There are plenty of great reasons for wanting to move into a park home! For one thing, downsizing means you’ll have less maintenance to worry about. It also means you won’t have to go up and down stairs all the time! What’s more, it is also very likely that you’ll save money by choosing a park home over a bricks-and-mortar property. But what about entering into a part exchange? Is it worth doing, and will it actually save you time as well as money?
A part exchange could be a great way for you to avoid some of the common hassles people face when selling a home. If you’re already aware of all the red tape that selling property involves, you may already be reading intently! A part exchange is perfectly possible with park homes. In fact, it’s one of the most common ways for people to leap from traditional property to residential parks.
Your reasons for buying a park home might vary. You might be looking for a quieter life or a slower pace of living. You may just want to get closer to the British countryside and coast! No matter why you pick a park home, you could make things even simpler for yourself by going for a part exchange. In this guide, we’ll explore everything you need to know.
If you already know a little bit about home sales, you might have heard of the term ‘part exchange’ before. If not, don’t worry! The process is very simple.
Part exchanging your current property for a park home means you sell it towards your new move. Therefore, your sale becomes part-payment towards your place at a residential park. It’s a very popular choice for many reasons. For example, it makes it very easy for all parties to get what they want in a very short period of time.
The fact is, part exchange can be a lot less stressful than arranging a normal sale. Think about all the hassles you go through to sell a property on the normal market. You would have to find a buyer and complete a handover. You’d also be at the mercy of the housing market! Anyone with a little experience of this will know that it can be very slow to get moving. Therefore, you could be waiting months before you move to your perfect park home.
Millions of people get stuck in the housing market for this very reason. Therefore, a part exchange frees up all parties, and essentially keeps you from having to get into the market at all. It’s a straightforward swap, in a way, and you might get a bit of money back in return.
Of course, you’re going to need to know what a part exchange actually involves! It’s actually very common for a park site operator or vendor to offer part exchanging. This means they can buy your current home, and the profits go towards your park property. A bigger bonus, of course, is that if there is money left over, you can use this on whatever you like. It might make a good little pot for your retirement!
When part exchanging, you’ll need your home to face valuation. A part exchange company or vendor will ask for values from two or three different sources. This means that they get a firm and fair idea of how much your property is actually worth. They will then calculate how much they will transfer from your home to a park property. It’s nice and simple, and if you agree on the rate they set, you can go ahead and finalise the deal.
We’ve already looked at part exchanging in some detail, but let’s break things down even further. Even though a part exchange seems like a great idea, we understand that there are always going to be other things you need to keep in mind.
As mentioned, the housing market can get extremely slow. This is because you always have to wait for people to sell before they can buy, and if there’s a blockage in the chain, you could be waiting weeks, or even months, before you can move. What if your perfect park home disappears before then? Getting into traditional home sales can lead to lots of disappointments!
Part exchanges, however, generally complete within the space of two weeks. Therefore, you won’t have to wait for your home to sell, and you won’t have to keep going backwards and forwards to make sure everything is running smoothly. All parties get to move ahead with the process without any kind of fuss or hassle. Waiting for buyers, and marketing your properties correctly, just adds more time to the whole ordeal. Therefore, it’s worth skipping this side of things altogether.
Selling a traditional home means you’re going to tie yourself up in all kinds of paperwork. Before you even jump onto the property ladder, you have to make sure your home is perfect for sale. You need to ensure that buyers are actually looking at your property, and that they are interested in making an offer! This means taking a lot of time to make sure everything is clean, working as it should, and that you are advertising your property correctly.
With a part exchange, your buyer is ready and waiting for you. The park home vendor is your only buyer in the chain, which means there’s no hanging around. They are ready when you are, and that will be when you are happy to accept their offers. However, you don’t have to accept their offers, either. You are free to look for other vendors, and to consider other options. There is an awful lot of flexibility!
What’s more, you will never have to deal with estate agents, or any middlemen who can clog the whole process. It’s a straightforward sale or exchange, and that’s what everybody wants.
Some people may tell you that part exchanging loses you money. There’s never any guarantee that this will be the case! Each exchange is going to be slightly different. Therefore, we encourage you to consider the long-term costs and fees.
Immediately, you’ll save money in not having to handle an estate agent. What’s more, there will be no money spent on marketing or preparing your home. There will be no need for legal fees unless you want help from a solicitor, either. You only pay for the exchange. Beyond this, you need to look at the average rates you get from traditional sales. In many cases, you’re going to get less than your asking price, or less than market value.
With a part exchange vendor, while value may vary, the process is at least quick, and there is likely to be very little difference in terms of the sale price. It’s ideal if you want to cut down on all the unnecessary admin, as well as all the charges that come with it.
With traditional home sales, there are always going to be a few factors that could ruin your sale at the last second. What if a buyer pulls out at the last moment? This could waste months of your time, and you’re back at square one again.
With a part exchange, a deal is a deal – it’s final. By agreeing with a vendor, you make a final decision, and you simply have to wait for your sale to complete. If you are moving to a park home anyway, it makes sense to go direct to a vendor. Why should you waste time trying to sell your home in any other way?
This gives you more time to prepare for moving in, as well as to sit back and relax. You should be looking forward to retiring to a wonderful park home, not having to jump through hoops to get there.
There are many great reasons to look into a part exchange towards a park home. While the option may not be ideal for everybody, the benefits of exchanging far outweigh the negatives. Therefore, you should consider looking into a part exchange deal with a vendor, or approaching Quickmove Properties, who works in tandem with Sell My Group.
Quickmove now works alongside Sell My Group to offer part exchange deals on a huge array of properties up and down the UK. When you search for park home listings in our catalogue, you will see if a property is eligible for a part exchange. It could be a great way for you to save money and hassle on moving to a park home.
Getting your perfect park home is always a possibility. You simply have to believe! A part exchange will take away all of the unnecessary hassles and admin that a traditional sale will add on top. Check out the listings in our catalogue and consider exchanging towards a foothold in the country or on the coast.