Are you holding on to a property in Fort Myers and you aren’t exactly sure why? Every day that you continue to own the property, you are spending money on it. Before you hold on to it for another day, consider the below points. It might be time to think about selling your Fort Myers home! How much does holding a property cost in Fort Myers? Keep reading to find out!
Ask any property flipper and they will tell you this: the faster you make the flip, the more money you will make. Plain and simple, owning real estate costs money. And if you are holding on to the property for sentimental reasons or because you “might” use it one day, you are only throwing your money away. The property you own should be working for you NOW. It can be your primary residence, providing a monthly income, or be used for recreational purposes. If your Fort Myers house isn’t doing one these things, it might be time you consider selling it!
Costs of Holding A Property In Fort Myers
Property Taxes
Property taxes in Fort Myers can be high, especially with recent changes to the tax code, making them no longer deductible. As long as you are listed as the owner of the home, you will be responsible for the taxes on it. Consider selling your house in Fort Myers promptly to immediately end your tax obligation for the home.
Utilities
Managing monthly utilities can be a significant expense for homeowners. The costs of electricity, water, gas, TV, and internet services can quickly add up, often leading to surprisingly high bills. Even when selling a property, it’s crucial to maintain essential services like lighting and water for potential buyers viewing the house. Older homes, especially those lacking energy-efficient features, typically incur higher utility expenses compared to newer residences. We have also experience rising energy cost throughout Southwest FL whether your provider is FPL Florida Power & Light or LCEC electric companies. Some houses are also on septic or well water. The costs to maintain a septic tank can get expensive with required pumping of it or repairs. The same for houses on a private well generally require maintenance expenses whether it is repairs to a pump or the water filtration system.
Maintenance & Repairs
When investing in real estate, it’s important to consider maintenance costs. A commonly used guideline is the one percent rule, which suggests allocating around one percent of the property’s purchase price for annual maintenance expenses. For instance, if you bought a property for $250,000, you might budget approximately $2,500 per year for upkeep. While actual expenses can differ based on various factors, many investors find this rule helpful for estimating maintenance expenditures.
Homeowners Insurance
The premium for a homeowners insurance policy will vary based on the house and its location. You can expect to pay over $1000 annually for an average Fort Myers home. We have seen homeowner’s and flood insurance premiums skyrocket the past few years in Southwest Florida. The recent hurricane’s the past few years has caused many insurance companies to leave the State of Florida. The insurance carriers that have remained have had to increase their premiums due to the large number of hurricane claims.
Mortgage Payments
Struggling to make a monthly mortgage payment for a property you no longer wish to own can be challenging. With the national average mortgage payment exceeding $1000 per month, many find themselves burdened with paying thousands of dollars monthly, making selling the property a more favorable option.
Opportunity Costs
What else could you be doing with the money you have tied up in the house? You could very well be missing out on a better home or investment opportunity. Look around at what else is out there and decide if you are truly happy with your current situation. If your property isn’t doing anything for you, it might be time to find something new!
Selling your home in Fort Myers now, rather than later, can have a significant impact on your finances. Every day you hold onto the property means more expenses coming out of your pocket. From ongoing bills to maintenance costs, the financial obligations can quickly accumulate. Take the time to crunch the numbers and determine the best course of action for your situation!