Is Selling Your House For Cash A Good Idea?

If you’re having trouble paying your mortgage or want to move or build onto a new property, it’s tempting to just sell your house for cash. But is this a good idea? Read on at for more information about how selling for cash can be beneficial and how it could hurt you.

Benefits of Selling Your House for Cash

Free up your mortgage

You can sell your house for cash and then put the money you make towards paying off any remaining mortgage (or part of it). This is a good idea if: you’re having trouble paying your mortgage; you want to move or build on; the house is in an expensive area that’s been affected by a downturn in the local economy; or you want to ensure you won’t be caught on the wrong side of a new tax regime.

No need for estate agency fees

You won’t have to pay any estate agency fees when you sell your house for cash. This is because the buyer won’t need a mortgage, so there’s no need for an estate agent to find a buyer.

Buying A House

You don’t have to make repairs

When you sell your house with an estate agent, they’ll want to make sure that the property is in good enough condition to attract buyers. This means that you may be pressured into making expensive repairs to the house. If you want to sell your house for cash, then this isn’t a problem – you can simply pass on any repair work to the buyer.

Avoid delays

The process of selling your house via an estate agent can take a long time, especially if there are no buyers in the market at that time or if there’s little interest in the property. If you decide to sell your house for cash, then the transaction should happen much quicker.

Sell up and buy a new property

If you sell your house for cash, then there’s no risk that you’ll be left with nothing but the bills to pay when it’s time to move. As long as you have enough money in your account, you can then put it towards the purchase of a new property. This can be useful if you’re thinking about downsizing (especially if you want to buy a smaller place for less) or moving abroad in search of new job opportunities.