When you are thinking about selling your Fort Myers house, be sure you know the costs to hold the property. Keeping the property might be costing you more than you think. In our latest post, we take a look at the most common holding costs homeowners face when trying to sell their homes in Fort Myers.
Holding costs can quickly eat away at the sale price you will eventually receive for the home. As long as your house is on the market, there are a number of costs you will be responsible for. When selling your house to a private buyer who requires financing, the process to sell your Fort Myers house can take months, resulting in potentially thousands of dollars you will have to spend. However, when you sell your house directly to Sell My House Now USA, the holding costs can be eliminated on only a matter of days!
Mortgage Payments
The most apparent expense is the monthly mortgage payment. If you’re unhappy with your current home or if you’re paying a loan on a rental property that’s not meeting expectations, the substantial mortgage payment can weigh heavily each month. Your mortgage is likely at least a few hundred dollars a month. This is money that could be invested in a new property rather than one that no longer suits your needs.
Utilities
Whether or not you are living in the home while it is up for sale, you will need to make sure the utilities are working for any potential buyer who may want to see the home. They will likely check out the light switches and the water pressure… things that can’t be done if you have turned off your utilities. Plus, you can’t really show a home in the dark! In addition, inspectors will need the utilities on in order to do their job. While your bills might be lowered if you are no longer living in the home, you should still plan on paying a few hundred dollars each month to your bills.
Property Taxes
Depending on your location, taxes can accumulate rapidly. Residents of states like New Jersey or California may find these expenses eroding their profits even faster due to high property taxes. You are accountable for taxes up until the closing date. With a traditional buyer, the closing process can drag on for months due to lender bureaucracy. Selling directly to Sell My House Now USA can conclude your financial obligations to the home in a matter of days.
Homeowners Insurance
Homeowners insurance is a necessary evil every homeowner is faced with. Depending on your home and policy, your insurance can help to quickly eat away at your profits. As long as you are listed as the owner, you will be responsible for the insurance costs. You should also keep in mind that insurance will be high for landlords as opposed to owner-occupied properties.
Maintenance
If you decide to list your Fort Myers house, your home will inevitably need maintenance work while it is listed on the MLS. A good rule of thumb is to set aside 1% of the properties value for routine maintenance and minor repairs each year. This way you aren’t blindsided by unexpected costs while trying to sell your home. And remember, the faster you sell your house, the less maintenance you will be responsible for.
Repairs
In addition to the regular repairs and maintenance you will likely face, there is always a chance a major repair will be needed while you are waiting for a buyer. Maybe the roof starts leaking or the hot water heater blows. Things like this can be costly but should definitely be fixed in order to attract more buyers. You should always have an emergency fund set aside to deal with such expenses so you aren’t stuck with a damaged property while trying to sell it. When you sell directly to Sell My House Now USA, all expenses are covered. Repairs and all, we buy as-is.
HOA Fees
If the property is located in a private community, you’ll be stuck with those homeowners association dues until you are no longer listed as the owner of the house. Depending on your community, HOA fees can be high, and some can change rapidly. Don’t forget to factor these costs in when it’s time to sell. Things like this can often be overlooked when trying to sell the property.
As a homeowner in Fort Myers who wants to sell, it important you keep all of your holding costs in mind. When they are all added up, the amount can be thousands. This can severly alter how much you are making on the sale. When selling your house in Fort Myers, don’t forget to account for the holding costs. And don’t forget to find out how a direct sale of your property will benefit you!