Debt is becoming a growing concern for many Canadians. According to a research, 94% of Canadians admit that the average household carries too much debt, and 4 in 5 (84%) make getting out of debt their top financial priority. With the dramatic rise in costs in recent years and the added weight of a global pandemic, many households are struggling to find an end to their debt situation.
One way to start is to look at the largest asset that you own – a house. If you have been paying off your mortgage for a few years, your house could have gained substantial equity. Combine that with today’s hot housing market, selling your house could make great progress toward paying off a line of credit, student debt, or other unsecured loans.
But before you jump on the phone to call a realtor, consider the overall costs you might accumulate if you choose that route. Repairs, renovations, staging and commissions, these are all very realistic costs you will have to take on. The eventual amount you will receive for your house will be further reduced, not to mention the stress of waiting for a buyer or an offer to come through.
Private selling has been around for years and it offers a much easier solution to sell your home. Private buyers will make an offer for your house after just 1 visit, and they will buy your house AS-IS. This means that you do not need to make any changes to your house’s existing conditions. You do not even need to leave the property while the prospective buyer is there, unlike traditional showings where everyone including the dog has to evacuate.
The best part of private selling is the assurance of a cash. There are no commissions of closing fees with many private buyers, and often you can negotiate a closing date of your choosing. If you need more time to look for the next home, simply state that in the negotiations. Need the cash fast? Most private buyers can close in 2 weeks or less.
One thing to note is that private buyers seek for a win-win outcome to the deal. If you are looking for top dollar for your property and several bids, private selling may not be for you. What private buyers offer is the ease and convenience of the process, eliminating unnecessary steps such as cleaning, renovating, staging and putting it on the market. Private buyers work with you directly to buy your house.
To start exploring this route, contact private buyers like Bow River Properties and have a chat about your situation and what they can do to help you. Ask many questions and make sure that you are comfortable with their process. Hopefully before long, you can begin your fresh start away from debt!