When you are thinking about selling your Fort Worth 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 Worth.
Holding costs Is a very important calculation for you the seller, It can quickly eat away at the cash you want or need for the sale of your property that you are looking to get from under. 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 yourFort Worth house can take months, resulting in potentially thousands of dollars you will have to spend. However, when you sell your house directly to Home Gurus Property Solutions, the holding costs can be eliminated in only a matter of days!
The most obvious expense is the monthly mortgage payment. If you own a home you’re not happy with or if you are paying a loan on an underperforming rental, the hefty mortgage payment can be a lot to deal with each month. Your mortgage is undoubtedly at least a few hundred dollars a month. This is money you could be spending on a new property instead of the one that’s no longer working for you.
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.
Depending on where you live, the Tax Bill can add up fast. People living in Tarrent County will see these costs eat away at their profits even faster due to high property taxes which must be paid. You are responsible for the taxes up until the closing date. But no one wants to pay more then they have too when selling a property they are not happy with. That’s why a Cash Offer With A Quick Closing can make a differents. Working with a traditional buyer, the closing can take months due to the lenders red-tape. When selling directly to Home Gurus Property Solutions, your financial obligations to the home can end in only a matter of days for the majority of our clients.
Homeowners insurance is a necessary evil every homeowner is faced with. Depending on your home and policy, your homeowner insurance can be in some cases just as high as your taxes which help to quickly eat away at the funds you need. You should also keep in mind that insurance will be high for landlords as opposed to owner-occupied properties.
If you decide to list your Fort Worth 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, If we work together and come up with a solution that fits your needs. You will have a contract for the sell of your property as-is.
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 Worth 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 a few thousand. This can severly alter how much you are making on the sale. When selling your house in Fort Worth, 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!