The housing market is slowly – but surely – finding its feet again after an extremely turbulent period.
While some people have been able to take advantage of the Land and Building Transaction Tax holiday, which ended on March 31 in Scotland, others were pipped to the post for their dream properties.
However, other options are available for those who wish to move but feel cautious about stepping into a potentially fraught bidding process. Fixed price offers a sale on a first-come first-served basis, and “offers around” (or “offers in the region of”) indicate that the seller may be willing to negotiate either a little above or below the asking price.
For buyers who have a home to sell, the part-exchange process can go some way to taking the stress out of buying. Most often associated with new builds, estate agents such as McEwan Fraser Legal also offer a similar system. It is one which often takes the uncertainty out of buying – essential for those who need a guaranteed sale in order to budget properly.
We spoke to Felicity from @hausinteriorsltd about how she created the luxury study in our Macrae showhome at Milltimber Manor, #Aberdeen. The space has been tailor made for studying and working from home 😍 #homeoffice https://t.co/jLDiHSA8vL pic.twitter.com/ITePhC9HkA
— calahomes (@CALAHOMES) August 3, 2021
Part exchange often has terms and conditions attached: your existing home must meet certain criteria and be of a certain proportionate value to the house you are buying; sometimes you may be required to stay “locked” into your old home while the new one is completed (fine for those prepared to wait); or maybe accept a slightly lower price for your home than you might receive on the open market. These are all commonplace among housebuilders.
Our service ensures your move is made as easy as possible
However, there are plenty of benefits to throwing your lot into a new build plot. Karagh McKervey, part-exchange co-ordinator for CALA Homes (North), points out that the process allows people to move into a new home without the cost of putting your home on the market and waiting for it to sell. In fact, seven out of 10 CALA customers use the service, attracted by the certainty it provides.
Karagh said: “Our service ensures your move is made as easy as possible, allowing you to concentrate entirely on your big move. CALA Homes will be your cash buyer for your existing home, meaning your move is not at risk from problems which could arise in a chain.”
Another bonus is that move-in dates can be aligned, sometimes a problem when waiting for former owners to relocate. But probably most attractive is the absence of estate agent or conveyancing fees. These can vary but, generally, estate agent fees in Scotland are commission-based and paid on completion of sale – expect a quote of 1% to 3.5% of your property’s final sales price.
A wide range of people take advantage of our part-exchange service from all across Aberdeen and Aberdeenshire
Conveyancing can cost up to £1,500, although some solicitors offer fixed fees, or no move no fee options. However, with part exchange, this process is covered with home reports included, too.
Once the purchase criteria has been assessed, an independent evaluation of your home takes place.
“A wide range of people take advantage of our part-exchange service from all across Aberdeen and Aberdeenshire, providing the property meets our part exchange purchase criteria,” says Karagh.
“We will then be able to make you a fair offer for your property, and if we feel we can’t make a fair offer to you, we’ll let you know, without any cost or obligation.”
For CALA, the process is designed to streamline a stressful process, allowing you to move faster without becoming bogged down with buyer’s stress.
Karagh added: “I love to help our customers make their dream home a reality, while easing the pressure of moving home as much as I possibly can.”
For further information on CALA click here.
