How Much Does Holding A Property Cost In Gainesville VA?

How Much Does Holding A Property Cost In Gainesville VA

As local home buyers, we often meet homeowners who wish they would have sold sooner. Now, why is this? Every day that you continue to own a property, you are spending money on it. Before you hold onto it for another day, it might be worth taking the time to think about selling your Gainesville home! How much does holding a property cost in Gainesville VA? Keep reading to find out!

Ask any property flipper and they will tell you this: the faster you make the flip, the more money you will make. Plain and simple, owning real estate costs money. And if you are holding on to the property for sentimental reasons or because you “might” use it one day, you are only throwing your money away. The property you own should be working for you NOW. It can be your primary residence, providing a monthly income, or be used for recreational purposes. If your Gainesville house isn’t doing one these things, it might be time you consider selling it!

Costs of Holding A Property In Gainesville VA

Gainesville Homeowners Insurance

The premium for a homeowners insurance policy will vary based on the house and its location. It’s worth shopping for the best homeowners insurance companies to ensure you’re getting a fair rate for your selected coverage. You should expect to pay around $1000 annually for a Virginia home.

Property Taxes In Gainesville VA

Property taxes in Gainesville VA can be high. With recent changes to the tax code, they are no longer deductible after $10k. As long as you are listed as the owner of the home, you will be responsible for the taxes on it. By selling your house in a timely manner, you can immediately end your tax obligation for the home.

Utilities In Gainesville

Monthly utilities add up quickly. If you were to add up the amount you’ve spent on electricity, water, gas, tv, and internet you might be surprised at how high that number is. Even if you aren’t residing in the home while selling it, you will still need to keep the lights and the water on for the people who come to see your house. If your house is older and less energy efficient, you are likely to have utility bills significantly higher than what you would find in a new home.

Maintenance & Repairs In Gainesville VA

A good rule of thumb for maintenance costs is the one percent rule. This rule states that you should plan to spend about one percent of your purchase price on maintenance each year. For example, if your house was purchased for $250,000, you should plan to spend about $2,500 on home maintenance each year. Of course, these numbers can vary widely, but many investors use this formula to estimate costs. If you’ve been thinking about selling, there are ways to sell your house without any hassles in as-is condition, so you don’t have to rack up this holding cost anymore.

Mortgage Payments On Your Gainesville Home

It can be difficult to come up with a mortgage payment each and every month for a property you don’t want to own. The average mortgage payment nationwide is well over $1000 each month. Some people are struggling to pay thousands of dollars each month when in reality they would be much better off selling the property.

Opportunity Costs In VA

What else could you be doing with the money you have tied up in the house? You could very well be missing out on a better home or investment opportunity. Look around at what else is out there and decide if you are truly happy with your current situation. If your property isn’t doing anything for you, it might be time to find something new! Hesitating to sell your house can cost you over time. While you’re shopping around for the next perfect property, it’s worth checking out all of your different options for selling your home. There are more and more new ways to sell a home that could fit your home sale perfectly!

As you can see, selling your home now as opposed to later can help you keep more money in your pocket. For every day you continue to own it, you will also continue having to be financially responsible for it. The bills and maintenance costs add up quickly. Run the numbers for yourself and make the decision that makes the most sense for you!

The House Guys Offer A Simple Solution

Are you holding onto a property you aren’t using? The House Guys offer cash for houses, so you can sell your unwanted property hassle free. Our offers come with no obligations, and you don’t need to make any repairs. If you choose to sell your house to us, we can have it sold in as quickly as 7-28 days or on your timeline. Get cash for your property in Virginia from The House Guys. Come check us out! (571) 207-5171

Andy Kolodgie

Andy Kolodgie is an experienced real estate investor in the Washington DC Metro area. As owner of The House Guys, Andy's goal is to provide home sellers with creative real estate options beyond the typical cash offer. He's been featured on multiple publications including Yahoo Finance, MSN, HomeLight, Credit.com, Apartment Therapy, Business.com, LegalZoom, Zolo, and Creditcards.com.

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