Are you hanging onto a property in Warner Robins without a clear purpose? Every single day you maintain ownership, that property is draining your finances. Before committing to another day of ownership, consider these important factors. It might be the perfect time to sell your Warner Robins home! Curious about how much your property is actually costing you? Continue reading to discover the true cost of holding property in Warner Robins!
Talk to any successful real estate investor and they’ll confirm this truth: quicker transactions lead to greater profits. It’s straightforward – owning property costs money. If you’re keeping a property for emotional reasons or because you “might” use it someday, you’re essentially watching your money disappear. Your property should be working for you RIGHT NOW. It should either be your primary residence, generating monthly income, or serving recreational purposes. If your Warner Robins house isn’t fulfilling one of these roles, it’s probably time to consider selling it!
Costs of Holding A Property In Warner Robins
Property Taxes
Property taxes can be substantial, and with recent tax code revisions, they’re no longer deductible. As long as your name appears on the property deed, you’re responsible for these taxes. By selling your house promptly, you can immediately eliminate this tax burden.
Utilities
Monthly utility expenses accumulate rapidly. When you calculate what you’ve spent on electricity, water, gas, television, and internet, the total might shock you. Even if you’re not living in the home while selling it, you’ll still need to maintain utilities for potential buyers touring the property. If your house is older with poor energy efficiency, your utility costs are likely significantly higher than what you’d experience in a modern home.
Maintenance & Repairs
A reliable guideline for estimating maintenance expenses is the one percent rule. This principle suggests budgeting approximately one percent of your property’s purchase price for annual maintenance. For instance, if you purchased your house for $250,000, you should anticipate spending around $2,500 yearly on home maintenance. While these figures can vary considerably, many property investors rely on this formula for cost estimation.
Homeowners Insurance
Your homeowners insurance premium will vary depending on the property and its location. For a typical Warner Robins home, expect to pay over $1,000 annually for coverage.
Mortgage Payments
Coming up with a mortgage payment every month can be challenging, especially for a property you no longer wish to own. The national average mortgage payment exceeds $1,000 monthly. Many people struggle with thousands in monthly payments when they would benefit significantly from selling the property instead.
Opportunity Costs
What else could you accomplish with the capital currently tied up in your house? You might be missing out on better housing or investment opportunities. Explore what else is available and evaluate whether you’re truly satisfied with your current situation. If your property isn’t providing value, it might be time to explore new possibilities!
As demonstrated, selling your home now rather than later can significantly improve your financial position. Every day you maintain ownership, you remain financially responsible for the property. Bills and maintenance expenses accumulate quickly. Calculate the numbers for your specific situation and make the decision that best serves your financial interests!
Please remember, we buy houses in the following cities: Macon, Lizella, Warner Robins, Bonaire, Jeffersonville, Kathleen, Centerville, Byron, Fort Valley, Gray, Milledgeville, Forsyth, Juliette, Bolingbroke, Roberta, Perry, and Dry Branch, Dublin, Thomaston, Hawkinsville, Eatonton, Sandersville, Eastman, Cochran, Sparta, Gordon, Knoxville
Are you holding onto a property that’s not serving your needs? We can provide solutions! Send us a message or call us today for a no-obligation consultation! (478) 739-3968
