How To Calculate The Costs To Hold A Property In Fort Myers

Costs To Hold A PropertyWhen you are thinking about selling your Fort Myers 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 Myers.

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 Fort Myers house can take months, resulting in potentially thousands of dollars you will have to spend. However, when you sell your house directly to Core Real Estate Properties, the holding costs can be eliminated on only a matter of days!

Mortgage Payments

The primary expenditure that stands out is the monthly mortgage payment. Whether you’re dissatisfied with your current home or dealing with a loan on a rental property that’s not meeting expectations, managing the substantial mortgage payment each month can be burdensome. Undoubtedly, your mortgage amounts to at least a few hundred dollars monthly. This represents funds that could be redirected towards acquiring a new property that better suits your needs, rather than continuing to invest in one that no longer meets your criteria.

Utilities

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.

Property Taxes

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 which 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 lenders red-tape. When selling directly to Core Real Estate Properties, your financial obligations to the home can end in only a matter of days.

Homeowners Insurance

Homeowners insurance stands as an unavoidable necessity for every homeowner. Depending on your property and the specifics of your policy, insurance expenses can swiftly erode your profits. As the listed owner, you bear the responsibility for these insurance costs. Additionally, it’s important to note that insurance premiums tend to be higher for landlords compared to owner-occupied properties.

Maintenance

If you decide to list your Fort Myers 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, the faster you sell your house, the less maintenance you will be responsible for.

Repairs

Apart from the routine repairs and maintenance that homeowners typically encounter, there’s always the possibility of a major repair arising while you’re in the process of selling your property. It could be a leaky roof or a malfunctioning water heater, which, although costly, are crucial to address to attract potential buyers. It’s prudent to have an emergency fund set aside for such unforeseen expenses, ensuring you’re not left with a compromised property during the selling process. When you sell directly to Core Real Estate Properties, you won’t have to worry about these expenses. We cover all costs, including repairs, as we buy properties in as-is condition.

HOA Fees

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 Myers 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 severly alter how much you are making on the sale. When selling your house in Fort Myers, 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!

To help better understand the costs to hold a property in Fort Myers, get in touch with Core Real Estate Properties today! 239-360-3176

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