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What are the benefits of buying a house with cash?
There are lots of benefits of being a cash buyer, which will make you more attractive to sellers, these include:
You’re a more attractive buyer: As a cash buyer, you present as a lower risk to the seller, as you don't need to worry about getting approved for a mortgage. You may also be chain free and not waiting for the sale of another property to fund your cash purchase. These things can contribute being able to negotiate better terms for the property you wish to buy.
The conveyancing process is a lot quicker: If you don't need a mortgage, the conveyancing process can be faster. This will reduce the time it takes for the sale to finish. This makes you an even more attractive buyers to someone who wants a quick sale.
You’ll avoid paying interest rates: As you won’t have a mortgage as a cash buyer, you won’t be paying interest to a lender. However, if you do use savings to pay for your property, you will no longer be earning interest on them.
More security: Buying a house with cash mean that you will own it outright and you won’t need to worry about monthly mortgage repayments. So, even if your circumstances change (like losing your job or no longer being able to work), you have the security of owning your own home
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