We are legitimate homebuyers in Columbia TN. When you are thinking about selling your Columbia TN house, be sure you know the costs to hold the property. Keeping the property might be costing you more than you think. We buy houses in Columbia Tennessee and in our latest post, we take a look at the most common holding costs homeowners face when trying to sell their homes in Columbia TN.
How To Calculate The Costs To Hold A Property In Columbia TN?
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 Columbia TN house can take months, resulting in potentially thousands of dollars you will have to spend. However, when you sell your home directly to New Horizon Estates, LLC, the holding costs can be eliminated on 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 taxes can add up fast. People living in states like New Jersey or California will see these costs eat away at their profits even faster due to high property taxes that must be paid. You are responsible for the taxes up until the closing date. When working with a traditional buyer, the closing can take months due to the lender’s red-tape. When selling directly to New Horizon Estates, LLC, your financial obligations to the home can end in only a matter of days.
Homeowner’s 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.
If you decide to list your Columbia TN 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 property’s 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 in Columbia, the less maintenance you will be responsible for.
In addition to the regular repairs and maintenance you will likely face, there is always a chance a major repair will be needed while you are waiting for a buyer. Maybe the roof starts leaking or the hot water heater blows. Things like this can be costly but should definitely be fixed in order to attract more buyers. You should always have an emergency fund set aside to deal with such expenses so you aren’t stuck with a damaged property while trying to sell it. When you sell directly to New Horizon Estates, LLC, all expenses are covered. Repairs and all, we buy 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.
We are Columbia TN Home Buyers!
If you’re thinking “I want to sell my house in Columbia TN”, and as a homeowner 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 severely alter how much you are making on the sale. When selling your house in Columbia TN, 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! By the way, we offer cash for houses in Columbia in any situation. We will make the process simple so you can quickly sell your house in TN and move on.