The Pros And Cons Of Part Exchanging Your Home

Have you been considering if part exchanging your home is the best option for you? If you are a home owner looking to move up the property ladder, then part exchange could be ideal for you. It enables you to move up the property ladder without the stress, worry and uncertainty of a house chain. However, if you are looking to downsize, a part exchange may not be ideal for you as your home may be worth more than the value of the new property.

As with all big decisions in life, there are pros and cons that you need to consider when considering part exchanging your home. Below our residential conveyancers in Peterborough have shared some of the pros and cons of part exchanging your home. If it is something you are seriously considering, why not speak to our conveyancing experts for guidance and advice?

The pros of part exchanging your home is that you will avoid the open market. You will also avoid any estate agency fees. The worry of unpredictable chains will be removed too. There won’t be constant viewing appointments for your home as various potential buyers wander through your home. You’ll have a more stress-free house sale process and a guaranteed sale.

There are cons to part exchanging your home too. For example, you could be offered around 5% to 10% less than the market value for your current home. You might not be able to negotiate any discounts on your new home. Your current home needs to be worth around 70% of the value of the new property.

Leasehold flats and short lease properties will be less attractive to the part exchange house buyer. It’s important to note that not every property will be eligible for the part exchange scheme. The value of the new home will drop when you move in too.

If you are looking at part exchanging your property, speak to our residential conveyancing team in Peterborough. Our friendly and knowledgeable residential conveyancers will be only too happy to help you with the purchase or part exchange of your next home.