When selling your house, there are a number of decisions you’ll need to make about how you want to manage the process. From what time of year you want to sell, to how you’ll market the sale to potential buyers, it can be tricky to know what approach is best for your situation. One decision you may need to make is whether you want to sell your house for a cash sale or not.
Here, we explore some of the main situations where to sell your house for cash can be a more favourable option than more ‘conventional’ sales. It’s important to also speak with a specialist advisor, to get advice that can cater to your exact situation.
You’re managing a complex property
In some situations, managing a property can be a massive financial drain. For example, if you’ve inherited a property that can’t be rented out, or needs lots of repairs carried out on it, you may have no option other than to get it off your hands as quickly as possible.
Even if you could maybe get a bit more for the property by pursuing a ‘conventional’ sale, the amount that you might need to spend in the added time it takes to complete the sale could outweigh those gains. It’s important to sit down and crunch the numbers, to work out which solution will be best in your specific situation.
You need to raise cash fast
In the ideal situation, when we sell a house, we’re in absolutely no rush at all. We’d just put it on the market, and wait to see what happens, and how much interest you’ll get.
Unfortunately, most house sales are driven by other factors as well. Whether you need money to buy another property that’s just popped up, or you need to raise funds for another important project, sometimes you just can’t afford to wait.
In these situations, a cash sale can be the most expedient solution. You won’t have to wait around for a buyer to finalise all the details on their mortgage, or to decide if interest rates will have an impact on the kind of offer they’re prepared to make. It simplifies an already complex situation and can make it a fair bit faster as a result.
You want to make the most of market conditions
If the market is particularly favourable, either for the property you’re selling or for another property you’re trying to buy, then a cash sale might make sense. You’ll be able to get the sale done much quicker than you would through other means, allowing you to make the most of a promising situation.
Cash sales can also be attractive to buyers. This is especially the case when interest rates are up, or when there are any other market conditions that make it a little more challenging to access large amounts of credit.
As ever, a massive thanks to the team at Property Sale Watchdog for providing us with insights for this article.
Featured Image by mastersenaiper from Pixabay
