When most people think about selling their house, they typically focus on the profit. After all, a house is typically one of the biggest (if not the biggest) investments and assets we own. This is our route to a new house, a new rental, a new location, a new life… But we tend to overlook the expense of a sale. The reality is that it can be quite pricey.
When you sell house fast, cash can be directly deposited in your bank account in a matter of days, not months (or longer). You can both sell and save. How?
Save When You Sell House Fast Cash
A reputable cash property buyer has the capital and financial backing necessary to complete purchases on a greatly accelerated time frame. In as little as one to three weeks, you can be on your way with cash deposited directly into your bank account. Here are some ways that you save:
- Estate Agent Fees. There are many benefits of working with an experienced estate agent. They have keen insight into the local market, a network of contacts and connections and knowledge of the myriad details that encompass a house sale. And you pay for it. Estate agent fees typically range from 0.9% – 3.6%. A current average is 1.42% including VAT. On a home that sells for, say, £200,000, this comes to £2840. With a cash property buyer, you do not have to engage an estate agent.
- Solicitor Fees. A conveyancing solicitor is another very useful member of the team when you are selling. Fees for legal services are usually around £850 – £1500 including VAT. When they do local searches, it typically costs £250 – £300. Some solicitors charge a flat fee, some charge by the hour and some base their pricing on the value of your house. A reputable cash buyer will include solicitor’s services in your experience. If you prefer to use your own, that is certainly your right. Some companies will provide a stipend (£500 or so) to cover some/all of these costs if you choose that route.
- This will cost anywhere from £400 – £1450, though it is dependent on factors such as the size of the property, the price, the location and the type of survey required. When you opt for a cash buyer, they will cover these costs as part of your service.
- Document Processing Fees. Shuffling paperwork (digital now!) can get expensive as well. Expect to pay £30 – £50 for processing and transferring documents and reports (each). When you sell house fast, cash buyers do not need to jump through all of these hoops. They have the funding, they have the professional conveyance and valuations experts… they have the streamlined process you need.
- Repairs, upgrades and updates. To make a house market-ready, there often needs to be some work done. It can be as small as tightening some screws or replacing some fixtures. It could also be as extensive as repairing or replacing your roof, fixing a cracked foundation or remediating a mold problem. This can quickly become a costly proposition – and one that eats away at any profitability you hoped to achieve from a sale.
Cash buyers will purchase homes in as-is condition; the burden of making repairs and renovations is taken off your shoulders. This is potentially a savings of thousands to tens of thousands of pounds.
- Time is money. Selling a house to a traditional buyer can take many months. With a cash property buyer, you can complete the process in as little as one to three weeks. Whether you need money to pay a deposit on a new house, find a rental, relocate, pay for care etc., you have it much more quickly, and this can save you in the long run. This is particularly true if you are in arrears or facing repossession; waiting is simply not an affordable option.
A cash property buyer typically offers around 75% – 85% of total market value. Yes, theoretically, you could get more if you listed your house on the market. However, you should also factor in all of the costs we discussed above. How much does waiting really cost you?
Sell house fast cash situations can help you save during the sales process – and set you up for success in the next phases of your life.