Find yourself left holding a property that you have decided to sell? Or maybe you have a house in the family that no one lives in, yet for whatever reason you can’t quite let it go?
Keep in mind that the expenses involved in holding that house could cost the family $1,000s. As time passes, it’s important to understand the true cost of ownership, especially when the house is sitting vacant.
The home is likely one of the largest investments one will make and when it comes time to sell, there are many factors to take into consideration. Sometimes it can be the fix-up and the maintenance costs, other times the cost to sell, and the biggest one of all, the cost of your time, the time you could have been doing something else. Let’s look at these a little closer.
End The Costs
While you may hear about miraculous deals where a house was listed and sold within hours or even the same day, and it’s happening a lot right now, these are the perfect properties that people can move right in or maybe with just a bit of DIY, get it in shape. But if you have a property that needs a ton of repairs and updates, it could end up sitting on the market for months or even years. The longer a home is on the market, the lower the price that is usually realized and the likelihood of additional repairs should be factored in.
So if you have a house that needs repairs, why not reach out to us now and see what we might offer? It could save you from what could become a sinking ship of unexpected risks and expenses? We can help to end the deafening sound of silence when it comes to getting offers on your Kansas City property.
What Owning A House Is Costing You
The financial responsibility of keeping a home on the market can be devastating as time passes. 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 property.
Utilities, upkeep, and maintenance are ongoing; most especially 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 before your home selling, leaving you to cover the unexpected costs of maintaining a house in a different city. You’ll need to hire professionals to maintain your Kansas City property from a distance, in addition to covering all of the costs of two properties. And if the property is sitting vacant, 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.
And keep in mind if any property covered by the average homeowner policy should sit vacant for more than 30 days, quite often that insurance policy will not pay out if there is a damage claim. If you get nothing else out of this article, if you are sitting with a vacant home, please consult with your insurance agent to make sure you have the property coverage.
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 Kansas City property as well, contributing to what your property could cost.
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, costs of ownership, and what your property is costing you in the long run, it makes sense to let us purchase your property in Kansas City, relieving you of the financial responsibility and risks. We’re here to help!
Give us a call or send us a message to get a better understanding of your true cost of ownership! And if selling is in your plans, we can make you a cash offer or discuss other options that might fit your needs better.
