Do you know what owning your home is really costing you, especially if its vacant? People are often surprised when they add up all the numbers to see just how much of their income is being spent on an unwanted property. Learn more about some of the holding costs you will potentially face as a homeowner in Nebraska.
The Reality Of Holding Costs For A Nebraska House
Owning a house can be expensive! This is why when investors flip a house, the goal is to sell it as quickly as possible. Holding onto it will eat away at their profits until the house eventually ends up costing them!
Do you own a house you’d rather sell? Waiting for a buyer and the escrow process can take months when selling with a real estate agent in Nebraska. By the time the process has been completed, you could be out thousands in lost holding costs! Here are just a few of the costs you will continue to face if you opt to list your house on the MLS (Multiple Listing Service).
Typical Holding Costs
Even if you aren’t living in the house any longer, you’ll need to keep the lights on. Utilities will need to be left on until the house is no longer in your name.
If you are living in a house that is too large, with the hope of downsizing, you may find yourself spending a fortune keeping a house warm or cool while waiting around for a buyer. If your utilities are averaging a couple of hundred dollars each month, you could be looking at thousands by the time the property has actually sold.
Even if you don’t care about having the utilities on in a vacant house, any buyer (especially one that has to get a loan to buy the house) will need the utilities on to do their inspections and to be assured that the utilities work correctly.
Your tax obligation doesn’t end until the house has sold. Depending on the size and location of your home, you could be looking at thousands of dollars for property taxes, that you could avoid with a sale to a direct cash house buyer, that can close in just a few days.
Light bulbs, gas for the lawnmower, new a/c filters… these things add up quicker than you may think. Take the time to consider how many trips to Home Depot you’re making, and how much time you are spending simply maintaining the home while it is listed. You may find that waiting for a traditional sale isn’t worth it.
There is nothing more frustrating than when a needed repair pops up while the property is listed or as a result of the property inspection. You are already at a point where you no longer wish to own the house, so having to sink more money into it can be incredibly frustrating.
The average homeowner pays around $1,200 per year for their homeowner’s insurance. While this figure can vary widely depending on where you live, it can ultimately be a significant expense, especially when it’s for a house you no longer want.
The insurance costs can be more expensive than you think, especially if you are insuring a vacant house. If there is no one living in your house, you should have specialized insurance for a vacant property, which is significantly more expensive than “owner occupied” property insurance. Check with your insurance agent for specific details.
When you list your Nebraska house, curb appeal is incredibly important. When trying to sell your house the traditional way, it is important that you maximize your curb appeal.
The first impression your potential buyer (a traditional retail buyer) has of your property can be very important to maximize the price you receive for your property.
Whether you do it yourself or hire a professional to help, keeping up with the landscaping will cost you time and money.
Of course, the inside of the property must be kept in great condition as well. You’ll want to keep the house clean at all times, always prepared for a last-minute showing.
Hiring a maid service can help (but adds another expense), but you will need every member of your family to keep things tidy, always cleaning up after themselves.
Other Holding Costs
Depending on where you live and the current situation you are facing with your property, you may find that you are dealing with even more costs as a reluctant property owner. A few of these costs include…
If you own a home in a development or private community, you’ll be required to keep up with the HOA costs until you are no longer listed as the owner of the home.
Maybe you own an investment property in Nebraska, but you are living out of the area and wish to sell. You may be dealing with property management fees and other costs as a landlord.
Home Watch Services
If you live out of the area and aren’t renting out the home with a property management company, you will likely have someone who you have hired to check on the house for you every so often, especially if it is vacant.
When it comes down to it, your holding costs can add up to a small fortune. Once you have made the decision that you would like to sell your house in Nebraska, the faster you are able to do it, the more money you will be able to put in your pocket.
We invite you to run the numbers for your property so you can determine the selling option that will work best for your Nebraska property!
Let us help you end your expensive holding costs once and for all! Sell your Nebraska house fast, for cash, and keep more money in the bank! Reach out today to learn more! (402)-291-5005
Home Downsizing Solutions by The Sierra Group, LLC is based in Lincoln, Nebraska. We purchase homes locally, and in many other parts of the country such as Nebraska, Iowa, Missouri, Kansas & Florida! For the past 20+ years, we have been helping people by purchasing their homes directly! In addition, we are licensed realtors in Nebraska and Missouri. We understand the process and the local markets, allowing you to receive the best service and the best all-cash price for your home! We are Veteran Owned, and hold an A+ rating with The BBB!