Selling a house for profit is a common goal for most homeowners.
The timeframe is a critical aspect of this.
Generally, holding onto a property longer can increase profits due to appreciation.
This article will explore how soon you can sell a house after buying it and what factors to consider.
Why might someone sell their house quickly after purchasing it?
There are many different reasons why a homeowner may wish to sell their property quickly after buying it.
Financial difficulties
Firstly, the person may have encountered financial difficulties and needs a lump of cash quickly in the short term.
While this usually means that the homeowner won’t have made a profit from their property, cash flow may be a higher priority for them in that circumstance.
Discovered issues
Some may wish to sell their house quickly after buying it because they have discovered an issue with the property.
Usually, the previous homeowner has to disclose any problems in the property survey when selling, so this issue may only have occurred since the new owner bought it.
Personal reasons
Perhaps someone they don’t like moved in next door, or their external family situation has changed, and they want to relocate closer to a loved one.
They are an investor
It is common for property investors to sell their house only a short time after first buying it.
If they initially purchased it to make improvements (e.g., build an extension, fix the roof, or get a new driveway). (These kind of properties are often known as fixer-upper houses).
Then, they sell the house for a higher price, and they may be keen to offload the property as soon as these improvements have been made.
How soon can I sell my house after purchase?
There is no limit to how quickly you can sell a property in the UK after buying it.
Once the house is legally yours, you can sell it quickly if you want to and are able to.
However, some drawbacks to selling a house quickly need to be considered.
Drawbacks of selling a house quickly after buying it
Selling a house quickly after buying it has financial drawbacks.
Lack of profit
When you live in a property for a long time, its value usually increases, allowing you to sell for a profit.
But if you have not lived there long, its value will unlikely increase.
Additional moving costs
Once you factor in all the additional costs of moving house, such as conveyancing fees and moving costs, you may even lose money on the transaction.
Discouraged buyers
If you purchased a house recently, it will typically be more challenging to sell because prospective buyers will wonder if something is wrong.
This might be a common question you encounter when conducting viewings, and it could cause potential buyers to lower their offers or not even bid at all.
Mortgage lender issues
Thirdly, many mortgage lenders in the UK impose an early repayment charge (ERC) if you move to a different provider before your fixed term ends.
You should check your mortgage agreement to see if an ERC is applicable. If it is, you should consider it before you sell your house quickly after a purchase.
How long are you liable for a sold house in the UK?
When you sell a house in the UK, the new buyer can claim damages, even after the exchange of contracts.
They may do this if they feel that you have misrepresented the property in some way.
For example, there are issues with the house which you did not disclose in the documents needed to sell the property. This could range from structural to serious damp issues.
For the buyer to sue you, the problem must be significant, and they may also need to show that it has a negative effect on the property’s value.
The buyer usually has up to six years to make a claim.
You should also keep in mind that the more time passes after the exchange of contracts, the more difficult it is for the buyer to prove that they have only recently discovered an issue.
How We Buy Any Home can help
If you are looking to sell your house as quckly as possible, We Buy Any Home can help.
We are a chain-free cash house buyer who can purchase your property up-front and quickly without hassle or stress.
Using our funds, we will purchase your property at a set price by your chosen date and fully manage it from beginning to end.
Fill in our enquiry form below if you want a cash offer for your house.
