Selling a house fast due to financial strain is unfortunately something which is happening to more and more people across the country every day.
Our houses are often our largest asset which means that we dedicate a large proportion of our income to owning and maintaining them.
With the economic turmoil that has engulfed the country over the past few years, more and more homeowners are finding their financial situation changing and realising they can no longer afford the homes they live in.
There are many reasons why you may find yourself needing a fast house sale including:
- Debt Relief
Many of us rely on credit to facilitate larger purchases that we couldn’t afford otherwise, such as the purchase of a new car. Attracted by the low monthly repayments, we often don’t realise the level of interest being charged and before long it’s easy to get into a cycle of “maintaining the debt” by making the required minimum payments but never paying off the capital.
With the burden of a large debt hanging over your head it can be hard to sleep at night. Laying in the dark thinking about the amount you owe versus your annual income and feeling trapped is unfortunately all too common.
- Missed Payments
A large debt hanging over your head is bad enough, but when you struggle to keep up with your monthly payments it really feels like the wolves are at the door.
Telephone calls from your creditors, bills marked “red” and the potential damage to your credit score can not only affect your health and sense of well being today, it can also affect your financial future.
It can be soul-destroying to work as hard as you can to make ends meet, only to realise you don’t have enough left at the end of the money to service your debts, let alone live to any reasonable standard.
At the extreme end of the scale this can result in bankruptcies which can have a severe impact on your life.
The breakup of a marriage can have a significant financial impact as the joint assets are split between the partners. With the marital home likely to be the largest asset jointly held by the couple, there is always a desire to release the money tied up in the property as part of the settlement.
There are usually a number of emotional as well as financial issues which often means couples prefer to work towards selling the house quickly so they can move on with their respective lives.
- Loss of Job or Retirement
With many companies down-sizing and even outsourcing their primary functions to other countries, being laid off is a reality for many people, even those in traditionally safe careers.
Most people can only afford their current property due to the income they receive from their job, so when that income is removed it can be very difficult to make the mortgage payments each month.
For every month that passes the owner eats into their savings or has to sell off their other assets in order to make payments. This ultimately leads to many people deciding to sell their current property and downsize to a small property or relocate.
This is also the case with people approaching retirement as the imminent need for living expenses without a job brings into sharp focus the need to quickly generate a lump sum of cash to fund their lifestyle.
5. Other Reasons
There are many other reasons why you may find yourself with a desire for selling a house fast due to financial strain including unexpected tax costs you hadn’t accounted for or even unexpected events such as the cost of long term healthcare for an elderly relative
With competition for jobs increasing, many are finding they need to move with the company to a new area and often they need to move quickly. In this situation there is a need to sell their property before they can buy a new home.
We’ve covered five of the most common reasons why people want to sell their property quickly but ultimately it all comes down to a need to release funds tied up in your property.
The fastest way to release funds and generate a cash lump sum is to work with a fast sale specialist who can free you from your financial burdens.
Powerup Homes can help you do this by working with you to find a solution in a quick and confidential way and give you the ability to move on with your life.