Purchasing a new home is a stressful business; whether you are a first time buyer or a current homeowner.
A part-exchange agreement can help to ease the strain of investing in a new home as it allows you to trade in your current home as part payment for your new home. It removes the stress of selling your home on the open market and also negates the need for estate agents fees.
So, how do you purchase a new home on a part-exchange agreement?
Get it valued
Buyers will usually arrange for two independent valuations of your home before committing to buying it. This may lead to a lower price than you would get on the open market but you will enjoy the security of knowing that you have a buyer for your home.
There are certain properties that will likely be excluded from part-exchange agreements. These include those with structural defects, flats with short leaseholds remaining and studio flats.
Remember to check the terms and conditions of any part-exchange agreement carefully so that you’re confident everything is above board.
A professional legal adviser is usually required to carry out the legal formalities of buying the home and representing your interests. Part-exchange schemes may not be available in conjunction with other schemes and offers so it’s worth taking this into account.
Whether you decide to purchase a new home on a part-exchange agreement will depend on your own circumstances and you may prefer to sell your home yourself. You’ll need to review the benefits that are offered (such as the security of having a buyer) against the disadvantages (such as a potentially lower price) to decide if it’s right for you.
Location, location, location
If you decided that you will take the part-exchange approach to moving home, you will still need to make the further decision of where you actually move to. Cala Homes part exchange homes offer a wide selection of homes throughout the UK.
Wherever you plan on moving to, taking the part-exchange option to selling your old home and moving into your new one can be a wise choice. If you want to get into a new home quickly and would like to avoid the hassle of paying estate agents fees while your house sits on the market then it’s an ideal choice.
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