Ill health can have a range of adverse effects on almost every facet of your life. But one of the issues many people struggle with the most is their financial welfare. How do you continue paying the bills when you’re not able to earn?
Are you asking yourself: Should I sell a house due to ill health? If you are, you’re probably worried about what the future holds — particularly if you have a mortgage to pay.
Assess your situation in full. Think about the short, medium and long term. And to help you make the best decision for you and your loved ones, here are a few issues to consider.
How will I pay my mortgage when I’m ill?
Making mortgage repayments every month is a significant commitment. Miss just one or two instalments, and you could find yourself on the wrong end of eviction proceedings.
Do you have illness cover with your mortgage? How long will the policy continue to make mortgage repayments? Do you expect to be better by the time the cover runs out? These are questions you must answer truthfully. If you’re in any doubt about your ability to make your monthly mortgage repayments in the future, you should seriously consider selling your house now.
But selling your house isn’t your only option. If you need several months off — and you don’t want to move — consider an equity release scheme. This allows you to stay in your home while you unlock a hefty chunk of equity for your immediate needs.
Will I have medical expenses to worry about?
One of the great privileges afforded to people in the UK is access to the NHS. But while you don’t have to worry about treatment fees, there are other costs to consider. For example, you might need additional care at home. You may want to adapt your home to cater to your needs while you convalesce.
By selling your existing home now, you can get your hands on the money needed to aid your recovery. If you don’t have time to wait for the open property market to produce a buyer, SellPropertyFastCash can help. We buy houses fast. There are no lengthy negotiations or protracted conveyancing processes involved. If the circumstances are right, you’ll receive the money for your fast house sale within a month or two.
If you require long term care, you might be required to pay for it. There is help available from the UK Government, but it’s means tested. You can find out where you stand by checking out the Age UK website.
Is moving house due to ill health really the best option?
Having a lot of equity in your home when you’re struggling with illness can be a huge comfort. A quick house sale or an equity release scheme is a great way to unlock the money you need to get you through such a tough time. But is that always the best option?
Moving house might be a huge strain on your mental and physical health. If so, unlocking equity might be the best option. However, if you’re up to the move, you can make a clean break and a fresh start in your new home. Downsizing your property due to ill health is relatively simple when you sell to a “we buy any house” company.
Don’t underestimate the stress involved with selling a house on the open market. It’s tough enough at the best of times. But when you’re ill, it can set back your recovery considerably. A fast house buying company can take a lot of the burden off your shoulders.
Speak to your clinicians
Before you do anything, take the time to speak to your doctors and medical professionals. Ask them what they suggest. It might be that moving house is the last thing you need. An occupational therapist, for example, might suggest that your current home is perfect. Or if you’re determined to sell your property, he or she might help you to choose your next home.
Moving house due to ill health is a huge move. Take your time making the decision, and seeks advice from clinicians, family and friends. And if you need to sell your property to generate much-needed funds, contact us today.
For more information on how https://www.sellpropertyfastcash.co.uk can help you sell your house fast please visits our contact us page.
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