Many people go for the traditional route when it comes to buying a new home. They put it on the market through an agency and utilise their services to sell the property. They begin looking for their next home while handling agency fees, delegation and a lot of stress. The property ladder can be challenging and frustrating at the best of times.
However, there are alternative ways you sell your current property and buy a new home. You could find your dream home through a part exchange. A part-exchange involves trading in your existing property when you buy another. The property company will use your old property as part-payment for your new home, which you are buying from them. Here are a few benefits of part-exchange.
Guaranteed sale
With a part exchange, you don’t need to sell your own property yourself or manage agency fees. The property developer may sell or let it out to new tenants. This means you don’t have to wait until your old property sells to start your new life and you don’t have to find buyers and hope they follow through with the sale. It’s all done and dusted for you.
Say goodbye to the property chain
Property chains can be a nightmare. If one person backs out of the chain, the entire process crumbles. For example, you need someone to buy your current home so you can buy a new home. If the buyers of your current home back out, you will be unable to move into your new home. Or, if the sellers of your new home back out, you could be left without a home at all. Complicated, right?
With a part-exchange, you can skip the whole property chain debacle and just move in.
No estate agent fees
Estate agents can help you to sell your home and find a new one. However, they come with an expensive fee and commission to pay. You can save money and avoid hiring an estate agent altogether through part-exchange.
A guaranteed new and updated build
More often than not, you are trading your old home for a new and updated build. You can exchange your dated property for a sleek and modern home on a new estate. There’s nothing to fix or renovate. You can unlock the door, unpack and settle into your new home.
Find a trusted development company
You need to find a trusted development company to make the part-exchange process quick and easy. Be sure to do your research and look for reviews from their previous clients. You could even reach out to a few people who have been through the process with a different company.
For someone already on the property ladder, part-exchange could very much be the stress-free method you need to find your dream home. Don’t always go with what everyone else is doing – it might not suit your specific needs. Be open to doing what’s best for you and what it takes to find the perfect property for you.
