Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
DH and I were looking at new homes in a neighboring subdivision just out of curiosity this weekend. We came across one that we absolutely fell in love with. The house is fairly expensive and we could not buy it without selling our house first, which we own outright. The agent we briefly spoke with mentioned a property swap. How does this work? Would a builder really want to trade a beautiful custom home for a 30 year old home on 6 acres?
Hey anything is possbile...but it might not be an 'even' swap. Depends on what your house is worth vs. what the new house is worth. At least look into it. The builder might like your place...it could be a win win situation. Good luck That is some purty country there!
DH and I were looking at new homes in a neighboring subdivision just out of curiosity this weekend. We came across one that we absolutely fell in love with. The house is fairly expensive and we could not buy it without selling our house first, which we own outright. The agent we briefly spoke with mentioned a property swap. How does this work? Would a builder really want to trade a beautiful custom home for a 30 year old home on 6 acres?
Sure. The builder can build 12+ houses on that 6 acres. Sounds like the builder may be getting the better deal.
At this point in time, I would not trade (or sell) a house I owned outright to buy a fairly expensive house. Don't get caught up in the this agent's fantasy...they are there to make money for the builder, not you.
If buying the new home would be considered "trading up," there are lots of builders that offer a plan to buy their more expensive home...you still have to pay the difference. They also offer programs where they would buy your home for X (and it's never for market value) and you buy their home at THEIR price.
It might not hurt to call a commercial real estate broker to get a rough idea of what your 6 acre lot is worth. It may be worth more on the commercial market than residential because not everyone wants to maintain 6 acres of property while living in a 30 year old house. Obviously, you would have a full appraisal done at some point in this transaction, but it might not hurt to know going in what the raw land would be worth.
It might not hurt to call a commercial real estate broker to get a rough idea of what your 6 acre lot is worth. It may be worth more on the commercial market than residential because not everyone wants to maintain 6 acres of property while living in a 30 year old house. Obviously, you would have a full appraisal done at some point in this transaction, but it might not hurt to know going in what the raw land would be worth.
This is a good idea. You can also look for someone with an ALC designation. ALC’s are the recognized experts in land brokerage and they should be able to lend you their expertise and give you a fairly detailed analysis of what the land is worth as well as show it to the types of buyers who will be interested.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.