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How To Calculate The Costs To Hold A Property In Fort Myers

Costs To Hold A PropertyWhen 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 noticeable expense is the monthly mortgage payment. If you’re dissatisfied with your current residence or if you’re servicing a loan on a rental property that’s falling short of expectations, the significant mortgage payment can become burdensome each month. Your mortgage is probably costing you at least a few hundred dollars monthly. This is capital that could potentially be invested in a new property rather than one that no longer aligns with 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 accrue rapidly. Residents of states like New Jersey or California may find these expenses eating into their profits even faster due to high property taxes. You are responsible 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 resolve 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 typical repairs and maintenance you’re likely to encounter, there’s always a possibility that a major repair will be necessary while you’re waiting for a buyer. Perhaps the roof starts leaking or the hot water heater malfunctions. Situations like these can incur significant costs but should certainly be addressed to attract more buyers. It’s wise to have an emergency fund set aside to handle such expenses, ensuring you’re not left with a damaged property while attempting 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!

To help better understand the costs to hold a property in Fort Myers, get in touch with Sell My House Now USA today! (239) 360-3176

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