Selling your home at a lower-than-market-value price to a fast cash buyer can have both financial and psychological benefits, depending on your situation. A fast sale can reduce the overall stress associated with selling a home, reduce the risky prospect of investing in home improvements, and free you from many emotional entanglements associated with a shared property.
Experience Less Stress
A recent poll found that selling a home is more stressful than divorce, the death of a loved one, becoming a parent for the first time, or planning a wedding. Selling a home can be stressful for many reasons, but some of the major factors include the slow process of finalizing a deal and the repeated disruption to your everyday life.
By selling your home quickly, you generally agree to take a slightly lower price for your home, but the deal is completed in roughly one week, with fewer chances for the deal to fall through because the buyers tend to purchase with cash rather than apply for a mortgage. This means that you may experience a brief period of stress, but you will be back to your normal routine more quickly, which will reduce the overall stress you experience.
Avoid Guilt Associated with Extensive Sunk Costs
A sunk cost is an investment that has already been made, and the sunk cost fallacy occurs when people allow the risk of wasting a past investment to affect their decisions about loss and gain in the future.
When you are selling your home, the initial investment you made purchasing your home is a sunk cost, but there is a possibility that you will be able to get that money and even more money back. However, if your home is in a state of disrepair or the market is not favorable, you may have to invest more money in home improvements to make your home marketable. Once you start investing in improvements, it may become very difficult for you to let go of your home until you get an offer that repays you for those repairs. You may spend more money, hoping to earn back what you have already spent, and you may leave your home on the market much longer than you hoped.
If your home has some issues that will make it difficult to sell, you may be better off getting an impartial survey of its current market value, deciding on the lowest amount you are willing to accept, and cutting your losses before you become more deeply entangled in a spiral of home improvements that may or may not pay off in the end. You will experience less stress associated with risk and you will also experience less overall guilt when you sell your home.
Limit Your Grief Due to Death or Divorce
If you have inherited a home that you plan to sell or are divorcing and selling the family home, the act of selling the home can be a source of pain, confusion, and grief. During a divorce, you may want to sell your home quickly so that both parties have access to liquid equity and to prevent prolonged interactions with each other. In the case of inheritance, having to show your parents' home may bring up feelings of grief and prevent you from healing from your loss.
Setting a value and selling your home quickly can allow you to concentrate on healing and building your life after a loss or a major transition.
To experience the psychological benefits of a fast home sale, it is important that you work with an agency or company like Fair Property Buyers. Before you begin the selling process, you should get an impartial survey and set a minimum amount that you are willing to accept, which will help you determine which agencies are offering the best deals for your home.