It is an extremely eye-opening experience when you review a breakdown of the holding costs you will face when selling your house with a Nashville real estate agent. Carrying the weight of the home you need to sell can lead some into financial ruin.
One reason you may face holding costs is that your home is lingering on the market. This could be due to your asking price being too high, causing you to lose money in the long run. Or, your home doesn’t conform to the surrounding properties or is out of style in the eyes of today’s buyers. Expenses such as utilities, property tax, extra mortgage payments, can add up quickly when your listing sits for an extended period and becomes less attractive to your potential buyers every passing day.
Another cause may be that your buyer fell through, which happens more often than you may realize. This can be double painful to your wallet should you have already relocated, based on the deal closing. Now you have two mortgages and double utilities.
Utility bills that roll in like clockwork are included in the breakdown of the holding costs you will face when selling your house with a Nashville real estate agent. Agents can provide average days a house sits on the market, however, they can’t provide the date you’ll close on the property. This open-ended arrangement can quickly escalate into an extreme financial burden as the property lingers on the market.
Homeowners insurance is another necessity and must also be counted in the breakdown of the holding costs you will face when selling your house with a Nashville real estate agent. It just isn’t worth the risk to try to save money and many lenders require insurance, in addition to PMI (private mortgage insurance for the bank’s risk) mortgage insurance if you still owe a balance of more than 80 percent on your mortgage note.
Property taxes wait for no one and will continue to accrue while your house is listed. You can easily determine your monthly cost by dividing the annual bill amount, the taxes will be prorated and included in your closing as a credit or a debit to the buyer. This is another expense in the breakdown of the holding costs you will face when selling your house with a Nashville real estate agent.
Your mortgage payments won’t wait for your buyer to come along. House payments are part of your holding costs when selling your house with a Nashville real estate agent. Naturally, your lender will expect your payments to continue.
Repairs are a never-ending theme of homeownership that needs to be incorporated into the breakdown of the holding costs you will face when selling your house with a Nashville real estate agent. In particular, as homes age repairs can literally drown you in unexpected expenses. Once you are in contract with a buyer, the home inspector always finds more repairs and some of these can be quite expensive. See our article, “The Most Expensive Repairs Homeowners Face When Selling Their Homes in Nashville TN and How You Can Avoid Them.”
Maintenance also needs to be added to the breakdown of the holding costs you’ll face when selling your house with a Nashville real estate agent. Maintenance must remain ongoing, especially when your home is listed and you want to attract buyers. If you’ve already moved, you’ll have to add travel expenses or pay someone to help you monitor the property and keep everything in order.
All of these costs can add up to thousands while your house is sitting on the MLS. Why wait any longer? Sell to a professional house buyer like Southern Homes Investments instead! Save yourself the time, energy, and hassle of listing your home, we offer a quick and guaranteed closing date! You can forget about the utility bills, with no more homeowners insurance, property taxes, or mortgage payments to make. Repairs and maintenance will no longer be a concern. Call 615-500-4466 today or send us a message to learn how we can help you! Remember Southern Homes Investments Nashville TN buys Nashville houses.
Be sure and check us out on the internet 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.