If you want to part-exchange your property, you can do so by exchanging your existing home as part payment for a new one. This is a practice that was introduced to the housing market in the United Kingdom during the 1970s, and is becoming more common in the residential property market.
If you want more certainty about your move and when it will happen, you can part-exchange your property. For example a property developer will be keen to sell the new homes in a development that they have invested in. If you are interested in buying one of the developer's properties and have a property to sell yourself, the developer may have a scheme which will mean that they can buy your property from you. The money that you get will go towards the cost of your new house in the recently built property development.
You can secure your purchase if you part-exchange your property, as there is no chain, and the uncertainty that chains in the property market have associated with them. Chains can cause a lot of stress when people are moving house, because they may fall through. One of the people in the chain may not have the finance in place, so they cannot proceed. As a result, the whole chain falls through and the different buyers and sellers in the chain are disappointed.
One of the best things you can do when you part-exchange your property is to be in the position to negotiate discounts and other benefits when you are purchasing your dream home. This is because you will be in a strong bargaining position, so you can ask for extras that you would normally have to pay for to be thrown in to the total price that you pay.
If you part-exchange your property in this way, you will usually be offered something like ninety to ninety five percent of the market value of your home. People may think that they could get the extra ten to fifteen percent in the open market. But the advantage of taking part in a part-exchange scheme is of course that you will have a guaranteed sale, which brings peace of mind and speed to the transaction. If they were selling in the open market they would be subject to all the different difficulties that are involved in such transactions. These include having people looking at your home who are not really interested in buying it. Or they may not have finance in place and have no plans to do so. Another issue is being in a chain, since chains often collapse and disappoint the people in the chain.
If you are interested to part-exchange your property you will need to own a home and be keen to move up the property ladder into a new home. Such a scheme may be an attractive option. This is particularly true if you find your dream home and are keen to move in as soon as possible with the minimum of difficulties.
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