How does part exchange work?
Asked on Feb 19 2013,
General in Bathgate |
Part exchange schemes are essentially offered by builders as a way for you to use your current home as partial payment for your new-build house that you will be moving to. They basically buy the property from you and the amount will be reduced from the cost of the newer house, which will typically be more expensive.
These schemes from developers have become more popular with buyers in recent years because they offer a number of benefits. First of all, you do not have to pay estate agent fees because your house is purchased directly from you. You also don't have to go through the periods of waiting that can often characterise moving house, because your buyer is already agreed.
In 2012, Barratt Homes said that sales of houses through this method had seen an increase of a full 42 per cent for these reasons.
Answered on Feb 21 2013,
Part Exchange 's are a great chain breaking tool were any property you are purchasing, the seller may choose to take your property in part exchange at your full market value. This can save you all of the hassle of having to find a buyer and the convenience of not neccasrily being involved in a chain.
E.g. house you are looking to buy is 100k and your property is worth 50k then this would mean you would only need to purchase the other property for 50k.
We hope this helps.
Answered on Sep 24 2013,
Didn't find what you were looking for? Ask a question
More General in Bathgate questions on AskMe
See more AskMe Q&A about General