Moving house is notoriously one of the most stressful things you can do. But what if there was an easier way to do it?
Property part exchange is popular with those buying a new build home and one property buying company is suggesting it’s an option that could take the stress out of moving house for home movers in a range of different situations. Danny Luke from Quick Move Now explains what property part exchange is and who the service might work for.
What is property part exchange and how does it work when buying a new build property?
Property part exchange is a service often offered by new build property developers, allowing homeowners to ‘trade in’ their current property for a brand-new home.
The company will buy your property directly, simplifying the moving process and removing the need to sell your property on the open market before being able to complete on your new home.
If the development company offers a part exchange scheme, it may only be available on certain plots. They may also have a requirement for the property you’re buying to be worth a certain amount more than the property you will be part exchanging. For example, Taylor Wimpey and Barrett Homes will only consider part exchange if your current property is worth 70 percent or less of the new property you’re buying.
How can you part exchange your property if you’re not buying a new build home?
If you like the idea of the convenience property part exchange can offer but aren’t buying a new build property, there are companies that can offer a similar service, whatever type of property you’re purchasing.
If you want to part exchange your home, a genuine cash home buying company will be able to purchase your current property on a date of your choice. This takes the stress and uncertainty out of selling your current property on the open market and means you are free to move as soon as your new home is ready. Part exchanging your property with a genuine cash home buyer also means there are no restrictions regarding the value of your current property or the value of your new home. Property part exchange to a cash home buyer can be used regardless of whether you’re upsizing, downsizing or moving to a property of similar value. You can also use the service regardless of where you’re moving to. So, whether you’re staying in the same town or city, moving to a new area, or even emigrating abroad, it may be a service worth considering.
What are the benefits of part exchange?
- Quick sale
If you’ve found your next home before selling your current property, part exchange can help you secure it. In the current market, homes are going under offer quickly and few home sellers will consider an offer from someone who still has a property to sell. A guaranteed part exchange to a cash home buying company effectively makes you a chain-free buyer, which is an attractive prospect for homeowners looking for a quick sale.
- Hassle-free sale
Currently, around one in three agreed property sales falls through before completion. If your buyer pulls out before the sale completes, it will cost you both time and money. The risk of a failed sale can be completely eliminated by part exchanging your property to a genuine cash home buying company.
- Sale on a date of your choice to fit with your onward plans
Part exchanging your property allows you to complete the sale on the date of your choice. Whether you need to tie your sale in with when your next property is ready, or you’re relocating and need the sale to complete on a certain date, part exchange means your sale can fit round your life, rather than your life having to fit around your sale.
Although property part exchange is a relatively new concept in the UK, it is a service that is becoming increasingly popular. Moving house is commonly considered one of the most stressful things you will go through, largely down to the time it takes and the level of uncertainty involved. Taking advantage of a part exchange service eliminates both of those stress factors by offering speed and certainty that is unachievable on the open market.