Have you found yourself left holding a property that you have decided to sell? Your property is quite literally is holding you as well. The expenses involved could prevent you from moving forward with your dreams. As time passes, it’s important to understand the true cost of ownership and the actual “holding costs” of your property. Your home is likely one of the largest investments you will make and when it comes time to sell, there are many factors to take into consideration. You’ve likely invested even more for any necessary rehab and staging to list your home, only to find the ongoing costs involved in holding the property are killing you! Not to mention the hassle of living around showing appointments and having your time wasted by unqualified buyers, low ball offers, and people just looking to get ideas for their own home!
End The Costs
While you may hear about miraculous deals where a house was listed and sold within hours or even the same day, unfortunately that time has come and gone and properties are now sitting on the market for months at a time…or longer. The longer a home is on the market, the lower the price that is usually realized and the likelihood of additional repairs could be something you need to factor in. The market is challenging right now because there are external reasons that houses are sitting. It’s not necessarily your home that is the issue. It could be, but it could also very likely be high interest rates and even higher insurance premiums. This is something that needs to be analyzed carefully.
What Owning A House Is Costing You
The financial responsibility of keeping a home on the market can be a heavy burden as time passes, especially if you have moved to another house already. The larger costs involved include mortgage, insurance, and taxes. A great number of factors can influence the bottom line on these numbers, including variable interest rates, time of ownership, and market changes which can affect the equity you had hoped to realize on your New Orleans property.
Utilities, upkeep, and maintenance are ongoing. These are not your bigger ticket items but they are not to be ignored either. Aside from maintenance, they are payments that will occur every month as the house sits on the market. These are a must have when your home is on the market and are of utmost importance to attract buyers. These same costs of ownership can also drown you in unexpected expenses. This is especially true as homes age.
Circumstances change. A new job or some unforeseen opportunity may force you to move prior to your home selling, leaving you to cover unexpected costs of ownership. You’ll need to hire professionals to maintain your New Orleans property from a distance, in addition to covering all of the costs of two properties. Someone should regularly check on the property in this event to catch any new issues, including theft by someone you’ve entrusted or maintenance issues such as leaks, etc. before they turn into even larger disasters.
Vandals
The fact that your home is sitting empty can also make it an attractive target to vandals and thieves and is yet another possibility of costs you may incur based on your decision to sit on your Metairie property as well, contributing to what your Metairie property could really cost. We all know that properties are prone to vandalism all over the New Orleans metro area. It doesn’t matter what neighborhood your house is in, if it sits vacant, it will soon grow a target on it’s back. Make sure your exterior AC unit is secured and a security system is always a good idea if you have moved on to another home and this one will be sitting vacant for some time.
Considering all of the variables in the financial markets, the housing market, the costs and risks of maintaining an empty home and life changes that can contribute to the bottom line, these factors can severely deplete what you earn on your investment, let alone unexpected repairs or outright theft or vandalism. It’s clear to see that time truly is of the essence. You can be sure time passing equals more costs to you.
When you consider all of the risks, inconveniences, the costs of ownership, and what your Kenner property is really costing you in the long run, it makes sense to let NOLA Buys Houses purchase your property in Kenner, relieving you of the financial responsibility and risks. At worst case, let us provide you with a cash offer. We can have one to you in 24 hours and there is never any obligation to work with us. Call or click today!