The housing market has certainly been on a roller-coaster ride these past few decades, and I don’t see it slowing down anytime soon either. People are coming and going, renting or leasing and more importantly, buying and selling.
We take on this bucket-list task of owning a property with the intention of growing old in it, raise a family, and sit out on the veranda when we’re grey-haired and wrinkled, but things don’t always turn out this way. See here https://bucketlistjourney.net/bucket-list-meaning-what-is-it-and-whats-the-definition/ for a great explanation and story of someone completing their list bit by bit.
Life happens, circumstances change and suddenly Mother Nature throws you a curve ball you couldn’t foresee never mind prepare for, and then what?
Now you’re sitting with a property that’s clinging to you like an unwanted limb and you can’t shake it for all your worth, you need a company that will take it off your hands and you finally can see the back of it.
Reasons why houses are sold for cash.
- The owners may want to get rid of the house quickly as it is in a high-risk flood area and they just don’t want to deal with the hassle of maintenance and prevention of it anymore, it also prevents buyers requiring a mortgage to be eliminated from putting in an offer.
- You have available funds and finance tied up with the asset and need the sale completed to free much-needed funds for personal and/or business opportunity requirements.
- Hassle-free. This is one of the main reasons why homeowners opt for the cash buyer route because they know the buyer has the funds readily available, no waiting for the mortgage and from the loan company to approve funds and the stress of the sale falling through is usually not a problem.
- Domino effect. Potential buyers often use the sale of their current home as the down payment and insurance to seal the deal on the home they’re looking at, however, if the offer on the home is rejected or withdrawn it means they no longer have the funds required to purchase your home. There are no kinks in the chain of sale.
- The whole procedure from start to finish is quicker. The papers are read and signed and the hand over process can take as little as two weeks to be finalized.
Besides the need to get rid of the house, the main objective most sellers are looking to achieve is selling it in its current state and not having to spend any more money to make it ‘up to scratch’ and presentable for potential buyers. Read this article for tips on selling your home as-is and see that there are ways to get the sale done and save you money in the meantime.
Understanding what a home for cash buying company is.
It can be tricky navigating through the multitude of companies offering to buy your home for cash, wondering who is reliable and legitimate, do they have insurance and are they legally registered on the homeowners’ compliancy boards? These are questions you will need to ask yourself, find out and look into about from the company before making any big decisions.
Another factor to consider is the years of trading they have within the industry, their experience, and customer satisfaction ratings and if something were to happen or go wrong along the way, do they have a complaints department, contact number and someone who handles queries? You don’t want to be left hanging with no-one on the other end of the line.
You can always browse their website to get the relevant information you are worried about, a legitimate and proud firm will have no issue advertising these and it can give you peace of mind in knowing that others who have used their services have reported back happy.
Your personal details are also a concern and you need to make sure that they use GDPR (General Data Protection Regulation) when it comes to handing over your information to third parties.
For help with all these questions, you can check out companies that buy houses reviews for answers you are looking for and others you may not have considered asking or thought to be relevant, but as we know, information and education is never a waste.
It can be a great feeling when you receive a lump sum of cash, you may be selling a property you were left in an inheritance will and the funds are a blessing that couldn’t have come at a better time in your life, or it could be a bonus that you use to splash out on the family and give them that once in a lifetime holiday you’ve always only talked about.
Either way, making sensible decisions will ensure that the funds are used in an appropriate manner and for the enjoyment by you and whoever you decide to include in your spending splurge.
I’m not saying you need to go out and buy the biggest piece of bling you can and wear it like an Olympic medal, but treating yourself is not a crime and it’s probably well deserved. If you are struggling with how to use it, I’m sure there are people who could think of a few great ideas on how to get the ball rolling.
Ideas on what to do with a lump sum.
As mentioned, most people’s first instinct is to book a trip and to be honest, it would be mine too. Then you could pay off as much debt as possible, put some in savings or if it’s significantly large, you could consider making a sizeable donation to your favorite charity or towards a worthy cause. Investment is another choice if you are into all that stock-market jargon.
No matter the decision, be sure you do something that ensures you live life to the fullest. We only have one life after all and is it not worth splurging on?