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July 9, 2017

5 Hidden Costs in Holding On to a Hard to Sell Home

Realty

There are many reasons that your house may be “hard to sell.” It may be in bad condition, located in a less-than-desirable neighborhood, or simply a lack of staging. The bottom line is that if your house has been on the market for weeks and you haven’t gotten a bite, you may have to invest a lot more time and money into it to improve your chances. To make matters worse, you don’t have to make any improvements for your house to cost you more. Just holding on to it will cost you more and more money as time passes you by.

1. Property Tax

Even if your home is not occupied, you still have to pay property tax. Under most circumstances, your tax obligation will be the same rate as for an occupied house. In Oakland, that’s 1.4376% but property taxes differ from one area to the next. In addition, failing to pay your property tax on time can result in penalties on top of your existing debt. After a few missed payments, the taxes and fees can add up to an amount that you can’t meet.

2. Increasing Repair Costs

If you have ever owned a property that stayed vacant for any period of time, you know that the condition of the house seems to deteriorate at lightning speed. Wood rots, metal rusts, and the roof can give way to leaks. If your home is already in need of repair, you can expect it to get increasingly worse while you wait for the perfect buyer. Pretty soon, your odds of selling are really small.

3. Missing the Prime Selling Season

Every region has a prime selling season during which more people buy new homes. If you hold on to your house until prime selling season passes, you will have an even smaller market of potential buyers. You could end up having to reduce the selling price a great deal and take a significant loss just to get the house sold.

4. Utilities

If you want any chance of showing and selling your home, turning off the utilities simply isn’t an option. Temperatures in California don’t get low enough to worry about pipes freezing if you turn off the heat. But without air conditioning, the summer months present a number of problems. Not only will it cause the home to be uncomfortably hot for showings, it can also increase the potential to develop mold. Some areas also require owners to pay municipalities (water, sewage, garbage services) even when you aren’t using the services.

5. Insurance

Not only does your unoccupied house need insurance while it’s on the market; it needs even more than it would if you still lived in the home. You will need to maintain coverage for vandalism, fire, and potential water damage. You also need liability coverage in case potential buyers get hurt while on your property. When you must maintain adequate coverage for a hard to sell home, you could get stuck with serious premiums for a long time.

Why Call Buy Every Home

We offer you another choice when you get stuck with a hard to sell home. We make a cash offer within 24 hours from inspection, so you can sell your house fast. Since we buy every home in any condition, you won’t have to carry the burden of hidden costs that can add up fast. You can have the case in hand in as little as 14 days from initial contact. Best of all, you never have to put another dime of your money into a house that nobody wants to buy.

Contact us to learn more about our process. We can help you get out from under the burden of a hard to sell home.

Hard To Sell? We'll buy it!


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