Match-Make Your Way to a Property Sale
Billed as the ‘match making’ service for bricks and mortar, home exchange is an increasingly popular way of beating the ‘for sale’ blues with a growing brood of websites offering an on-line meeting point for homeowners looking to advertise their property, find a suitable match and do a swap.
The benefits are clear – you not only cut out the middleman, but you also avoid hefty agency fees. Successful swapping does, however, require an open-minded approach and a degree of compromise on the house spec and location. So how do you maximise your chances of finding a match?
Spread your net as wide as you can: register with several of the main sites including www.easyhouseexchange.com, www.internationalpropertyswap.com and www.property-swap-shop.com
Most offer a fixed fee (in the region of £20-£40) for a three-month subscription. Full details of your property are required together with a description of the type of home you’re looking for, price range and preferred locations. The database will then automatically search for suitable matches. If a suitable swap comes up – vendor and buyer can contact one another via the site and arrange viewings. If both parties are happy with what they see, you’ll be left to continue the process independently with the swap unfolding like a standard real estate transaction.
Do your homework: while home exchange certainly cuts down on the expense of using intermediaries, it doesn’t exempt you from any of the usual fees or taxes including conveyancing, stamp duty and having a HIP produced. Before you make an offer, speak to local agents and confirm market values of similar properties in the area. Have a survey done and visit the property at least twice before going ahead.
Be flexible: price differentials between homes are a common occurrence. This can usually be met with either a cash payment, or by new finance from a mortgage lender, so it’s worth speaking to a few providers before you embark on your search. Many lenders now also allow a transfer of your mortgage from your old property to your new one, subject to a satisfactory valuation.
The benefits are clear – you not only cut out the middleman, but you also avoid hefty agency fees. Successful swapping does, however, require an open-minded approach and a degree of compromise on the house spec and location. So how do you maximise your chances of finding a match?
Spread your net as wide as you can: register with several of the main sites including www.easyhouseexchange.com, www.internationalpropertyswap.com and www.property-swap-shop.com
Most offer a fixed fee (in the region of £20-£40) for a three-month subscription. Full details of your property are required together with a description of the type of home you’re looking for, price range and preferred locations. The database will then automatically search for suitable matches. If a suitable swap comes up – vendor and buyer can contact one another via the site and arrange viewings. If both parties are happy with what they see, you’ll be left to continue the process independently with the swap unfolding like a standard real estate transaction.
Do your homework: while home exchange certainly cuts down on the expense of using intermediaries, it doesn’t exempt you from any of the usual fees or taxes including conveyancing, stamp duty and having a HIP produced. Before you make an offer, speak to local agents and confirm market values of similar properties in the area. Have a survey done and visit the property at least twice before going ahead.
Be flexible: price differentials between homes are a common occurrence. This can usually be met with either a cash payment, or by new finance from a mortgage lender, so it’s worth speaking to a few providers before you embark on your search. Many lenders now also allow a transfer of your mortgage from your old property to your new one, subject to a satisfactory valuation.
Laura Henderson is Editor of Abode2 Magazine www.abode2.com. Her latest book Tricks and Mortar: The Little Book of Property Wisdom is out now.