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Part exchange: How does it work?

PX article

Buying a new home can be a long and drawn-out process, particularly if you have a home to sell.

Once you’ve found your perfect new home, the last thing you want is to spend months trying to sell your current property. In the best-case scenario, it can be frustrating, but in the worst case you may even lose out on your dream home.

So, how can you move into your new house quickly? There are a variety of options that are available. One of the most popular is part exchange, but many people end up asking how does part exchanging your home work?

We’ve outlined below exactly how it can benefit you.

What is part exchange?

Part exchange is the opportunity to sell your current home to the developer of the new home you want to buy. It is a simple process that provides convenience and peace of mind that you will get a good price for your property.

What makes it even more appealing is at the end of it, you will be moving into a new home and you will avoid estate agent’s fees.

How does part exchange work?

The process couldn’t be simpler. Once you have chosen your dream Avant Homes property, two independent valuations of your existing home by estate agents will take place. Or if you live in Scotland, the valuations will be carried out by an estate agent and a surveyor.

Avant Homes will then make an offer on your home. This valuation will often be based on the average of the two valuations. The offer is guaranteed for seven days and should you accept you can formally reserve your beautiful new home.

The sale then proceeds like any other and you can move into your new home as soon as it is ready, even if your old home has not been sold, taking any waiting to sell your home completely out of the equation.

Is your home eligible for part exchange?

There are some criteria your home must meet to be eligible for Avant Homes’ part exchange scheme:

The value should be no more than 70 per cent of the value of the new home.

  • If your property is ex-local authority, there must be evidence of resales in the area
  • It must be located within a reasonable distance of one of our existing developments in Scotland, the North East, Yorkshire or Midlands
  • It must be in good order, require no major maintenance or repair and be mortgageable
  • All necessary planning and building consents for alterations or extensions must be available for inspection, including any required for the installation of replacement windows, even if the work was carried out by a previous owner

The final stage

When finance is in place for your new property and all contracts are signed and exchanged, all that’s left to do is exchange keys on your current and new home and you can move into your Avant Homes property.

The Avant Homes part exchange offer is available against selected plots on selected developments, which can be found here.

If you are interested in part exchange your home contact a sales advisor at your chosen development for further information and details on availability.