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5 Reasons Why You Should Pay Cash For Your Next Distressed House in Columbia

If you are in the market for a distressed house in the Columbia area, we can help! We work with investors every day to help them find the perfect property. In our latest post, learn a few of the reasons why you should pay cash for your next distressed house in Columbia. 

Paying cash for a distressed property is ideal. Especially seeing as most traditional lenders don’t typically provide loans for such “risky” properties. While it is possible to find a loan from certain types of lenders, you will likely be paying a good amount of interest. Below you will find some of the other benefits for paying cash for your next distressed property in Columbia!

Reason #1: Lower Your Monthly Expenses

One obvious reason to pay cash for a distressed house would be to lower your monthly expenses. Imagine buying a house, fixing it up, and not having to pay another dime towards mortgage or interest. You would be free to live in it, resell it or rent it out, with the majority of the rental income being pure profit. In turn, you can take the money you would be spending on the mortgage and reinvest it elsewhere! For many people, not having a mortgage payment would be a dream come true!

Reason #2: You Will Make The Seller Happy

Sellers love cash buyers, especially when they want to sell a Columbia house quickly. When you pay in cash, you will gain bargaining power as the sale will not be contingent on a lender and their red-tape. By paying in cash, you will be able to offer the seller a fast closing, ultimately saving them a ton of time and money. Sellers will often favor cash buyers, which means you will likely be able to get more bang for your buck.

Reason #3: Instant Ownership

Are you buying the house for yourself? If so, you will love the sense of pride you will feel from instant ownership. There is something truly wonderful about owning your home outright. People love knowing that the property is all theirs, without a bank making any claim to it. Having instant ownership will also free you up to take out a mortgage on another property if you so desire without having to worry about juggling two mortgage payments each month. Plus, you won’t have to wait around t take ownership of the property. When you pay in cash, you don’t have to wait on a lender. You can purchase the property and begin any necessary renovations right away!

Reason #4: Save Money On Interest

Let’s say you buy a house and take out a mortgage with 4.5% interest. That can add up to thousands of dollars over the years! By buying a house directly, you will be able to keep all of that cash you would have otherwise spent on your mortgage interest. This can be a huge cost savings!

Reason #5: Keep Up With The Competition

Investors are often the buyers of distressed properties in the Columbia area. Most investors pay in cash because they know it is the fastest way to get the job done. They will likely have an edge over someone that needs financing to buy the house. Financing will require more time and more red-tape. The last thing a distressed seller wants is more hoops to jump through.

Do you want to buy a distressed property in Columbia? We can help! Send us a message or give us a call today! (803) 889-0840

Ben Lovro

Ben Lovro is an entrepreneur with a vision to improve neighborhoods and revitalize the communities that we live in. He has a clear passion for people and has developed effective strategies and real estate solutions in todays rapidly changing market. He is committed to being a lifelong student of Success Strategies and Leadership. Knowing what you want is perhaps the most important step in self-development; this takes much persistence and self examination. Once your desire to serve God overwhelms all other desires, you begin to step into your purpose and your mission in life changes. To be fulfilled in life you have to grow. The art of fulfillment is what develops our life into an expression for others to follow. Some of our greatest moments come from facing our fears and doing the things that scare us the most. You have been given one life, and one chance to tell your story. It's never too late to become the person that want to be.

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