Do you know what owning your home is really costing you? People are often surprised when they add up all the numbers to see just how much of their income is being spent on an unwanted property. Learn more about some of the holding costs you will potentially face as a homeowner in Fort Myers.
Owning a house can be expensive! This is why when investors flip a house, the goal is to sell it as quickly as possible. Holding onto it will eat away at their profits until the house eventually ends up costing them! Do you own a house you’d rather sell? Waiting for a buyer and the escrow process can take months when selling with a real estate agent in Fort Myers. By the time the process has been completed, you could be out thousands in lost holding costs! Here are just a few of the costs you will continue to face if you opt to list your house on the MLS.
Typical Holding Costs
Utilities
Keeping utilities on in a vacant house, even if you’ve moved out, is crucial until the property is officially transferred to a new owner. This might seem like an unnecessary expense, especially if you’re no longer residing there, but it’s essential for various reasons. Firstly, it ensures the property remains in good condition by maintaining stable temperatures, preventing issues like mold or extreme temperatures that could damage the structure or belongings left inside. Secondly, leaving utilities on facilitates the showing process for potential buyers, creating a comfortable environment that can enhance their impression of the property. Lastly, it’s a practical consideration for your own finances, as the costs of reactivating utilities or potential damage from neglect could far outweigh the ongoing expenses of keeping them active. Thus, while it might seem counterintuitive, maintaining utilities until the property changes hands is a prudent step in the selling process, ultimately saving both money and potential headaches in the long run.
Taxes
When it comes to selling your house, it’s important to remember that your tax obligations don’t cease until the deal is done. The magnitude of this responsibility can vary greatly depending on factors like the size and location of your property. Property taxes can amount to a substantial sum, potentially running into thousands of dollars. However, if you manage to secure a swift sale, there’s a silver lining: your tax obligation concludes immediately upon the transaction’s completion. This can be a significant relief, freeing you from ongoing financial commitments tied to property ownership and allowing you to move forward with peace of mind.
Routine Maintenance
When selling a home, the seemingly small expenses like light bulbs, gas for the lawnmower, and new A/C filters can quickly accumulate, often catching sellers off guard. Each trip to Home Depot or the hardware store chips away at both time and finances. It’s easy to underestimate the effort and cost involved in maintaining a home while it’s on the market. However, these expenses can mount up significantly over time, especially if the selling process takes longer than expected. Waiting for a traditional sale might seem like the default option, but it’s essential for sellers to carefully weigh the ongoing costs and efforts against the potential benefits. In some cases, exploring alternative selling methods like selling to an investor or utilizing a real estate agent may prove to be a more financially prudent decision in the long run.
Surprise Repairs
There is nothing more frustrating than when a needed repair pops up while the property is listed or as a result of the property inspection. You are already at a point where you no longer wish to own the house, so having to sink more money into it can be incredibly frustrating.
Insurance
The average homeowner pays around $1,200 per year for their homeowner’s insurance. While this figure can vary widely depending on where you live, it can ultimately be a significant expense, especially when it’s for a house you no longer want.
Landscaping
When you list your Fort Myers house, curb appeal is incredibly important. When trying to sell your house the traditional way, it is important that you maximize your curb appeal. Whether you do it yourself or hire a professional to help, keeping up with the landscaping will cost you time and money.
Cleaning
Of course, the inside of the property must be kept in great condition as well. You’ll want to keep the house clean at all times, always prepared for a last-minute showing. Hiring a maid service can help, but you will need every member of your family to keep things tidy, always cleaning up after themselves.
Other Holding Costs
Depending on where you live and the current situation you are facing with your property, you may find that you are dealing with even more costs as a reluctant property owner. A few of these costs include…
HOA Fees
If you own a home in a development or private community, you’ll be required to keep up with the HOA costs until you are no longer listed as the owner of the home.
Property Management
Maybe you own an investment property in Fort Myers, but you are living out of the area and wish to sell. You may be dealing with property management fees and other costs as a landlord.
Home Watch Services
If you live out of the area and aren’t renting out the home with a property management company, you will likely have someone who you have hired to check on the house for you every so often.
When it comes down to it, your holding costs can add up to a small fortune. Once you have made the decision that you would like to sell your house in Fort Myers, the faster you are able to do it, the more money you will be able to put in your pocket. We invite you to run the numbers for your property so you can determine the selling option that will work best for your house in Fort Myers! Or you can reach out to Sell My House Now USA and we can run the numbers for you. So you know exactly what to expect.