House part exchange .. any good

[Mudball]

Someone in the family is moving up. His Mrs has fallen in love with a new build house and the builder has offered them part exchange on their flat. While I appreciate that they don’t have to wait for it to sell or pay pointless agent fees, the cynic in me says that they are unlikely to get a good deal either on the house or the flat or both when doing a part exchange. He is keen to do it to keep his Mrs happy.
Any experience in part exchange? Watch outs.. Good, bad, otherwise

 

[Lord Tyrion]

A family friend did it recently, he went to a retirement flat. You pay for the convenience so the decision is how much is that worth? For my friend, every penny but he may be at a different stage of his life.

 

[fundy]

It can really depend on how badly the housebuilder needs the sale, where they are in their financial year etc. Whats the market like where you are, how long is it taking for a house to sell, are they selling for asking price or at big discounts etc?

Ultimately find out how much the flat is worth on the open market, deduct what fees it would cost to sell this way etc and then compare it to the price that is being offered by the developer. Is the differential worth the reduced stress and hassle? Dont forget the price is negotiable with the developer too, shouldnt feel obliged to take their initial offer, theres almost always movement available from there? What additional incentives can you get from the developwe (ie shortened timescales, them paying stamp duty, them upgrading stuff in the property etc?

 

[Beezerk]

New build, yuk, wouldn’t touch them unless it’s a high end build.

 

[Deleted member 21784]

Guy at work got a cracking deal, they offered him good price for his house
Paid his stamp duty aswell