Need to sell your property? We buy property in 7 days!
SELL YOUR HOME QUICKLYMore bills, more fees! Will a property buyer make my situation worse?
There is no doubt about it - releasing equity from your home or property can relieve your financial pressures. There are several situations where this may be applicable – the trick is to find the most practical “property buying” solution for your needs.
Sometimes you may need to find that solution in a hurry, but before you make a hasty decision, take time to consider the options. Do you really know what you will be getting and what hidden charges you may have to pay?
Here we outline some of the key points you should be aware of regarding potential routes to sale:
Estate Agents
The average time it takes to sell your home through this route is six months and on average will yield 7% less than the asking price. In addition you will be charged at least 2.5% plus VAT as a fee plus solicitor’s bills averaging £1,000. Agents and their clients will also visit your home on several occasions which can be inconvenient.
Auctions
Time taken to sell is depends entirely on what happens on the day. You may not reach the reserve, which means you’ll have to start again at the beginning or your financial return may be much lower than expected. The fixed costs of sale often outweigh estate agents fees and you will also require a solicitor present on the day of sale. In addition you are required to let all interested parties visit your home and should be ready to vacate within 28 days.
House Reversion Schemes
Reversion schemes involve selling all or part of your home to a house buying companies. There is no set regulation for this type of scheme and the amount it yields can be dependent on both your age and sex. Cash may come as an annuity and there can be complex fees and penalties hidden in the small print.
None these options is terribly appealing if you want to make a quick sale of your home whilst still retaining as much of the capital released as possible.
There is however a final option that could provide the ideal solution.