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 Do You Need A Quick Home Sale? Why
Do You Want To Sell House Quickly?
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Continued from previous page Selling Your Home

11. What are the alternatives to sell house quickly?

 

Homeowners faced with financial or personal problems sometimes want a quick home sale and sell for the wrong reasons. The Truth is; they might have been better off, had they thought more about their situation and considered some alternatives.

 

That’s why before putting rushing in to sell your house quickly, or to put your dwelling on the market it would pay to: think not only about why you are selling, and why you want a quick home sale, but also consider the alternatives to selling and carefully weigh-up the pros and cons.

 

When selling a property, being in a state of indecision can be very frustrating and can cause needless stress. Not making a decision, making a rushed decision, or making the wrong decision, also has its downside. Don’t only think about your reason for selling - think also about the alternatives to a quick home sale. Consider the pros and cons before you rush in and put your property on the market to sell your house quickly. And remember; regardless of your reason for wanting to sell your home yourself or through an agent, it usually pays to talk your ideas through with a financial advisor.

 

12. Consider all possibilities before rushing into a quick home sale

 

REASON FOR SELLING #1:

 

You are facing expensive monthly mortgage interest payments.

 

Alternative Solution: Refinance your current home loan to make it more affordable on a monthly basis.

 

Pros: If you have owned a home for several years and have not refinanced, you may be able to refinance at lower interest rates and significantly reduce your monthly payments.

 

Cons: Refinancing essentially resets the clock on your loan. This may cost you money over a period of time, however it is worth doing some calculations to see it it is variable alternative to trying to sell house quickly. A rushed quick home sale does not necessarily favor the vendor.

 

13. Consider all possibilities before you rush in and sell the house quickly

 

REASON FOR SELLING #2:

 

No money available to upgrade your home.

 

Alternative Solution: Refinance or consider applying for a home renovation loan.

 

Pros: Renovating and improving your home can increase its market value. This could prove to be a good investment for when you do decide to sell. It really depends on how patient you are and whether or not you can delay the need for a quick home sale.

 

Cons: Increasing the value of your home may also increase the amount of property taxes you pay (depending on the laws in your country).

 

14. Consider all the possibilities

 

REASON FOR SELLING #3:

 

Need more space than is in your current home.

 

Alternative Solution: Consider remodeling existing home rather than buying a new one. A more open-plan style may provide more living space. Consider enlarging, or adding, a bedroom or bathroom.

 

Pros: Remodeling should improve the resale value of your home. It will also save you real estate agent’s fees and other costs associated with moving and relocating to a new address. You may need to use your home equity to finance the project.

 

Cons: Remodeling may mean an increase in the property taxes you pay. There is also the danger of over-improving your home. Some people fail to recoup their investment when they come to sell. This can definitely be the case if you need to sell house quickly.

 

15. Consider all possibilities

 

REASON FOR SELLING #4:

 

Need less space than is in your current home.

 

Alternative Solution: Renting out part of your home could be an option. Alternatively you could rent out the entire house and buy a smaller house to live in. It may be a better option than going for a quick home sale.

 

Pros: If local property values are on the rise it might pay to not sell your home right now. By renting your home out you might gain some tax benefits and be able to claim rental expenses.

 

Cons: Becoming a landlord takes some work and can have its problems. You will need to find good tenants and keep the property in good renting order. You may need to consult a tax advisor, carry liability insurance and you will be required to keep good financial records.

 

16. Consider all possibilities

 

REASON FOR SELLING #5:

 

The escalating costs of keeping your current home are becoming unaffordable.

 

Alternative Solution: Again renting out part of your home could be an option. You could buy another house in a less expensive area.

 

Pros: If the property market is on the way up, your home might be worth holding on to as a longer-term investment. This is especially so if you are considering buying in a lower-priced neighborhood. By not selling you’ll also save on real estate costs and agent commissions.

 

Cons: You will need to be in a position to carry another home loan as well as your current mortgage. Also, by waiting to sell, you may be disadvantaged when the market and prices level off.

 

17. Consider all possibilities

 

REASON FOR SELLING #6:

 

A change in your circumstances might be your reason for wanting a quick house sale.

 

Alternative Solution: If you are experiencing major life changes you could consider selling at a later date.

 

Pros: Sudden illness, a family bereavement, or marriage breakup is stressful and can trigger a rethink in your current position. Rather than be rushed into to sell house quickly, it may make more sense financially to hold-off selling right now. This is especially true if the real estate market is depressed. A marriage breakup could require you to refinance to pay off your partner’s share of the equity in the property. Everyone's circumstances are different, so consider all the alternatives with your situation in mind.

 

Cons: If the market is buoyant and near its peak, a delay may cost you dearly especially if there is a sudden downturn.

 

Read on for more tips and ideas to sell house quickly for sale by owner fsbo.

 

 


 

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