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When is the best time to part exchange with new build developer?

Is now the right time as property prices have fallen, or would it be better to wait until prices rise again? We have been waiting for the market to bottom out so we can upgrade and upsize home. Is part exchange in this market now a good idea?

Asked on Nov 7 2012, Home Improvement in Buckingham | Report content

Answers (1)

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  • Now is a good time, because prices have fallen. When considering part exchange, do bear in mind the house builder will pay less than market value for your home in order to sell it on quickly. As long as that figure is acceptable, look at whether the house you are buying is a good price. Look at similar houses in the area which have sold recently to get an idea of what you would achieve if you had to sell in the near future. New builds are more expensive, and like a new car, it depreciates the moment you move in. But if you want a hassle free sale, and are going to live in the house for over 5 years, then it is a very good option to go for at the moment. If you buy in the last phase of a development, they often add extra incentives like white goods, carpets etc. Do try to drive a hard bargain if they offer low on your property, never over-stretch yourself. Stick to your guns and you could get a great deal.

    Answered on Nov 8 2012, Report content

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