When purchasing a new build home, buyers can ‘part exchange’ their existing property. Instead of putting it on the open market and seeking a buyer who is able to move within your desired timescales (and can be flexible on the actual moving date), the developer agrees to buy your home from you.
Choosing to part exchange your home means you will be ready to move when your new home is finished; there will be no chain; there will be no worry that the buyer may pull out; there will be no estate agent fees and there will be an easier moving day.
The price paid for your existing home is generally agreed after two independent valuations and a survey made on behalf of the Developer. The price will therefore be fair and it is worth bearing in mind the amount of money you will save and the stress you will avoid when considering the overall deal.