Selling a house is often a long and complicated procedure. When you are looking to sell your house after retirement, you generally wouldn’t feel like getting involved in all the mess of displaying your house and negotiating with at least ten different buyers before finalizing on one.
In such a case, selling the house for cash can seem like a very attractive option for seniors. However, selling your house for cash, especially in old age may not turn out to be such a good choice after all. Let’s check out some of the pros and cons that seniors have to deal with when they decide to sell their house for cash.
Pros of Selling Your House for Cash
- The first and the biggest advantage of selling a house for cash is the easy and quick process. This is particularly great for seniors as they won’t have to run around for the sale of the property but can instead just set up an advertisement for it on the internet and have buyers coming in the very next day.
- Since the entire transaction is in cash, therefore any lending institution such as a bank are not involved. Therefore, there won’t be any delays in the payment getting through. For seniors who want quick cash for any purpose such as a medical emergency, this is definitely a better option.
- You won’t have to carry out any repairs to the house since the buyers who pay cash for the house generally buy it on an as-is basis. Seniors who have crossed a certain age and are not as agile as they once were will be happy enough to simply move out of the house and let the new owner take care of their house.
- With lesser sources of income after retirement, cash is hard to come by for seniors. Moreover, seniors generally don’t want a heavy bank balance as they do not want to make any long term investments. Selling the house for cash is a good way to build or add to retirement cash which can be spent on their immediate needs.
Cons of Selling a House for Cash
The biggest disadvantage of selling a house for cash is that you will probably get a much lower offer than what your house is worth. This happens because the buyers pays you out of his own savings without financing the purchase.
Plus, you are getting the entire amount upfront and immediately without having to wait for bank approvals and therefore it is going to cost you a little. You should also be beware of several fraud agencies that advertise their ‘we buy houses for cash’ slogan but end up scamming their clients.
Should You Sell Your House for Cash?
You have to consider all the pros and cons before deciding whether to sell your house for cash or not. If you want retirement cash without bothering about carrying repair work and dealing with third parties, then selling for cash is a good option.
However, if you want the full value of your house, then you should go for alternate options of sale. You can also consult a realty adviser who will give you a quick idea about the market and advise you on what is good for you depending on your preferences.