Owning a house you don’t want in Nashville, Smyrna, Murfreesboro, Columbia, Franklin, or surrounding areas in Middle Tennessee can hold you back in many ways. Learn how in our latest post!
Many people hold on to an unwanted property, not realizing what it is really costing them. Between the financial aspect, the frustrations, and the missed opportunity costs, owning the wrong home is likely setting you back in ways you haven’t even thought about. Below, we discuss 6 common misconceptions people have about owning the wrong real estate in Nashville.
You Won’t Be Able To Find A Buyer
Many people who feel stuck or burdened by an unwanted house, hold on to it for longer than they should because they don’t think anyone else will want to buy it. Don’t assume you won’t get a great price for the property until you start inquiring. You can start with a free, no-obligation offer from Southern Homes Investments!
My House Needs Too Much Work
Owning a home that requires major upkeep or repairs is a burden for anyone. My parents built a beautiful custom home and later in life, my mother had to sell it. Oh, it was a terrible day to let go of a lifelong dream but a huge relief of making no more repairs and extensive lawn care.
If you are living in a home and you are sick of making repairs or know there are more repairs to be made than you can physically or financially undertake, sell the home now! It is just not worth the worry and hassle. You may be thinking, who would want to take on a house that needs so much work? (See our article, How to Sell a Home that Needs Repairs.)
However, there are typically investors and those looking for a fixer-upper who are looking for a property just like yours. As they say, one man’s trash is another man’s treasure.
You Won’t Be Able To Get A Great Price
If you aren’t a fan of the house yourself, you may believe others won’t be either. You may have convinced yourself that just because the house isn’t the prettiest on the block, that you won’t be able to get a good price. This, however, is not the case. When you find the right buyer for your home, they won’t try to nickel and dime you. Professional home buyers such as Southern Homes Investments will ALWAYS pay you a fair price no matter the condition of the property or the situation you are in.
One Day They’ll Fix It
So many people hold on to a property with the intent to fix it up, however, in the end, they never do. Instead, the basement will sit half-finished for another 5 years, the kitchen will remain dark and cramped, and the needed repairs will go undone. If you are really going to fix it, you would have already. If you are solely holding onto a property for what it may be one day, you might want to find a house that is already what you are looking for in a home. Can you imagine the joy of coming home to a home you are proud of?
The Value Will Go Up
Sure, over time property values tend to rise, however, this isn’t always the case. When the markets are unstable, homeowners must be aware that there is potential for their property value to drop dramatically at any time. There isn’t anything worse than owning the wrong property, hoping the value will rise, only to find yourself with a property that is worth less than when you bought it. If you feel like you are stuck with the wrong house, the time to sell it is now! (Please see our article for an in-depth look at How to Sell Your Home Quickly.)
They’ll Get Used To It
While you might get used to some of the problems, they will most likely just continue to drive you crazy. Frankly, that’s no way to live. Worrying about your property on a regular basis, paying for repairs, and dealing with problem after problem isn’t fun for anybody. While you might get used to some things, the question is, do you really want to? You don’t have to settle. You can liquidate your unwanted property, turn it into cash, and move-on to a house that makes more sense for your current situation. (Do see our article “5 Ways of Owning the Wrong Property Can Hurt You“.)
If are owning a house you aren’t completely satisfied with, don’t trick yourself into thinking it is what you should settle for. There is no rule that says you need to own the house forever. Besides, the average family owns 3 homes in their lifetime and they buy a home every 9 years. Why wait for 2, 5, or even 8 years in a home you are unhappy with or has too many issues. Sell it now and be happy. Life is too short to be unhappy and uncomfortable in a home you are not pleased with.
Tired of owning a house in Nashville? We are here to help! Reach out to us today! (615) 500-4466 Check us out online at www.SouthernHomesInvestments.com.
Disclaimer: David Wright is a licensed real estate agent in Tennessee and this article is not a solicitation to list your house.