Understanding All of the Costs of Homeownership
The costs of homeownership can be unbearable when you own a house you don’t really want. In our most recent post, we look at some of the costs you can expect to face!
A house is an expensive investment. It’s even worse to own the wrong house. As a homeowner, it’s critical that you look beyond your mortgage payment and truly understand how much your home costs you. Is there a better option available? Have you outgrown your home or do you require a smaller space? Have you inherited a house? Is the mortgage becoming too much to bear? To some extent, all of these situations can be overwhelming. With a direct sale to Goliath Homes, you’ll be able to quickly eliminate all ongoing costs, allowing you to sell your home and move on.
Here are just a few of the expenses that a homeowner will incur:
Your Home Loan
Your mortgage on the property is most likely your largest monthly bill. Is it worthwhile? Does spending this much money on a house make sense for you in terms of your goals? Remember that your mortgage includes interest as well as possibly mortgage insurance. These are monthly expenses that do not reduce the principal on your home.
Utilities and Expenses Monthly
When people add up their monthly utility bills, they are frequently surprised. Each month, homeowners pay thousands of dollars in electric, gas, water, sewer, waste removal, cable, wi-fi, landlines, security companies, and other bills. It can often feel like you’re paying a second mortgage! When you are unhappy with your property or feel trapped in a house you don’t want, paying these bills each month can cause stress and resentment. If you’re sick of all the costs and bills, it might be time to consider a sale! Living in a smaller or more energy-efficient home will help you save money on utility bills.
Taxes on real estate
You will be responsible for the property taxes up until the day of closing when selling your home. If your home is on the market for an extended period of time, your tax liability could amount to hundreds or even thousands of dollars. This is additional money that you will have to spend on the house that you would have preferred to put toward something else.
Every home requires routine maintenance to avoid costly repairs. Maintaining your home is always important, but it is especially important when it is listed on the MLS. The house must be kept in top condition and up to the highest standards.
Home repairs are an unavoidable necessity. Something will break no matter how well you maintain the property. When you list your home on the MLS, you may end up owning it for several months longer. This provides more opportunity for something to go wrong with the house. You’ll almost certainly be making repairs to the house to make it more appealing to buyers, and you may find yourself having to make larger repairs while your house is on the market.
Whether you do your own landscaping or hire someone to do it, the outside of your home must be maintained… especially if it is listed on the MLS. You’ll need to put your best foot forward when it comes to curb appeal!
You can avoid ongoing holding costs as well as repairs by selling your home directly to cash home buyers like Goliath Homes! What is the true cost of your home?