Are you holding on to a property in Raleigh and you aren’t exactly sure why? Every day that you continue to own the property, you are spending money on it. Before you hold on to it for another day, consider the below points. It might be time to think about selling your Raleigh home! How much does holding a property cost in Raleigh? Keep reading to find out!
Taking the plunge into real estate investing is an exciting venture that can offer a great return when done right. But holding on to property for too long, or out of sentimentality rather than practicality, could cost you! If your Raleigh house isn’t providing any sort of benefit—primary residence value; monthly income; recreational use—it might be time to consider selling and utilizing those funds in another way. Don’t let your money go unutilized: make it work for you NOW!
Costs of Holding A Property In Raleigh
Property Taxes
By selling your home, you can quickly wrap up your tax obligations and get much-needed relief from high property taxes. Recent changes to the tax code have changed how we think about these expenses – they are no longer deductible as long as one remains listed owner of their residence. Taking action now is a smart move for any homeowner who wants financial peace of mind!
Utilities
Having a watchful eye on your monthly utilities can save you from unexpected financial burdens. From electricity, to water, gas and internet – the total amount that adds up each month could surprise you if not managed properly! And even though when selling a home it may feel like an additional expense to keep lights and running water for potential buyers; being mindful of costs incurred by older homes which require more energy efficient use is key in keeping utility bills at bay.
Maintenance & Repairs
Manage your home’s maintenance costs responsibly with the one percent rule – a savvy way to ensure that each year, you’re allocating around 1% of purchase price towards upkeep. For instance, if you bought your house for $250k then plan on spending approximately $2,500 annually so it stays in tip-top shape! Although there can be wide fluctuations here and there – this straightforward formula works well as an estimate for many investors out there.
Homeowners Insurance
When it comes to protecting your home, nothing is more important than having the right homeowner’s insurance policy. The cost of such protection can vary depending on a variety of factors; most notably, where you live and what kind of house you own. On average, Raleigh homeowners pay over $1k per year for coverage that ensures their property’s investments are safe from potential losses or damages!
Mortgage Payments
Are you finding yourself paying thousands of dollars on a mortgage every month for a property that’s just not right for you? You’re certainly not alone – Homeowners across the country are struggling with this same issue. Unfortunately, the average monthly payments nationwide often amount to over $1000 – making them unaffordable for many people who would benefit financially from selling their homes instead. But, before stress and hardship set in any further, consider your options – selling may be exactly what will help get rid of those hefty payments once and for all!
Opportunity Costs
If you’re currently committed to a home that doesn’t quite suit your needs, it’s worth considering what else could be done with the resources tied up in ownership. Rather than missing out on other opportunities and potential investments, why not explore all of your options? Our team is here to help guide you towards finding a better property solution and making sure that every step feels comfortable for both parties!
Making the decision to sell your home now instead of later could be one of the best financial decisions you make. Not only will it mean immediate relief from maintenance costs and bills, but also give you peace-of-mind knowing that any future responsibility related to ownership has been taken out of your hands. We recommend understanding what makes sense for you and running the numbers to make an informed decision – one that protects both your wallet and peace-of-mind.