If you’re looking to sell a home fast, chances are that you’ve started to consider some of the buyers that offer cash for houses. But if you’ve never worked with cash home buyers before, you understandably may have a few questions about how this process works. Not every property is the right option for buyers that offer cash for homes, and not every person is ultimately going to decide that taking cash in full for their house is right for them.
But in some cases, taking cash for a house is not only the best option but the only option if you want to sell a home fast. Additionally, you may not always have a choice about whether or not you want to sell your home quickly versus waiting it out on the market a bit longer. A lot of the time, people sell their homes for cash because their homes would otherwise be foreclosed upon. Sometimes, they sell houses because they’ve inherited them and can’t afford to keep them. Although 5.34 million existing homes were sold in 2019, not all of them were sold on the traditional market, and there is a reason for that.
No matter the reason for selling a home for cash, you may want to know whether or not your house can be turned into a turnkey property. This could ultimately make a big difference in terms of the buyers you deal with, as well as how quickly your house will sell.
What Is a Turnkey Property?
When a property is turnkey, this means that an investor can automatically rent out the property without any necessary renovations. Turnkey homes are often bought from companies that specialize in turning dilapidated homes into turnkey properties. These companies take care of the renovations themselves and then sell the houses at a profit. If you’re looking to sell a home fast, you may understand where we’re going with this already.
A lot of the companies that turn houses into turnkey properties actually offer cash for homes. Why? Because quite often, sellers that take cash for homes need to sell their homes quickly. Rather than waiting longer for a higher bid, which quite often will not happen anyway, they take the sure sale and accept a full cash offer for their homes. The buyer will then turn around and handle all necessary renovations before selling the property.
What Are the Benefits of Selling to a Company That Specializes in Turnkey Properties?
There are actually a lot of different benefits to selling to a company that specializes in creating turnkey properties. Perhaps one of the biggest benefits, of course, is that you won’t have to worry about renovating your property on your own. Rather, you can simply sell the home to the company as is. It’s up to them to handle the renovations.
In turn, there are a lot of more specific advantages to skipping the renovations. Renovations take time, and if you’re attempting to sell a home fast, you won’t have that kind of time on your hands. Additionally, you don’t need to invest the money necessary to renovate your home when you sell to a company that creates turnkey homes. While you may not get as much money upfront from a creator of turnkey homes as you potentially could on the traditional market, you’re also investing less. This means that your ultimate sale profit could actually be greater.
Furthermore, when buying from any kind of cash buyer you won’t need to worry about the buyer falling through. These companies don’t need approval from banks, after all. They have the payment in full, and they’re usually experienced buyers as well.
In the long term, there are so many reasons why the relationship between a creator of turnkey properties and a seller is often a symbiotic one. Think about how easy it would be to simply sell your house and let someone else handle the rest. Why not consider it for yourself?