An assisted move scheme is generally only offered for anyone looking to buy a new home from from a builder or developer. Builders like Persimmon Homes, Linden Homes, Countryside, Bloor Homes, Bellway Homes, Miller Homes and the New Homes Group to name a few, offer assisted move schemes. But does an assisted move scheme work to buy a secondhand home? Let’s take a look…
What is an assisted move scheme definition?
Assisted Move Schemes have been created by developers to help you sell your existing property. They have been formed to help you purchase a new home from the assisted move scheme provider. The assisted move scheme is designed to help you sell your house fast with help from the scheme provider.
But assisted move schemes only work if you are looking to buy a new home from the company offering the assisted move scheme.
You are probably wondering what does assisted move mean? Essentially assisted move schemes have been created by builders/developers to help you sell your existing property. In exchange for them helping you sell your property, you are able to go ahead and purchase a new property from them.
For everyone concerned, speed is the essence. The developer or assisted move scheme provider wants to help you to sell your house quickly, in order for them to sell you one of their newly built homes quickly. The quicker you sell your house, the quicker they sell-off another property on their development.
Assisted move schemes are a win-win, but they’re not for every one, as show in the review of the thread on Money Saving Expert below. You have to be prepared to be realistic with your home valuation in order to achieve a fast sale.
If you ask any estate agent to value a house to sell within 4-6 weeks, it’s going to be lower than a full value without these limitations. But if you go into a assisted move scheme with this in mind, then there’s no reason why it can’t work for you.
What are the benefits of an assisted move scheme?
There appear to be mixed views on how well this works and the benefits to you. Looking at this thread on Money Saving Expert, there’s a mixed bag of some who are for an assisted move, but it seems to me the majority on this thread are against it.
An assisted move with a developer like Linden Homes or City & Country is to sell your home within the shortest time possible. They would ideally like to have your home sold within around six weeks. Essentially, it’s in everyone’s interest to sell your existing home as quickly as possible.
From reviewing the some of the assisted move schemes on the market, the following factors are similar to most:
- Your house is valued by three estate agents.
- The assisted move scheme promoter will take an average on the three values.
- The valuation from each estate agent is requested on the basis of selling your home within a 4-6-week window.
- The assisted move developer company will work closely with the chosen estate agent on viewings, negotiations and the sales process.
- Some assisted move schemes offer to pay your estate agent fees.
- Most allow you to select your new home with the developer offering the assisted move scheme at the beginning of the process.
- The assisted move company will usually reserve your selected new home for a set period, which mostly seems to be around 4-weeks.
- The assisted move scheme can usually be used on selected new homes only.
However, you can only use one of these assisted move schemes if you’re buying a new home. Plus the new home must be with the same company offering the assisted move scheme.
But what if you want to get the benefits of an assisted move scheme, but you want to buy a secondhand home instead? Is it possible to buy a second hand home with an assisted move scheme?
Assisted move scheme with a secondhand home
Not everyone wants to buy a brand new home. In fact as a percentage of people across the UK, it’s only a small percentage that buy new homes.
On the basis that between 170,000 to 250,000 new homes are built in the UK. Which includes both private and social sector homes, this isn’t a huge number considering how many people move each year.
But in the year to December 2018, only 165,160 were started. This is as per the extract below from the UK’s Ministry of Housing, Communities & Local Government.
“Annual new build dwelling starts totalled 165,160 in the year to December 2018, no change (0%) compared with the year to December 2017. During the same period, completions totalled 165,090 an increase of 1 per cent compared with last year.”Ministry of Housing, Communities & Local Government – House building; new build dwellings, England: December Quarter 2018.
On this basis, that leaves many others who may be struggling to sell their existing home to move to a new dream life somewhere else in the UK. This situation could be helped with a second hand home assisted move.
If you want to find out more about how an assisted move could work for you if you’re looking to sell your home, but finding it difficult, please read the following article. This article discusses an ‘Assisted House Sale‘, but is essentially the same thing, but with different benefits, see below.
What are the benefits of an assisted house sale vs assisted move scheme?
The benefits of an assisted house sale vs an assisted move scheme include the following:
- An assisted house sale is available on buying a second-hand home.
- An assisted house sale is about maximising your equity and profits tied up in your home.
- It’s not depended on you selling your old home before you can buy your new home. In fact it’s better that you have already moved out or can move out for it to work best.
- Your mortgage payments are taken over by the assisted house sale company.
- Any property repairs or problems are taken care of by the assisted house sale company.
- Utility bills and insurance costs are covered.
If you are interested in selling your home by using an assisted house sale with the view to buy a secondhand home, please contact us for more details.
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