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Revealing Advantages of Part-Exchange in Home Purchases
by V Allison on Feb 24, 2013
If you hear of discussions taking place in pubs, workplaces, and kitchens all over the country, real estate is undoubtedly one among the hottest topics. As the housing market continues to slow down, one major aspect that is being conversed progressively more is the incentives or spurs presented by house developing firms to allure potential consumers.
Attractive Incentives and Freebies Offered by Sellers
House developers have reacted to this market trend with a series of incentives so as to make the option of buying a new home from companies like Wimpey, and Barratt all the more attractive. Some of the fine examples include free curtains and carpets with every new house purchase; forfeiting the stamp duty of the buyer, and disbursing the mortgage loan 1-year after shifting in.
Part-Exchange is a Relatively New Concept
Most of these spur ideas are comparatively new; however, one among the older incentive ideas is for the prospective home developer to present an appealing property part-exchange. Under this scheme, all the consumers who wish to shift into an all-new home often make a purchase from a reliable developer by selling their present house to the developer for a considerably low value than the market price, thus part exchanging their home.
Benefits of Part-Exchange
On the surface, this might appear more or less similar to what most of the home property purchasing firms would normally do. But, there are many appealing benefits of part-exchanging a home with any trustworthy property buying firm over a home developer. Here are some key advantages of part-exchange in the present-day real estate market.
- House developers will generally procure only some specific kinds of houses. For instance, most of the home builders will not fancy buying leasehold or ex-council home properties. A majority of property buying firms will assure to make a deal in any kind of real estate.
- Many home builders are not likely to make their purchase out of area i.e. not beyond the region where the consumer is buying the newly built property. In general, a majority of property buying firms is national firms, and hence they can quite easily make a deal on properties in almost all regions.
- Home developers normally possess a finite figure of part-exchanges that they will carry out in any given calendar year; when their present year’s share is completed, they generally won’t fancy doing any more, restricting the choices of consumers wishing to part-exchange. On the other hand, there are a few property buying organizations that boast of yearly turnover going beyond almost £70 million, and hence they will always be geared up to procure house properties.
- With the intention of qualifying for a part-exchange deal of a house builder, movers have to shift up-market, and procure a house that is actually valued at any rate 30-percent more than the overall worth of their present home. A majority of property buying firms normally don’t have such constraints.
As per the most recent survey conducted by the well-known ‘New Homes’ and ‘LSL Land’, the total number of house properties purchased by means of part-exchange real estate plans in the United Kingdom have increased over past couple of years. On the whole, with the key benefits that they normally deliver to the consumers, part-exchange schemes are growing in popularity these days, which is clearly indicated by the total number of home purchases that are taking place using this particular scheme.
Author Bio : Andric James is the author of this guest post. He is one among the proficient writers in the niche of real estate, and in the above post, he just tries to educate readers about the key benefits of propertywide - houses to rent.