Does Hesitating To Sell Your House Cost You?

Hesitating to sell your house in Greater Philadelphia Area could cost you a lot of money! Learn how much in our latest post!

Many people don't realize just how much their home is costing them. These costs are even more brutal if you don't like the home you're living or the investment property you own. Spending thousands on a house each month that isn't right for you simply doesn't make sense. Keep reading to explore just a few of the costs you are stuck with by hesitating to sell your house in Philadelphia!

Your Mortgage

The average US mortgage payment costs homeowners $1,050 dollars per month, with the majority of that payment going towards interest on the note. This can amount to thousands of dollars over the course of several months. Thats a lot of pocket change just to continue staying in a home that you may not truly love. Why continue throwing your hard earned money at an unwanted property when you could be using it for something you truly enjoy?

Homeowners Insurance

Depending on your property and where you live, your insurance rate can range from several hundred to several thousand dollars per year. When you add this to all the other costs you face as a homeowner, you may be surprised at how high your monthly bills really are.

Mortgage Insurance

If you have less than 20% equity in your house, or you purchased your house with less than 20% deposit, you might be paying mortgage insurance.  This type of insurance provides zero benefit to the homeowner – it only protects the bank in case the homeowner defaults on repayment.

Property Taxes

As a homeowner, you are responsible for the property taxes for the home up until the day of closing. Keep in mind, property taxes vary widely not only by state, but even by county and school district. Moving a few blocks could save you thousands of dollars a year in property taxes. With a direct sale to a professional house buying company, your tax obligation could end in a few days as opposed to months down the road.

Maintenance and Repairs

You may not realize what all those trips to Home Depot and Lowes are costing you each month. Routine repairs, cleaning costs, and landscaping expense can all add up fast. The cost of repairs and regular maintenance is surprising to many homeowners, especially when they total everything up, seeing their costs in black and white. You might be very surprised to see how much you are really spending to own your house in Philadelphia.

Utility Bills & Other Fees

Whether you are living in the house or your house is vacant, you will still be facing utility costs each month.  Electricity, water, gas will all need to stay on until the property is sold.  Turning the utilities off can lead to major problems like burst pipes, mold growth, and vandalism.  If you have a vacant house, this could mean you are doubling your utility bills. In addition to utilities, many homeowners have to pay Home Owner Association or Condominium Association fees for common property management and maintenance costs.

Opportunity Loss

What are you missing out on by continuing to hold on to your unwanted property? You could miss out on your dream home or a more lucrative investment. If you decide to list your house in Philadelphia, the process can take months. Working with a real estate agent doesn’t provide any guarantee’s on when your house will sell and how much you ultimately net from the proceeds. Even if your neighbor's house sold quickly, yours could be on the market for months.  The cost of picking the wrong agent (i.e. the one who over prices the house, or recommends the wrong repairs, or doesn’t have the courage to be honest with the seller) can include wasted dollars and wasted time.

Emotional Cost

Threre’s also the emotional cost from frustration, uncertainty, and stress.  What's the point in staying in a frustrating house? Sometimes we find ourselves in difficult situations just because it’s the situation we are familiar with. Maybe the roof always leaks or the house doesn't stay warm in the winter. The truth is, you don't have to deal with it anymore. Consider a direct sale to a professional house buying company like SellPAHomeFast. You will be able to end all of your worries and frustrations regarding the property, and sell your house for a great price.  Even is the house needs repair – the condition will not delay the sale. You can immediately end the stress, frustration, and anger so you can move on fast, and stop the damage to your emotions.

Learn more about the risks of hesitating to sell your house in the Greater Philadelphia Area.