Now, as a UK citizen, you can sell your house affordably with cash. According to experts, most home buyers save around £31847 by paying in cash rather than buying through a mortgage. You can save £28189, to say the least, on purchasing a home with cash.
According to the CEO of a mortgage firm, Stuart Cheetham, “As property markets heat up and interest rates fall, the number of house hunters using mortgage to buy a home is surging, and cash buyers are rare. Then, there is a trump card that cash buyers can utilise. One can buy a home more quickly than through a mortgage. On average, one must wait for 152 days for the mortgage process to get over.”
Thus, buyers with a cash lump sum can benefit here. Such buyers attract more house sellers who willingly offer discounts. So, let’s understand more about buying a home outright with cash. It will help you sell the property and move into the new one without waiting.
What is a cash home buyer?
A cash buyer can afford to buy a residential property without a mortgage. He can purchase one by paying a lump sum of cash to the seller. However, the cash buyer must have the money ready to buy. He must not rely on selling the existing property to fund the next home purchase.
Do you need a solicitor to buy a residential property in cash?
Yes, you will need a solicitor to buy a residential property in cash. He will help you manage the aspects of the sale. It may include obtaining the contractor’s pack, discussing things with the seller’s solicitor, and confirming it with you. He will also help with exchanging the contract and finalising the draft transfer deed. Additionally, he takes care of the HMRC permits and sends stamp duty. You can also get assistance regarding registering your property with the Land Registry.
Like every expert, a solicitor also demands a share of the services he renders to you. Therefore, analyse the approximate or exact costs before hiring one. Most individuals buying homes with cash have low flexibility for other expenses like solicitor’s fees. Don’t worry.
Identify the best personal loans nearby according to your affordability. You can use these loans for any purpose, including the solicitor’s fees. Thus, you get instant cash assistance the same day to proceed smoothly with the home-buying process. It cuts through the delay and helps you grab critical opportunities in a timely.
What are the benefits of buying a home with cash?
Buying a house outrightly comes with multiple benefits. One of the immediate benefits is that there are no monthly instalments you need to pay in the long term. Instead, you can own the home directly with cash. Moreover, you can renovate the property according to your comfort and desire. You don’t need permission from the mortgage providers. Here are other benefits of purchasing a home with cash:
1) You are not bound by property sale
As you have lump cash available, you don’t need to sell existing property. Instead, you can use the available savings to buy the house. It saves you time and the waiting period. Moreover, you can skip the expert’s assistance or brokers that may help sell the home on your behalf. You don’t need to pay such fees either.
2) You can buy any property you can afford
Going by the mortgage agreement, you may face restrictions on properties you can buy. Most don’t lend some properties on short leases. However, you don’t need to worry about such things while buying it with cash. You can buy any property you believe is good from the investment point of view.
3) Debt-free home ownership
You may complete the home-buying process in a timely and affordable manner. It eliminates any hassle of adding another long-term debt to your credit report. Missing a payment drastically affects your financials and credit rating. It may take time to repair the credit history then. You can cut it all by just buying the property with cash.
5 Ways to save money while buying a property in cash
The process of buying a house with cash is less complicated than buying it with a mortgage. Absence of the mortgage agreement eliminates the 70% hassle for you. Here are some tips to save money while buying a residential property in cash:
1. Explore sellers offering discounts
As mentioned above, you may spot legal house sellers offering discounts to individuals buying homes with cash. Explore your home options according to your needs. Check the best one available within the budget. Contact the seller to know the discount he is offering. Negotiate a bit if you can. It will help you get over £30000 in savings!
2. Negotiate with valid proofs
As a buyer, you share the upper hand in buying the property at favourable rates. You can provide assurance that you will pay the dues in a timely manner. Check whether you can provide more upfront and at least at the end of the sale. It will convince the loan provider slightly. Moreover, check for the repairs and replacement requires in the home. Complete it before the final purchase.
3. Commit to swift exchange and moving
Assure of moving into the new property quickly. It grants the seller some security on the agreement, and he may agree to reduce the price a bit. However, check the moving costs. Can you meet the smooth move requirement with the funds available? If not, check other ways to bridge the amount. You can get multiple options despite pending debts.
Verified bad credit loans may help finance the move. Be only a bit flexible using the loan for moving. Check and fetch the most affordable rates within your budget. It is all about analysing what the seller wants. Accordingly, channel your moves to purchase the home affordably.
- Pay only deposit; no additional fees
Some residential property sellers may demand a deposit over the home purchase. It will help you reduce the overall costs you must pay after the process completion. Moreover, the advance payment grants some security to the seller as well. He may help you lock in the best deal, given your financial circumstances and affordability. The deposit requirements may differ according to the seller’s requirements. Thus, check it before proceeding further with the purchase.
5. Check for the free property valuation
It is an integral part of buying any property. Understand whether you can get free property valuation before paying the dues. It will help you understand the potential repairs and issues. You can negotiate the price accordingly. Yes, issues like moss formation and water-logging may help you get whopping discounts. However, repair these before moving in.
You cannot check it all alone; thus, contact the experts. You don’t always have to spend on property inspection. Instead, check for free property valuation and get quotes. It will help you know potential issues and grab a fairer price without spending much.
Bottom line Yes, you can save money on buying a house with cash in the country. The possibilities are low in London. However, you may benefit from this if you live somewhere else. It is an option for individuals to have a lump sum available. Check your liabilities, debts, and other life goals before buying a house with cash. Additionally, get a rough idea of how much you can save by buying a home with cash.