Hanley

Has anyone on here part-exed their current home for a new build?

A friend of ours did and they said the whole process was very smooth, no chain and they stay in their current home until the new one is ready.

Surely the builders give you a below market valuation for your home but I was wondering if anyone had any experience of the process with Wimpey and similar builders?

scoobygaz1

iTrader: (3)

They get 3 local estate agents to value your home with the price to sell with a month. so yes a bit below the marcket value done it 2008 nov with persimmon got a fair bit of extras for free ie white goods and a fair bit off the asking price so haggle! But yes takes the hassle out of the whole process.

alcazar

iTrader: (2)

Pro's: The new house will be wired, heated and insulated up to modern standards.
Cons: The new house may not be as solidly built as your old one and the garden will almost certainly be smaller

chocolate_o_brian

iTrader: (22)

I could live with that for a nice warm insulated house

Aaand, I HATE gardening. When I'm on better money, it's something me and Nat may consider when we want to start a family. Slightly better area and a nice modern house sounds lovely

subaruturbo_18

Not to mention better insulation, therefore better soundproofing.... Louder trance tunes

dunx

iTrader: (3)

Four years ago "we" got a 110% deal to move...

We knew it was worth £110K so they offered £120K, so we had no hassle in selling.... the developer who bought it, and ripped the kitchen out, said he'd paid £108 and spent £2K and it sold for £112K a month or two later.

How times have changed.

dunx

scud8

iTrader: (1)

Whatever price they set for your house get a valuation from another couple of estate agents so you know what you are giving up. Then haggle on the price of the new house. I bought a flat from Persimmon last October and got close to 20% reduction - conditions may not be quite so bad for them now, but they will still be prepared to deal. A good rule of thumb is if your offer hasn't had to be escalated at least one level of management you haven't asked for enough off.

I had a similarish experience back in 1993 in the last slack period for housing. We looked at part-ex'ing against one of the smaller houses in a new development, but didn't like the price they offered for our house. We sold a few months later for significantly more than they offered (£62K vs £58K IIRC - this was 1993!). I then went back to the builders and put in a stupid offer on one of the largest houses on the development and after some escalation they accepted. The best bit was that mortgage valuation of the house I was selling came in a bit low, so we did a deal with the buyers on fixtures and fitting to get them below the stamp duty threshold (£60K in those days) so will still got our £62K, and we got the builders to knock another £2K off the price of the new house.

sarasquares

iTrader: (1)

If i had the opportunity to do this i would get solar energy installed. Thats got to make it worthwhile

Has anyone here has solar installed in their currant house and how long does it take to pay for itself?

chocolate_o_brian

iTrader: (22)

Egg cartons anyone

Mog

Solar is very unlikely to pay for itself within the lifetime of the equipment.

Mog

Dedrater

Thats probably right for over here, I have a mate in Auz though that makes so much energy from solar, that he sells what he makes back to the energy company

subaruturbo_18

Do people actually do that? And does it actually work?

SunnySideUp

Part Ex Deals are OK if you are used to giving up money in exchange for convenience - it's the same as Part Ex'ing a car.

When I looked into it there was a non refundable deposit .... if you don't like the Part Ex Offer then tough luck, you lose the money! Not something I am used to doing. So I told them to stick it.

By far the best deal is if you sell your own house and then haggle hard on the new one - with the money involved, you could easily lose £50,000 by going the Part Ex route ... but, convenience has it's price and some don't mind paying it.

Each to their owm.

fitzscoob

Sometimes it works well. A colleague and his wife (a couple in their 60's) were getting some grief off some local kids. It made their lives a bit of a misery. A new development was well underway nearby and they looked at one of the houses. They part exchanged their house and moved quickly. They're now much happier in their new home. From what I can gather, they got what they wanted for their old place and got some money off their purchase.

I wouldnt have thought it was complete plain sailing, but in their situation, it was a great move to restore their home lives into a better atmosphere. They no longer have cheeky teenagers threatening them, breaking windows, and being a general nuisance.

moneys

iTrader: (5)

paul this is how we moved mate, believe it or not though the house we bought was the one that was part ex'd against the new one but the builder still took ours part ex against this one. brilliant process and very smooth and fast. they got three valuations, the most value, the medium value and then one that they more or less to gaurantee to sell at. i was very happy with the price they gave us for ours and the price we got the new one for.

your not thinking of moving again are you mate?

Hanley

Only thinking at the moment mate, Jo has been saying she'd love to move to a brand new house, we're planning some more home improvements which will cost 10k+ so maybe it's the right time to buy a new one.

There's some nice houses where they're building near Tesco but we think it's a bit too close to the store / petrol station.

I might drop by the show home and take a look.

moneys

iTrader: (5)

out of those two estates, we liked the whimpy one mate, the other one was to close to the petrol station for us and for what you got for your money. im canvassing them estates next week so theyll be nice and clean mate.

what improvements you thinking of doing?

Ray_li

can I part ex my parents house to buy my own with my parent permission of course or would I need to change the names on my parents house first?