When you’re looking for quick cash, it can be easy to think that buying a fixer-upper will be the best way to make some money. With minimal repairs and renovations, the value of a home can skyrocket- but can you sell a house fast for cash or do you need to let your newest fixer-upper sit for a while before you can sell?
Think About The Money
Selling a house fast for cash will definitely earn you some money easily, and working with a cash buyer is absolutely faster. However, buying a house just to sell it can come with some definite drawbacks. No matter why you might need to sell your home, you need to think about the financial aspect- and there are some big ways you can lose money through reselling a new house.
Your Home Decreases Value If You Sell It Too Quickly
If you buy a house and then have to sell it immediately after, buyers can see that in the house’s history. Just like when a home sits on the market for too long, that can make buyers ask– what’s wrong with the house? And why did you only own it for a month before you started to sell? These questions can be huge deterrents when you’re looking for a buyer and can actually decrease the resale value of your home.
The Perks of Gaining Equity
The longer you live in a house and make mortgage payments on it, the better equity the house holds. This means that when you go to sell again, you don’t lose as much money as you might via repaying the mortgage. While this does decrease your funds in the long run, it also gives you a better boost of cash when you’re done with the home. Different places across the country will give you different equity values, and oftentimes these mortgage repayments make it so that it’s cheaper to rent instead of buy a home for a short period of time.
Reselling Your New Home
If you’ve just bought a house, but you need to sell it again, you might want to wait. Selling too quickly can make your buyers suspicious. Furthermore, it’s best to wait for the home to gather some equity, so that you don’t lose all of your profits into mortgage repayment. If you’re looking to make some quick money, buying a house isn’t the best way to do that- and instead, you should wait to sell.
If you do need to sell a house fast for cash, though, we can help. We buy houses in Sacramento, Stockton, Modesto, and beyond. Contact us today to learn more about how we can help you sell your home.