New builds - part exchange

[candymycandy]

I moved in with my partner recently who owns his house. We are now interested in moving to a new build hopefully part exchanging his house. We both realise that he'll get less than the market value. My problem is, he has let the house fall into quite a sad state. the decor is dated and the whole house, inc back garden needs a lot of work. I suggested doing a quick neutral cosmetic job so its valued higher. But he seems happy to lose money on the house as he can't be bothered to decorate. I've said that they may not want to part exchange if they think its too bad. Has anyone else experience with this and do you think it'd be wise to decorate before getting the valuers round? Thanks.

[tigersam258]

most developers will do a quick assessment of the difference between the purchase (part exchange price) plus the 'cosmetic surgery' required and the eventual sell price. they will then estimate the time involved in getting the house up to selling point and if financially viable they will do a deal with you. it is usually well in their favour when they do this so if the house is in a bad state, he will get well below market value for the part exchange as the developer will generally want to sell their new build houses before the part ex.

[maclarencat]

Are you sure you are doing the right thing moving in if he hates DIY and gardening so much . Just think what your new house will look like in no time at all !!
Good luck!