So, my wife and I considered a couple of weeks ago that now would be a good time to move house so started just having a look around to see what's what, with the intention to have moved within 18-24 months. As it happens, we came across a new-build house at the weekend that ticks most of the right boxes and quite a few of the circumstances suggest that there's absolutely an excellent deal to be had. Of course this means shifting the current house, and because we've only just started nosing about figuring out options, our current house isn't on the market yet, which makes part-ex and interesting option. Now, I understand the argument that we're not going to get an offer at the top of the market, but then we won't have associated costs with selling a house either. I'm not going to take a bath on part-exing our current house for the sake of moving, as I'm not in a hurry to move - I'll quite happily spend 15 minutes digging for a voucher code to save 50p off a purchase - I'm much more emotional about getting a good deal than I am about having a shiny new house My question is this - has anyone part-exed and been burnt, or had a great time? Any gotchas to look out for? Any other tips? Valuations are happening over the next week, and I'm prepared to move quickly provided there's ample reason so, but then I'm equally prepared to call the whole thing off if there's ample reason to as well.
We part exchanged chez fev a couple of years ago to move in to a new build, we took a couple of valuations before getting the three valuations from the builders. To be fair to the builders (the name escapes me who they were, will ask mother) the three valuations were in line with what we already had. They were pretty transparent with the entire "we're offering £XXX,XXX against it's market value of £XXX,XXX" We figured that the money we'd have spent on the entire sale, move etc as well as knowing that we'd be moved in a lot quicker made it worth it.
Were there any gotchas after the fact that you would have liked to have known up front? We're in the position now where we've stated what we want (nay, need) from the house, and they're pondering. Just discussing the process with them didn't highlight anything, seems pretty straightforward.
Too late now if there was... just did the deal. They offered as much as we could have hoped to sell it for and named a non-negotiable price on the new one that I was happy with. In a straight sale we could have knocked £25k or so off, but by the time we worked in what we're likely to have sold ours for and cleared any fees, I figure we're paying around £5k for the convenience factor, with which I'm positively delighted. Good times!
The day after moving day, clearly! My three items on the "must have" list were man-cave potential, a double garage and a reasonably sized study. I have a few options... A 16'x13' room on the ground floor which they call a "games room" is the obvious choice A 10'x11' room on the first floor, but I'm thinking this is a study, might be a bit small for man cavery A 17'x14' room on the first floor, but I'm thinking Mrs Tad has claimed this as a more formal lounge, and I think we'll be removing the wall between this room and the kitchen area anyway. I'm thinking the 2ch setup will live in here. The bonus is this time there are plenty of rooms to have a dedicated man cave, as opposed to having to account for the wife factor - matte grey paint and cinema seating here we come!
Double garage... Much jealousy! Might be worth asking them what the slab thickness of the garage is to see if you can fit a lift in.
Space for three more on the drive as well... that will be useful for when I'm no longer skint from buying a house
New daughter and new job, too. Busy year. I always used wonder why some people seem to do every big life event all at the same time, guess it's just how things turn out sometimes! I just need to get divorced and re-married and have major surgery to complete the circle. Maybe I'll leave it.
My best friends part-ex'd a flat this week. They also found a newbuild that was perfect for them. They put their flat on the market at the right price and had a few viewings but nothing concrete, the newbuild was slipping away so they took the partex and lost about 12k off the price. Initially they were really down about it, but they ended up using a different mortgage advisor than the newbuild company advised and got a really good mortgage so didn't feel so burned in the end. It's just a convenient way of getting out of a property without all the hassle. If your in no rush then stay clear and get what your property is really worth is their general consensus.
lol... does seem to happen that way. I just received a new car (full on brand new fresh car smell - no other grubby mits on my steering wheel) and am looking to move into a place (first time buy) on 26th July. Congrats on it all. A double garage is pretty much the dream for me...
The house is in the same area as I'm in now, which is due to be FTTC'd "imminently", so sadly I'll still be on ~3-4mbit Whilst I'd love to have 50mbit+, I'm not overly emotional about it. All in good time, I'm playing the long game. She got three things on her own "must have" list as well. Internet was a mutual thing so I would have wasted one of my slots
