old couple pointing at house

Can I Part Exchange My House to Fund a Retirement Home?

If a seller is on the cusp of retirement or are already retired and in the market for a new home, part-exchange (PX) is an ideal solution for a quicker sale with far less hassle.

Can I part-exchange my house to fund a retirement home? That’s a good question and one many people ask when their working days are over. Retirement should be as relaxing and enjoyable as possible. Fortunately, part-exchange (PX) offers sellers a way to achieve this by avoiding much of the hassle that comes with conventional property sales.

In this post, we’ll discuss the benefits of PX and answer the question “can I part-exchange my house to fund a retirement home?”

How Can I Part-Exchange My House?

When people opt to part-exchange their house, they typically receive around 85-90% of the property’s full market value. The remaining 10-15% goes to the financer, which deals with the admin involved with buying and reselling the property. The result? They avoid the stress of selling a home and ensure the entire process is significantly quicker.

To initiate the part-exchange process, sellers simply fill in our Offer Request Form. From here, an independent local estate agent will carry out a valuation and the seller will receive our offer within 24 hours. If they accept the offer, the house will be sold quickly and leave all the admin to our experts — allowing the seller plenty of free time to plan their retirement in their new home.

While some homeowners may shudder at the thought of receiving less than the full market value of their property, those who have sold a property in the past will recognise the value of not having to deal with the administrative aspects of the sale. Not only that, but the safety net of a guaranteed sale is invaluable for retirees who are looking to save time and money by achieving a quick sale without an abundance of fees.

Why Is PX Particularly Popular among Retirees?

When the time finally comes to retire, many people decide to downsize or move to a home that costs less. Unfortunately, selling a house can often be a long and stressful process, which is why it’s common for sellers to opt for a part-exchange. Doing so not only guarantees a sale and allows them to avoid the nightmare of a broken property chain, but it also proves to be a much faster and simple transaction — oh, and did we mention that there aren’t any estate agent fees?

With part-exchange, no-one is waiting to move into the seller’s home, and no-one currently occupies the new-build retirement property. All of which makes it a fantastic option for people who want to move quickly and with as little hassle as possible — precisely how retirement should be. The house sale can be finalised in as little as a few weeks, whereas the average time for a house sale to complete on the open market tends to be at least four months.

It’s worth noting that part-exchange is only available for new-build properties, and not all property developers will accept PX as a purchase option. So if a seller requires part-exchange for a quick sale or they want to save as much money as possible for retirement, it’s always helpful if they have looked at multiple new builds to ensure PX is an acceptable purchasing solution.

If you want to know more about part-exchange property sales and take a comprehensive look at the various benefits it provides sellers, check out our blog post “How Does Part-Exchange Housing Work?

Are you interested in a part-exchange sale for yourself or your customers? Contact HBB Solutions today at hello@hbbsolutions.co.uk or call us on 01509 680 065 to speak with one of our experts.

 

Menu