There may be many reasons why someone needs to raise a large sum of cash fast. Whether you’re starting a new business venture or planning to develop another property, there are ways to speed up the traditional house selling process.
The average time from offer to acceptance in the UK is 12 weeks. Add to this time spent waiting to find the right buyer and selling a property can be a lengthy process — not ideal if you need to sell your house fast! In this guide, we’ll take a look at alternative options to help you turn your home into cash fast.
Ditch the Estate Agent
It is a common misconception that a homeowner must engage the services of an estate agent to help them sell their house. There is no regulation or legal requirement for you to do so.
Without an agent, the seller must do all the legwork involved in finding a buyer and ensuring completion takes place. If you don’t have the time to do this, ditching the estate agent could slow the process down.
But if your eye is on the prize of converting a property into cash and you’re pro-active, going solo could open new opportunities that might allow for a quick sale. To an estate agent, your home is just one property on a long list of properties they need to sell. It’s unlikely they will put their all into advertising and securing viewings to the same extent that someone would when selling their own property. Proceeding without an agent puts the seller firmly in control — how slowly or quickly the house sale goes is up to them.
Make the House Easy to Sell
If you’re going to do all the hard work involved in selling a house, why not make it easy for yourself? Before putting the property on the market, take a little time to make sure it’s looking its best.
There is no need to start undertaking major renovations — the aim is to make cash fast, not lose it. But if there are any minor repairs needed, such as broken curtain rails or dripping taps, make sure these are taken care of before viewings take place. Of course, it goes without saying that the house needs to be clean and tidy for every viewing.
When creating an advert for the property, keep the description concise and worded for the target audience. If the property is a bungalow in the quiet part of town, your ideal buyer might be a retired couple. If you have a large five-bedroomed townhouse in the city, it’s likely the buyer will be a young professional with a family. Use wording and tone of voice that will appeal to the target audience. Include photographs that cast the property in a positive light, without being misleading. You want to attract potential buyers who are generally interested in the property.
Sell to a House Buying Service
If you need to sell your house fast, there is no quicker way than using a house buying service. Once a firm offer has been made and accepted, the seller will see the funds in their account in as little as seven days. There are no legal, valuation or estate agency fees to pay and no risk of becoming trapped in a property chain.
The process is straightforward and quick. Complete a simple online enquiry form and wait for the company to call and make a cash offer. If the offer is of interest, a valuer will visit your property before they make a final offer. This process can happen at a time scale to suit you. If you’re happy with the firm offer, instruct a solicitor and complete the sale. This can all happen as quickly as one week.
A house buying service will buy your property even if it needs significant repairs that may put off other potential buyers.
Where’s the catch? The company makes its money by selling on the properties it buys at a profit. Therefore, the cash offer made will be less than the market value. However, when you consider the additional costs of selling via a more traditional route — such as estate agent fees, ongoing mortgage fees, the cost of repairs needed to make the house saleable — the difference between the cash sum gained from a house buying service and that obtained by selling it at its market value is less than you might think. And if you need to sell your house fast, quick access to cash may be more important than waiting months for a few more pounds.
Make Money from Your House without Selling
If you need to raise some cash fast but aren’t quite ready to sell, there are other ways to raise some money from your property. Here are a few options to consider:
- Take in a lodger — if you have rooms sitting empty, turn them into cash! The “rent-a-room” scheme allows homeowners to earn up to £7,500 a year tax-free from renting out a spare room.
- Host international students — if you live near a college or language school, sign up to take in students. These are usually short-term arrangements, making this a great choice for those who do not want to share their space with a full-time lodger.
- Become an Airbnb host — if you’re lucky enough to live in an interesting location that attracts lots of tourists, renting out your home while you’re away on holiday or business can be a great way to make a few extra pounds. If you have a spare room or annexe, open up your house to guests year-round for even more cash.
- Rent your home to a film company — this option will not be available to everyone, but if you have an unusual home or one in a filming hotspot such as London there may be an opportunity to rub shoulders with the stars and make some cash.
- Rent out your drive — for city-dwellers where parking is at a premium, this is an easy way to earn a little extra. Online parking marketplaces such as JustPark and Parklet are free to list on and you could earn £200 a month or more.
A property is a financial asset and there are plenty of ways to turn it into cash. If you’re looking to sell, a house buying service is the best way to sell your house fast. For a small monthly income boost, try renting out the parts of your home not constantly in use, such as spare rooms or the drive. Think outside of the box and you’ll soon hit your cash target.