Buying a house has a certain sense of inevitability to it. You find a house you like, you put in an offer, your offer gets accepted. Meanwhile your house it on the market, you get an offer and you accept it. In a perfect world that would be it – job done.
However, there’s a lot more to it than just offers and acceptances. There are the estate agents, the valuations and the viewings. Not to mention keeping your house clean and tidy for as long as it takes. The solicitors to instruct, the surveyors and energy performance certificates and, of course, when everything is set and agreed you find yourself part of a chain.
Unless you’re a first-time-buyer, buying a brand-new home, there is always some sort of chain. How long will that chain be? Well, how long is a piece of string? If you’re lucky you’re one of only a handful in a chain, but more often than not it goes on and on. As the chain gets longer the greater the likelihood of it breaking.
Once a chain breaks delays to completion are inevitable. For some it can mean going back to the drawing board, starting all over again. Frustrating for all, but especially if you’re the one person in the chain that has nothing to sell. Or to switch it around, if you’re the person at the end of the chain with a new home to sell.
For both prospective buyers and housing developers a break in the housing chain costs time and money. Unfortunately, in many cases when a chain breaks down it is unavoidable, for a myriad of reasons. However, there is a way to avoid becoming part of a chain that helps both buyers and developers.
Part exchange has been available for many years, but following the financial crisis was one scheme that hit the buffers as our housing market ground to a halt. However, it is now enjoying something of a revival of fortunes, as developers understand its potential to ensure the successful completion of their new homes development.
With a part exchange scheme in place developers enable potential buyers to purchase a new home as they in turn buy the existing property. Thus, cutting out any chain. No chain means no breaks in the chain. A guaranteed sale for both developer and buyer.
If you’re a developer and you don’t offer part exchange, there are options for in-house or fully funded schemes available. However, a common misconception is that part exchange is only for the big boys, but that’s not the case. No matter how big or small your operation there is a part exchange solution that will help you to ensure your developments are never held up by a break in the buying and selling chain.
If you’re looking to buy a new home, there is an easier way; a much easier, less time-consuming and less expensive way. Becoming part of a chain of buyers and sellers is not inevitable.