Part Exchange

[quickshot89]

Has anyone done a part exchange before from a new build to a new build?

Me and the gf are looking at this option, we've been told that the current property would be offered to buy from us at £110K, and the new build is £190K. The mortgage has just over £110K left on it.

We have the savings for the deposit, fees and such, but we were hoping for abit more than the £110K as separate estate agents have come back with £115K-£120K. We would be paying overall the same amount if we were to sell separate and then buy a new build.

Is it worth to try and haggle on either the price of current property we are in, or see how many extra's we can get in the new build. We would ideally ask for kitchen, bathroom to be fitted out with x amount of appliances and worktop / tiles?

 

[Darryl_1983]

It's always worth trying, but it sounds like £110k is a fair price. Even if the house is up for £120k, your not guarenteed to get that, and finding a buyer could take months. Plus you'll have estate agent fees (unless the developer is willing to pay this as they do sometimes), and you'll not be able to reserve on the new house until you've got a buyer lined up.

The house building is affectively taking a risk on the house selling at £110k and they'll also want to shift it pretty quickly, so wouldn't be putting it up at £120k as per the higher valuation

You could try and get some upgrades thrown in for free, this is normally a better route, assuming you want to add upgrades anyway.

 

[quickshot89]

It's the same builder for both properties (Bellway), yes not everyone likes them but we've had no issues in the current property.

We would want to go for the uplifted appliances and the floors etc, mainly because everything is currently integrated so we would expect the same for part exchange or haggle on the price.