Buying a house is one of the biggest purchases that most people make in their lives. Chances are, you might even make a couple of home purchases during your life. When it comes to buying a home you typically have two options. Buy your home based on credit or buy a home with cash.
To purchase a home on credit, one gets a mortgage. This is one of the most common ways to purchase a home. Especially when homes cost far more than people make in a year. A loan works based on a down payment and regular monthly payments.
On the other hand, you can buy a home using cash. Buying a home with cash is exactly what the name implies. Using money to buy the house outright. Not nearly as many people have this option but it is typically better.
When you buy a home in cash, you have no monthly payments and your credit score is not affected. These are two big benefits. You also have the benefit of not paying any interest on your home.
Those aren’t the only benefits that you have though. We are going to take a look at a few more.
Buying a house in cash means that you avoid a lot of the added fees. When you finance a home purchase you end up paying processing fees, application fees, payment fees, maintenance fees, etc. All of this is avoided when you buy the home flat out. You only pay standard fees such as those to real estate agents and investors.
Unless you plan ahead and get pre-approved for a mortgage you are going to be looking at a delay in getting your mortgage approved. That means you can’t close right away. Even with pre-approval, you are going to have a delay in the closing on your home while the bank gives you money and everything gets processed. A cash purchase means that you don’t have to have mortgage delays.
Buying a home with cash puts you in a good position. People are more inclined to want to deal with you when you pay in cash. They know that there will be less hassles and the closing will come quicker.
Not only does it put you in a good bargaining position. You also don’t owe anything on your home. You don’t have to wait to sell your home and make a profit. If you have to move for work or family, you don’t have to worry about what you have left to pay off.
Consider Selling To Congressional Home Buyers
Many people who are going to buy a home need to sell their existing home. One of the best ways to sell your home in the Washington DC area is to use Congressional Home Buyers. Congressional Home Buyers is a company that specializes in buying homes with cash. Whether they buy the home for investment purposes or to flip it, you get a fair price when you choose to use Congressional Home Buyers.
You don’t just get a fair price when you choose Congressional Home Buyers. The sale can be completed very quickly. Instead of taking a month on average, sales through Congressional Home Buyers often close within 11 days. That fast sale can allow you to have the money you need to buy your home in cash.
The last benefit that you will see is that Congressional Home Buyers will buy just about any house at a fair price. You don’t even need to make any improvements or repairs.
That is part of the cash home buying business. A more than fair deal is always possible.
Buying a home with cash is always preferable if you can do it. This gives you a safeguard should something happen and gives you all of the benefits that we mentioned above.
The last thing you want is to have a mortgage and miss a payment. Just make sure that you consider using Congressional Home Buyers to sell your old home. A fair price and quick sale will help you to get the money you need to buy your new home in cash.