Part exchanging house for newbuild?

[Laughingfaceemoji]

Has anyone ever done this? I understand they might offer a really low price but how low is low? We have had the house up for a month but we haven’t had much interest. Don’t want to get my hopes up!

We looked into it. We were told that the Builder will send 3 EAs round and take the average valuation price. How much they lowball will depend on how desperate they are to shift the plot.

What's the market like where you live? Is it easy to sell for a good price? If yes, I'd be wary of part-exchange, but it can make life easier if it means you don't have to time a sale to coincide with moving into the new build. We had to move out of our property before our new build house was ready which led to extra hassle with renting, storage costs etc.

Sorry, just read properly that you haven't had much interest. Definitely worth thinking about the benefits - don't need to worry about timing, put things into storage etc. is that worth more than what you might lose on a part-exchange valuation?

@Laughingfaceemoji we did this a year ago; they did offer us less - about 10% less so not insignificant but we were able to negotiate some things for the house we were buying (not money off the purchase price, they are reluctant to do that with new builds but we got them to pay our stamp duty and some extras).

It made moving soooooo much easier though. And in our case the market started to slump after we'd agreed a deal and they really struggled to sell our (old) house even at the lower price and we needed to move so we were SO glad to have done the part ex.

We did this a few years ago. They offered around 12% less than our asking price but we negotiated it a deposit contribution of £10k and a number of free upgrades, which would have cost us around £4k. And we also saved on estate agent fees and were able to stay in our previous house until completion. So all in, we got a pretty good deal.

Our house had previously been sold though, and it had fallen through, so it was part of an earlier phase and they wanted it sold, which put us in a better position.

Builders are very unlikely to budge on the purchase price but there is room to negotiate on things like a deposit / stamp duty contribution, and free upgrades.