our own before the sales office opened so we knew roughly what it was worth.

A friend went to part-ex on the same estate 12 months later and there's was valued at £195k and they offered £160k on the part-ex. Obviously they refused!

Oh re surveys they got a specialist damp survey on ours as survey showed some damp (1800's terrace in East Lancs - there's a reason the cotton mills were mainly here - the damp atmosphere helped mill the cotton) which showed some damp on one wall, the bloke who did the survey said he couldn't tell me anything but after plenty of brews and a chat he told me "it's not bad".

They wanted to barter us down but we just refused and the next thing we knew our solicitor was saying they were ready to exchange. What I would say is that they will suggest a solicitors firm they work with, saying they are quicker and independent- they have to be but must be on some kind of retainer if you think about it - we refused and went with our own and people who went with the suggested one - they did a bargain price - didn't get told certain things about their plots.......

Don't think so, ours was a Victorian terrace and they had no problem with it.

They just did a basic survey on ours. We had to get gas and electrical checks. Our boiler was very old but passed, but we had loads of problems with our electrics and had to pay about £300 to get it fixed so it would pass. They wanted to see all guarantees for any work we had done on the house. It took us about 6 months from agreeing to part exchange to moving in, but we picked a house that was still being built.

@Coldfrostymornings That's good to hear - our house is fine, but some damp might come up in the survey!

@Maybenexttime08 ours was built late 1800s and was damp. We had some damp proofing done but it was still coming through, but they didn't seem bothered!

We part exchanged our last house for a new build. We were offered £20k below asking, which I declined, and they offered a £10k cash top-up and upgrades on the new property totalling around £5k. So we ended up just £5k off our asking price and with no estate agent fees to pay and were happy with that.
The developer marketed our property whilst we were still in it (we agreed that we'd facilitate viewings) and it sold before we completed. The buyers weren't able to move in until after we'd moved out.

Ours was valued by estate agent at 105k and would have been 2k fees. Persimmon offered 85k but we negotiated them up to 102,500. They sold it for 87,500.

We did part ex. After a bit of negotiation they offered £500k for our old house against the price of the new house at £759k. They were more willing to increase the part ex offer than reduce the price of the new build because they didn’t want to set a reduction precedent for the new development. They later sold our old house after about 6 months for £485k. It was around the time of brexit and the market was jittery, so I don’t think we would have done better than £500k if we’d sold our old house in the traditional way.

In terms of the negotiation, the developer got 3 estate agents to value the house. The estate agents were all from outside the town so they needed reminding that our area was considered the ‘nice’ part of the town. The agents all just compared the cheapest and smallest four beds in the town as their starting point then we had to argue stuff like square footage, condition, quality of fittings etc.