subject: 3 Ways to get some quick cash in hand [print this page] 3 Ways to get some quick cash in hand 3 Ways to get some quick cash in hand
Are you a retired person facing financial difficulties? You are not alone; there are many people facing similar situations in UK. Despite having pension plans, insurance and all financial hardship hits retired people badly. Due to age they cannot work to increase the source of income. Those who own a property can overcome problem and bring in financial stability in life.
Here are three ways to get lump sum amount in hand and ensure a peaceful retired life. Home downsizing:
If you are living in a large house and you do not require such a big dwelling place you can consider selling the house off and moving into a smaller apartment. You can get a good amount in hand by selling your home; and then if you purchase a small house or rent an apartment you will still have a good amount of money in your hand. This money can be used to solve the immediate crisis.
The problem is, when the property market is down you can find a good apartment to buy for lesser price but it is difficult to sale house fast. You can find cash home buyers who purchase properties for instant cash. You need to find out a reputed investor so that you can get close to market value, otherwise downsizing for money does not make any sense.
Once you downsize you can save a lot of money on tax, electricity bills and other such accounts.
Release equity:
This is another way to get lump sum amount or steady income from your home. Equity release information and materials are there to help you understand the tool. These plans are usually made for senior citizens. You can release equity or the capital value of your home and get cash in return. The lender may pay you a lump sum amount of cash or a regular monthly amount or both.
A lot of elderly people decide to release equity to secure their retired life. Many equity release plans are available in the market. Before going for an option make sure you have gone through all the equity release information and understood the plan.
Sell and rent back:
Sell and rent back can be somehow compared with home reversion scheme. Under sell and rent back programme you sell your house and rent back it from the new owner. People who are investing in properties or buying houses to make money either by selling it or renting it are the right persons to approach.
There are active networks of property investors; you can get in touch with such networks and see if you can find a buy-to-letter in your area. While going for the sell and rent back plan, make sure you have read and understood the agreement properly.
All the processes have its own merits and demerits. If you plan to release equity make sure you have sufficient equity release information. Same with other options; do your research and choose the most suitable option and secure your retired life.
