Whichever camp you find yourself in, the pandemic has pushed many of us to reconsider where and how we want to live.
Buying a home is an incredibly exciting time but it can also become challenging if you’re trying to sell your current property, especially as we all navigate blended working or a return to office environments post-pandemic.
Many Cala customers seeking out a bigger home, a property with a garden or somewhere surrounded by countryside, without the headache of selling their own property, make use of our Part Exchange service. It gives you the certainty of a chain-free move and you won't have any estate agent fees.
But what exactly does Part Exchange entail?
What is Part Exchange?
Part Exchange is a service Cala Homes provide, where we act as a guaranteed buyer for your current property, meaning you don’t have to worry about a chain falling through or someone else holding up the process. After up to three free and no obligation independent valuations have taken place, we will make an offer on your existing home, organising a survey on the property and appointing an estate agent to sell it, with no cost to you.
Why Part Exchange?
The main benefits are:
- You know that you have a cash buyer for your home and your move is not at risk of problems that come with a chain.
- Your legal completion dates will be the same, with no need for bridging loans or temporary accommodation.
- Cost savings. You will not need to pay agent fees, Home Report or survey costs.
- Time savings. No chain means less chance of delay. Once your new home is finished, you will be able to move in quickly.
Is everyone eligible for Part Exchange?
The value of your existing home must be sufficiently lower than the price of the Cala home or apartment you are buying – this usually equates to your current home being valued less than 70% of the value of your new home. That means it’s perfect for couples or families hoping to upsize from a smaller home to a bigger property. This also works well for buyers who are moving from an area where property prices are lower.
Each property is considered individually, so please speak with one of our sales consultants to find out whether we can offer Part Exchange on your property.
What money can I save?
Because you’re selling directly to Cala, there are no estate agent and advertising fees, and you will avoid negotiating with buyers. Our Part Exchange calculator can help you determine how much money you might save.
Will I receive a fair offer?
To determine a price for your current home, we will obtain up to three independent valuations of your property, at no cost to you, and ensure a fair market value. Cala also pays up to 100% of the market value.
How long does it take?
The beauty of Part Exchange is that it allows you to secure your new home without unnecessary delays. We secure an independent valuation of your home based on achieving a sale in a six-week period – leaving you with more time to focus on the best bits of moving home.
Laura Harris, Part Exchange Manager for Cala Homes (Thames), said: “Our Part Exchange service is offered at our developments across the UK, and is a great way to consider an easier, chain-free move that can progress through just six easy steps.
“Many of our customers move using Part Exchange because they lead busy lives and having a chain free move offers time savings as well as cost savings. Others have experienced the stress of a collapsed chain and don’t want to risk this happening again.”
Lucy and Josh moved into their four-bed Cala home at Wintringham just in time for their baby’s arrival, one of the first babies at the Cambridgeshire development.
Lucy said: “We were living in a three-bedroom house at nearby Love’s Farm, but when we found out I was pregnant, we decided that we needed more space as a growing family.
“We came to the Cala development the day after our exciting news and had a valuer back at our house within the same week as we wanted to explore Part Exchange. So, within days of finding out we were going to have Isla, we secured our new home!”
The six steps of Part Exchange are:
Step 1: Application - Once you’ve chosen your ideal Cala home, speak with one of our sales consultants. If your property meets our purchase criteria, the sales consultant will help you complete our Part Exchange application.
Step 2: Valuations - We will commission up to three independent valuations on your home. Once these are completed, we will make an offer of up to 100% market value for a sale within six weeks. There is no cost or obligation to you.
Step 3: Accepted Offer - If you accept the offer, you will pay a reservation fee on your new home and we will take it off the market and arrange a survey of your existing property.
Step 4: Marketing Period - We will begin marketing your existing property. During this time, you will need to allow access for viewings at reasonable times. At the same time, we will progress your Part Exchange move through your solicitors and mortgage providers.
Step 5: Survey Results - If the survey reveals problems with your existing home, we will talk to you to find a solution.
Step 6: Move In - Because the sale and purchase happen at the same time and with no chain, you will have more peace of mind and a smoother move.
Cala’s Part Exchange is offered across most areas of the UK and valuations are free with no obligation.
Each property is considered individually, so please speak to our sales teams to find out whether we can offer Part Exchange on your property.
Josh: “Within four days of visiting the Cala development, we already had an offer for our old property, and we secured the deposit on our new place. It was a bit of a whirlwind week, but it was an incredibly efficient way of doing things!
“Typically, you'd expect a delay on completion when buying a new build – and people often need to move in with parents or in-laws for a few months. But with Cala, the process was smooth and it all went through really quickly - all we had to do was worry about packing our furniture.
“We were happy with the valuation and the sales team were absolutely brilliant throughout the process. When our baby, Isla, was born, they came round with flowers and a card, and the site manager even brought us some wine to toast our new arrival.”