Part exchange vs. assisted sale
If you're looking for a stress-free home move, part exchange or assisted sale schemes could be the answer. But what are they?
Part exchange and assisted sale schemes are offered by new home builders. And they give aspiring homeowners who wish to move up the property ladder an opportunity to sell their current property quickly, without the bother of having to manage the sale and the expense of paying estate agent fees.
Part exchange: explained
Part exchanging on your current property to enable a move into a brand new home makes the whole moving experience easy. With the assurance of a guaranteed buyer, no property chains and no estate agents fees it couldn’t be simpler.
Here's how it works:
- Potential new home buyer selects their dream home from a development.
- Part exchange is selected and the builder arranges for independent valuations of the buyer’s current property at no expense to the buyer.
- A detailed property valuation report is produced. Based on this, the builder will offer the prospective home mover a price to purchase their current property. Upon acceptance of the offer, the home mover will then be able to secure their brand new home
- Once the builder’s offer has been accepted, the buyer can focus on moving into their new home, safe in the knowledge that they have sold their property. In some cases there will also be an opportunity to personalise the new home with carpets, kitchens and tiles of the home buyer’s choice.
Using part exchange not only guarantees a buyer for their old property, but also means that they don’t have to manage the sale or worry about paying an estate agent. In some cases, when the new home has already been fully built, the owners could be in their new home even quicker than you can say removals van.
Assisted sale: explained
If part exchange isn’t the right option, then assisted sale could also help those looking to move easily and quickly.
Assisted sale enables those who have a property to sell the opportunity to test the market by putting their home up for sale, while still being able to secure the brand new home of their choice.
Here's how assisted sale works:
- Prospective new home buyer selects their dream home from a development.
- The assisted sale option is chosen and independent valuations of the property are arranged by the new home builder at no expense to the buyer.
- A detailed valuation report of the property is produced. From this report the home mover and builder agree marketing prices and timescales for their current property.
- Once figures and timeframes have been agreed, the purchaser is then able to secure their new home for an agreed time, usually for six to eight weeks.
- The marketing of the buyer's current property begins using a multi-agency approach to attempt to ensure the property sells quickly.
- The buyer is given weekly updates on the progress of the sale of their existing property.
- Once a buyer has been found, the sale is pushed through to completion and the buyer can move into their dream home
Although not able to guarantee a sale, assisted sale does enable prospective new home buyers to reserve their dream home while they look to sell their current property and means that they do not have the worry of managing the sale or the expense of estate agent fees.
Robin King is director of Move With Us.
What do you think? Have you, or would you, ever use a scheme like assisted sale or part exchange? Let us know your views in the comment box below.