People are often surprised when they add up all the numbers to see just how much of their income is being spent on an unwanted property. The question is “Do you know what owning your home is really costing you? ” Then learn more about some of the holding costs you will potentially face as a homeowner in Arizona
Do you own a house you’d rather sell? Waiting for the buyer and the escrow process can take months in selling with a real estate agent in Arizona. Owning a house can be expensive! This is why when investors flip a house, the goal is to sell it as quickly as possible. Holding onto it will consume their profits until the house eventually ends up costing them! By the time the process has been completed, you could be out thousands in lost holding costs! Here are some of the costs you will continue to face if you choose in listing your house on the MLS.
Typical Holding Costs
Utilities will need to be left on until the house is no longer in your name and as living in the house for a longer time you will still need to keep the lights on. When you are living in a huge house, with the hope of downsizing, you may find yourself spending a fortune keeping a house warm or cool while waiting for a buyer. If your utilities are averaging a hundred dollars each month, you could be looking at thousands by the time the property has actually sold.
With a fast sale, your tax obligation will end right away as your tax obligation doesn’t end until the house has sold. It depends on the location and size of your home, you could be looking at thousands of dollars you will need to cough up for property taxes.
Light bulbs, gas for the lawnmower, new a/c filters… these things add up quicker than you may think. Take the time to consider how many trips to Home Depot you’re making, and how much time you are spending simply maintaining the home while it is listed. You may find that waiting for a traditional sale isn’t worth it.
There is nothing more frustrating than when a needed repair appears while the property is listed or as a result of the property inspection. You are already at a point where you no longer wish to own the house, as having to sink more money into it can be incredibly frustrating.
For homeowner’s insurance, the average homeowner pays around $1,200 per year. While this figure can widely vary depending on where you live, it can be a significant expense, especially when it’s for a house you no longer want.
When trying to sell your house the traditional way, it is important that you maximize your curb appeal. and as you list your Arizona house, the curb appeal is vital. Whether you do it yourself or hire a professional’s help, keeping up with the landscaping will cost you time and money.
As the interior side of the property must be kept in great condition, you’ll want to keep the house clean at all times as well. Always be prepared for a last-minute showing. Hiring a maid service can help, but still, you will need members of your family to keep things tidy, always cleaning up after themselves.
Other Holding Costs
You may find you are dealing with even more costs as a reluctant property owner and it depends on where you live and the current situation you are facing with your property. It includes the following costs…
You’ll be required to keep up with the HOA costs as you own a home in a development or private community until you are no longer listed as the owner of the home.
You may be dealing with property management fees and other costs as a landlord. And you might own an investment property in Arizona, but you are living out of the area and wish to sell.
Home Watch Services
If you live out of the area and aren’t renting out the home with a property management company, you will likely have someone who you have hired to check on the house for you every so often.
When it comes to your holding costs, it can add up to a small fortune. Once you have made the decision to sell your house in Arizona, the faster you do it, the more money you will be able to put in your pocket. We invite you to run the numbers for your property so you can determine the selling option that will work best for your house in Arizona!