What is Part Exchange & How Does it Work | Bloor Homes

What does Part Exchange mean when buying a house?

Climbing the property ladder is one of the main reasons why people choose to sell up. The chance to increase the value of your assets, as well as improving your quality of life, location, and access to amenities, is well worth packing up and moving somewhere new. In a rapidly changing market, however, you can’t be sure whether your home will be worth what you valued it for in a year, or if it’ll sell for the amount you need to reach your goal.

Part Exchange will help you to move up the property ladder without going through the uncertainty of selling your home on the market. With our Part Exchange program, you can line up Bloor Homes as your buyer; we’ll purchase your house to free up the funds you need to move into your dream home.

How does our Part Exchange scheme work with our new builds?

If you like the idea of using our Part Exchange program to grab your brand-new home, here’s what you need to do:

Step 1: Find your dream home

Visit our participating new build developments to find the perfect home for you. Once you’ve got your eye on the prize, speak to our sales team to find out more about your Part Exchange options and check your eligibility (see further details below).

Step 2: Valuation Time

We’ll arrange for at least two local estate agents to perform an independent valuation. This helps us to ensure that we’re offering a fair price for your old home, and you’ll benefit from two informed opinions to help you make your decision. If you’re already working with an estate agent, just let us know.

To qualify for our Part Exchange program, your old property can’t be worth more than 70% of the value of your new home. If you’re downsizing into a Bloor Home, you can check out our Assisted Move scheme instead.

We encourage you to speak to an Independent Financial Advisor (IFA) at this point to confirm your readiness to take on a new build property. One of our sales managers may also request to visit your home during this stage of the process.

Step 3: We’ll make you an offer

We’ll send you our final price for your old home, informed by the independent opinions of the estate agents. This will usually occur within 48 hours of the valuations, so you won’t need to hold your breath for long.

You can choose to accept or refuse our offer, so don’t worry - you’ve not made any commitments yet! Consider the advice of your Independent Financial Advisor, the valuations of the estate agents, and the price of your new home to make an informed decision about your move.

Step 4: Reserve your new home

If you’re happy with our offer and you’ve accepted it, you can reserve your Bloor home by paying a small fee of £750. We’ll lock in your reservation, and you’ll be able to look forward to your brand-new home - no last-minute offers, no bidding wars, and no rushed decisions.

At this point you’ll choose your solicitor to complete the process, and they’ll work with us to ensure that the sale of your old home and the purchase of your new one runs as smoothly as possible.

What are the benefits of Part Exchange?

Whether or not Part Exchange is the best option for you is up to your discretion, but there are plenty of ways that you could benefit from our scheme. Here are some of our top picks:

1. No waiting around

Finding a buyer for your house can be a long and tiring process. Wasting afternoons with fruitless viewings, negotiating with speculative buyers, and keeping the house pristine for visitors takes a lot of time and energy while your home is on the market.
When you part exchange your home for a Bloor, however, you don’t need to bother with the extra steps: as soon as you accept our offer for your property, you can reserve your new home with nothing holding you back.

2. No estate agent’s fees

As soon as the valuations are complete, we’ll make you a fair and informed offer for your home. Not only will we be your guaranteed buyer, but we’ll also work with the estate agent so that you don’t have to pay any extra fees or commissions for their services.

3. No chain, fewer risks

Without a family waiting to move in on your move-out day, you won’t have to worry about looming deadlines and packing dates. You can move out of your home when your new one is ready, and you won’t run into hiccups caused by buyers pulling out or completion dates not matching your plans. It’s just you and the team at Bloor Homes working together.

4. A seamless move when you’re ready

As soon as it’s ready, you’ll be able to move out of your old home and straight into your new one. You won’t have to worry about rushing the move and leaving sooner than you’d like - the whole process is on your schedule. If your old home sells while you’re still in occupation, we’ll even pay you an early sale bonus!

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