Purchasing property in the UK can be an arduous process filled with stress and uncertainty. From finding the right home to securing financing and going through conveyancing, there are many hurdles to overcome. This is where ‘we buy any house’ companies can provide an invaluable service for hopeful home buyers. They aim to simplify the process by purchasing properties directly from sellers and then reselling them to buyers under more flexible conditions. Read on to learn more about how these property-buying companies work and how they can help you achieve your dream of homeownership.
Provide Quick House Purchase
One of the biggest advantages of using a ‘we buy any house’ company is the ability to purchase a home quickly. These companies can buy properties outright in any condition. There is no need to contend with estate agents, surveys, solicitors or banks like in a traditional purchase. This speed is ideal if you have seen your dream home but need to act fast in the competitive property market. A quick, certain sale allows the company to then resell the home to you under their terms rather than normal mortgage lending criteria.
Increase Your Buying Power
‘We buy any house’ companies own the properties they list so they do not have to abide by strict mortgage lending rules. This means they can be more flexible and creative to help you get financing and make the purchase. For example, they may require lower deposits, consider unconventional income sources, or extend repayment terms. This flexibility opens up homeownership to those who may not qualify for a typical mortgage. They want you to get the house of your dreams.
Provide Rent-to-Own Terms
Some ‘we buy any house’ companies offer rent-to-own contracts as an alternative path to purchasing a home. This allows you to live in the property as a tenant for a defined period while saving up for the actual purchase. Monthly rent payments go towards the eventual house price. This builds up your equity in the property. The companies want you to eventually buy the home, so will work with you to make that possible.
Purchase With Shared Ownership
Alternatively, some companies allow you to purchase a portion of the property upfront (say 25% or 50%) and they retain ownership of the remainder. You pay them rent on their portion while residing in the home as an owner-occupier. As time goes on, you can steadily acquire larger shares until you own 100% of the home. This gradual process helps you get on the property ladder sooner.
Provide Guaranteed Buyback
Some ‘we buy any house’ companies even offer guaranteed buyback agreements. This assures that if you need or want to sell shortly, they will repurchase the property from you at a fair market price. This makes the purchase less risky, as it takes away the uncertainty of being able to sell it on the open market.
Conclusion
In summary, ‘we buy any house’ companies open up homeownership possibilities for buyers who may not qualify through traditional channels. Their ability to act quickly, offer flexible financing terms, and provide buyback guarantees can help you achieve your property dreams. They break down typical barriers by buying homes outright and then reselling under customised agreements. If you have struggled to buy a house thus far, utilising these property buying companies could be the ideal solution.
