It is important for house builders to sell their properties as quickly as possible so they can move on to the next site. They are arranging incentives for buyers when buying a brand new house and these can include Stamp Duty being paid, Help to Buy, Assisted Move schemes and, of course, part exchange. The latter is probably the most misunderstood as many people believe they won’t get a fair price for their property if they part exchange it. This isn’t the case and, within this slightly tougher market, it is becoming a far more popular route as it can remove all of the associated stress of a house sale.
Crest Nicholson who currently have two sites locally, Elms Farm in Stansted Mountfitchet and Elsenham Vale, are offering part exchange and there are several benefits for buyers.
- You do not have to pay any agent’s fees
- You will have a committed buyer who will not, subject to the normal legal and survey process, pull out.
- There will be no chain
- You will not have to negotiate a moving date with many others as you would if were you selling in the traditional way
How does it work?
There are several part exchange companies that work with the major house builders. Crest Nicholson, for example, appoint Move With Us. They are independent and produce a full report on value for the property that is being part exchanged. The report will include three independent valuations by local estate agents. This is backed up by comparable evidence of both sold and properties currently for sale that are similar to the property in question. There needs to be approximately a 30% differential between the value of your house and the one that you would like to buy, with the one you want to buy being the more expensive. This report will be submitted to the builder and they will take an average of the three valuations and make an offer for your property based on this information. This should represent fair market value. However, if you haven’t already had a valuation on your property from a local agent, it is worth doing so in order that you have a benchmark for the offer that you may receive.
If you would like to discuss this option further please contact us in the first instance on 01279 755400 firstname.lastname@example.org.