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In the past, part exchange schemes have often had an unfairly negative reputation. One of the reasons for this is that many homeowners don’t believe they will receive a fair price for their existing home. However, we believe that there are actually more positives than negatives in opting to part exchange your existing home.
To help dispel some of the myths surrounding part exchange schemes, and of buying new build properties in general, Sales Manager Jenny answers some of your common questions.
Will I Receive the Same Valuation on my Property if I opt into a Part Exchange Scheme?
Here at Foden Property, we work alongside several local developers to help with their part exchanges and home move schemes. We always base our appraisal on our knowledge and experience of the local property market. The offer you receive from our team will be exactly the same for a part exchange as it would be for a normal, private sale.
The sales market is currently very competitive in the Telford area as buyers have a lot of choice, both of second hand properties and from new build developments. Therefore if you would like to sell your property quickly, then you will need to make sure that your home is competitively priced to attract potential buyers.
All developers will have a specific criteria that will need to be met for you to qualify for a part exchange, these can be discussed directly with your chosen developer alongside any other incentives they may have on offer.
What are the Benefits of Part Exchanging my Existing Property?
One of the key benefits to part-exchanging your property is that, if managed properly, you can stay in your existing home until your new one is ready to move into. This is such an important factor for many people as it takes away so much of the stress and worry about moving home. It also means that you do not have to worry about finding somewhere else to live whilst you wait for your new home to be completed.
To help explain the process in a little more detail, we asked Caroline Burley from Shropshire Homes about their part exchange criteria along with some of the other new build home schemes they have on offer.
What Criteria do I Need to Fulfil in Order to Part Exchange my Home with Shropshire Homes?
The first step you will need to take is to get financially qualified by their panel to ensure you meet the criteria set by Shropshire Homes. After passing this step, you will then need to have a property to sell which is 70% or less of the value of the property you would like to part exchange it for.
Your existing property also needs to be situated within the Shropshire Homes operating area, which currently extends to nearly all of Shropshire, parts of west Staffordshire and the Herefordshire / Shropshire borders.
Shropshire Homes will then appoint two independent estate agents to come and value your property. If you agree to the valuations, and wish to proceed with the part exchange, they will then appoint one of these agents to market your property for sale.
What Other Schemes do Shropshire Homes Offer?
Simply Move
The Simply Move scheme is a really popular option for many people if they are looking to downsize their existing home. It is also a great option if the property you are selling is more valuable than the home you are looking to purchase.
Homeowners will be eligible for the Simply Move scheme if they pass the Shropshire Homes financial assessment and have a property to sell within their current operating area. By choosing this scheme, you will then pay £500 to reserve your chosen property which means that no one else can purchase the property whilst your existing home is on the market.
Shropshire Homes will then appoint independent estate agents with a view to selling your home within four weeks. If your property is not sold within four weeks, then Shropshire Homes will retain £250 of your reservation fee to cover their administration costs. However, in our experience, so long as your home is competitively priced, your home should sell within the four week window.
Another key benefit of the Simply Move scheme is that all of your estate agent fees are covered by Shropshire Homes.
Heroes Home Scheme
The Heroes Home Scheme was started around the time of the pandemic as a way of helping NHS workers get onto the property ladder.
If you are eligible for the scheme, then you will pay just £99 to reserve your property (as opposed to their normal fees of £500 - £1000). Another fantastic benefit of the scheme is that you will have the first three months of your mortgage paid for by Shropshire Homes (up to the value of £3,000).
This is a fantastic scheme to not only help first time buyers to get on the property ladder, but to also acknowledge the incredible work which NHS workers do.
Armed Forces Discount
The Armed Forces Discount applies to all members of the UK Armed Forces who are looking to purchase a new build home from Shropshire Homes. If eligible, you will receive a £500 discount for every £75,000 spent with Shropshire Homes. For example, if the property you would like to purchase is valued at £300,000, then you will receive a £2,000 discount on that property.
One More Reason to Choose Shropshire homes
As well as taking advantage of some of the discounts and schemes listed above, you can also benefit from Shropshire Homes’ knowledge of local solicitors and mortgage advisors. As well as saving you valuable time and money in finding a legal or financial adviser, it also simplifies the buying process.
Final Thoughts
We hope we have helped you to see that there are more positives than negatives when it comes to part exchanging your home.
Shropshire Homes currently have a couple of really exciting developments within the Telford area which you might like to take a look at:
Woodhouse Farm, Priorslee: there are only a few plots left at this luxury development in Priorslee so you will need to be quick if you would like to move here.
Crudgington Fields, Crudgington - Following the success of phase one, Shropshire Homes are now offering a range of properties for sale as part of phase two of their development. Crudgington offers buyers all of the benefits of a rural location, but is just a 20 minute drive away from the centre of Telford.
For more information on these developments or about buying a property with Shropshire Homes, please visit their website: https://www.shropshire-homes.com/ Or, if you would like a valuation on your current property, then please give us a call on 01952 632140.
You can also watch Jenny’s full conversation with Caroline over on the Foden Property YouTube channel.