Why is a property buyer service so perfect for baby boomers?
What’s in it for a property buyer and how can other baby boomers looking to sell their property experience the advantages?
Quick Move Now analyses their house selling trends and takes a look at the benefits of selling to a home buyer.
Babies born during the post-war ‘baby boom’ are reaching retirement age and are typically downsizing to a bungalow, flat or smaller house. The table below shows the change in the average annual percentage of Quick Move Now house purchases which occurred due to the vendors wishing to downsize from 2007 to 2011.
- 2007 3.31%
- 2008 4.40%
- 2009 4.39%
- 2010 6.86%
- 2011 7.72%
Danny Luke, Business Manager for Quick Move Now, comments:
Over the last four years, the number of customers looking to downsize has increased by 133%. The value of property owned by those wishing to downsize is typically £46,211 higher than property overall, which means that due to price constraints the pool of buyers able to make offers and follow through to completion is smaller for the babyboomers than other homeowners, making it harder for them to sell conventionally. Those who are in a financial position to upsize are reluctant to commit due to the overall uncertainty within the jobs and property market.
Why are babyboomers choosing property buyers?
Using a property buyer means that babyboomers can release equity from their existing property with ease and certainty. Usually, retired homeowners have paid off their mortgages and so can benefit from a home buying service where others with negative equity cannot.
Securing their onward purchase as a chain-free buyer becomes effortless and retirement plans can be made a reality.
A hassle-free service, with no viewings, negotiations or legal issues, is more of a bonus for babyboomers than attempting to sell at the highest price which may take a long time.
Having a guaranteed sale, without the usual anxieties about chain collapses and mortgage buyers, brings peace of mind.
As the property buyer manages and funds the legal process, babyboomers have more time to spend planning their onward move and enjoying their future.
Being able to fix the completion date means having control over the timescales allowing moving to commence with a minimum of stress.
How can other babyboomers follow their lead?
Here are some top tips which will help when choosing and using a property buying company:
- Ask if the company purchases with cash funds or if it uses mortgage finance and investors. It is only cash buyers who will be able to offer a truly secure and quick sale.
- Ascertain whether the company handles and funds all the legalities.
- Ask how flexible the completion dates are and how much control you have over them.
- Make sure any offers you request come free of charge and with no obligation.
- Take your time when considering the final offer and ensure you obtain answers to any questions you may have.