While the great recession caused a huge amount of destruction in the UK housing market, it has also created a legacy that enables today’s home-owners to seek help during times of difficulty. A key aspect of this is the quick house sale market, which offers an outlet to struggling home-owners and allows them to sell their property while recouping as much of their initial investment as possible. Although this may not translate into profit, it at least lets home-owners avoid repossession and repay their debts.
Preparing for a Quick House Sale: The Facts and Best Practice
Before you partner with a reputable quick house sale company, however, it is important to understand this market and manage your expectations as a home-owner. While these firms will often complete the purchase of your home for a fixed fee and within a seven day period, for example, you will not be able to realise the full resale value of the property in question. In exchange for a quick and cost-effective transaction, specialist buying firms look to purchase homes below market value so that they can ultimately achieve a profit through resale.
While this may seem unfair, it is simply a compromise that is entirely preferable to the alternative of having your home repossessed. It is also less of an issue in the current economic climate, where UK homes boast inflated values and create more scope for negotiation. It is also crucial that you keep your priorities as a home-owner in mind, as the main goal is to offload your property quickly while recouping as much of your investment as possible. The sum achieved must be enough to at least repay your mortgage and settle any associated debts, as this ensures a mutually beneficial deal.
The Last Word
On a final note, it is important to remember one or two additional things before making a commitment in this market. Firstly, you must adopt a realistic mind-set when negotiating with firms and strive for a deal that helps you to make the most of your existing circumstances.
Beyond this, you also need to avoid investing in any home modifications that are intended to add value to the property, as quick house sale companies will make their own improvements once the transaction is completed. They will not increase their bid for a recently renovated home, so any money spent in this respect will not deliver a return.
