30 Nov

Renting Back Your Home After Selling

Most of the time, when you sell a property, you sell it with a view of purchasing a property elsewhere. This is how it has worked in the past, but these days, mainly due to the increasing pricing of property, people are opting to sell their homes and rent them back from the buyer. People are finding it more cost effective to rent their homes as opposed to continuing paying their high priced mortgages. Especially with finances the way they are in the UK at the moment.

Of course, selling your home and renting it back isn’t always an option. If you sell your property on the traditional property market via the traditional channels, the buyer of your home will in most cases want to move in, so you’ll need to either buy a new property or look for a rental elsewhere. However, if you were to sell to a company who offer a sell and rent back service as opposed to a private buyer, you can sell your home and not have to move out. You see, these companies buy up properties, often for cash, as an investment. It is more cost effective for them to keep you as tenants as opposed to trying to sell the property on for profit themselves or find new tenants. It’s a win win situation for you both.

The only downside when selling to a cash buyer or sell and rent back company is that you will get offered quite a bit less than the market rate for your property, but if you’re struggling to sell at the market rate, this might not be so bad. Especially if you’re going to rent it back anyway. In some cases, the money you end up paying as rent is lower than the mortgage payment you were making and you have a nice lump sum cash payment to boot!

Filed Under: Property

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29 Nov

Get Yourself Debt Free

Being debt free is something that many people in the UK only dream of. Credit card debts are higher than ever and money owed countrywide on personal and secured loans is not far behind either. There has been too much credit made available to the public over the past 10 years and now it’s all starting to come to a head. People are struggling to make significant payments against their debts and are struggling to even make their minimum payments. This means lots of income for the lenders in the long term, but it’s also leaving them short of credit themselves with so much debt outstanding being serviced as little as possible. The banks and lenders needing money is well documented, so I won’t go into that, but I will offer you some tips about managing your debt more effectively with a view of getting yourself completely debt free.

If you have lots of debt, consolidate it, it’s that simple. Consolidate it and you will be *eventually* out of debt. This is providing you don’t add additional debt to it once those credit cards are all cleared off. If you are paying one loan (not a credit card), you’ll be paying back money every month that is going towards the loan itself - not just the interest.

If you have debt that you can service relatively easy, keep paying it off and don’t get in more. Stopping spending on the credit card is the single biggest step you can take with a view of getting debt free. Time and time again I hear of people paying off £200 and spending £300 and thinking it’s OK to do so because they paid off £200 last month. This doesn’t work and quickly leads to debts getting out of control.

Filed Under: Debt Free

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13 Nov

Options When It Comes To Property Sales

If you’re thinking about selling your home. It’s best you know about the various options available to you. I guess what it comes down to first of all is what you’re planning to do after you sell. If you’re planning to purchase another property, then you’re going to want to get the highest price possible for your property. However, if you want to sell, cash out and rent afterwards, there are other options available on the table. You then need to consider how quickly you want to sell. If you want to sell quickly, very quickly, there are options. If you can afford to wait for the perfect buyer, great, but the wait can be long.

If you’re planning on selling a property, wish to do so quickly and are going to move into a rental property afterwards, you might want to consider selling your home to a cash buyer who will offer you the option to rent your property back from them. There are numerous firms out there that offer this service and a deal on your property can be wrapped up using such companies within a matter of days. The only problem is you will not get as higher price as you would on the private market. But, if you’re looking to sell quickly, then this might not be so bad.

If you’re looking to purchase a new property and can afford to ride out the market, then do so. You will get a much better price than using a cash buyer obviously but you must be prepared for a long wait. Property isn’t moving so fast in the UK at the moment due to people being refused credit. This is only going to drive the property price even lower so that is something to keep in mind.