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Can I sell my house and buy part exchange?

Hi, I own my property which is in need of some upgrading. I would like to buy a new house and need to know if it is worthwhile doing the work. I am interested in part exchange. Could you give me advice as I am hoping that I will be able to buy a new house, leaving me mortgage free.

Asked on Mar 13 2013, Home Finance in Edinburgh | Report content

Answers (1)

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  • Good morning! I personally would get 3 valuations from local estate agents, before going to the builder re: part ex. This way you will get their opinion without them having to follow any guidelines set out from the builder. To clarify this: Basically, if you ask about Part Ex, the builder is likely to ask for 3 valuations themselves from local Estate Agents and they may have to fill in a form. The form often has a question relating to 'what would the price be to sell the property in 4 weeks'. Most agents will knock off 15% possibly (sometimes even 20%) to answer this question and that could end up being the part ex price the builder offers as they simply want your home off their books as quick as possible. My opinion is, if you price your home correctly, whether it needs work or not, it should sell. Lots of people still love a project so simply start with the valuations yourself, see what they have to say, enquire about part ex, see what the difference between what the builder will offer you -v- what the most realistic agent says and this should help you decide which way is best. Remembering Part Ex may save you some agency fees and be much quicker, so you have to weigh up is time or money important? Hope it helps a little. Ric.

    Answered on Mar 14 2013, Report content

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