Part exchanging my house

[housebuyer]

I'm house hunting and the developers of some of the new builds that I've looked at have offered part exchange deals for my current house. I realise that they won't offer the full market value for my house as they'll be looking to sell it on at a profit, however is it worth it for the convenience?

Does anyone have any personal experiences of these kind of deals (particularly with Miller Homes)? Would you recommend a part exchange?

By how much will they knock down the price of my house? I don't know if it's relevant but the house that I'm selling is worth approx �160K and the house that I'm interested in buying is �250K.


Many thanks.

[Velvetee]

I'm sure I've posted this before. Anyway, if your property is older, it will probably be built better than a newbuild house.

Over the past 2 years I've purchased two new build properties, they were both overvalued and as a result, have gone down in value by �30K each.

I'm no expert, but if it was me, I would not except any part exchange offer.

[buildersmate]

You need to ask Miller Homes how much they will pay for your house. Many years ago (20) Miller offered me such a deal but I sold the house before needing to decide on the Miller offer. So they have doing this deal for many years now. You will get a better deal than these chaps who buy your house for cash, but Miller are basically taking the risk of what they can sell your house for. Don't forget to factor in the savings from not having to pay the estate agent on your sale.

[housebuyer]

Thanks for the replies so far.

The developers will value my house (or devalue it!) but first they want a deposit so I'm trying to find out what sort of percentage they'll knock off the market value to know if it's even worth considering using them.

[buildersmate]

Ah, Miller didn't do that 20 years ago.

[scoobydooby]

I went ahead with a part exchange 6 years ago. The developers offered me 100% of the market value (many do). Everything went smoothly and they marketed my house whilst I was still living in it (and waiting for my new house to be built). The first couple to 'buy' my house had financial problems and couldn't raise the funds. Had I not have part exchanged, I could well have lost my new house at this point. However, the p/ex agreement meant that I could move into my new house even if they hadn't sold my old by completion.

The downside? You will need to pay the full asking price for the property you''re buying - whereas others will br able to knock Miller's down.

Your 100% part exchange could be instead of someone else's stamp duty paid, or mortgage fee for a year etc. New houses are so overpriced - they've calculated their profits taking into account all the special deals. It was the best thing for me at the time but I wouldn't necessarily always choose that option.

[dudleymoore]

There is no such thinkg as a free lunch

in the current market i'd stay in your old house for a year or two. see how hard th erecession hits, you mighr be glad you did not move!

BUT WHATEVER YOU DO.. DO NOT USE NATIONAL HOMBUYERS THEY WILL ONLY OFFER YOU ABOUT 55% OF THEVALUE OF YOUR HOME - IP OFF COMPANY OF THE YEAR