Do you know what owning your home is really costing you? 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 South Carolina.
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 prefer to sell? Waiting for the right buyer and going through the escrow process can take months when selling with a real estate agent in South Carolina. By the time the process has been completed, you could be out thousands of dollars in lost holding costs! Here are just a few of the costs you will continue to face if you decide to list your house on the MLS with a real estate agent.
Typical Holding Costs
Even if you have already moved and aren’t living in the house any longer, you’ll need to keep the power 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. Shutting off the electric can be a huge mistake, as it will limit when buyers can view the home, and in worse case we have seen some pretty bad mold taking over during the hot and humid summers. 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.
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 you will need to cought up for property taxes. With a fast sale, your tax obligation will end right away.
Light bulbs, gas for the lawnmower, new a/c filters… these things add up pretty quickly. Take the time to consider how many trips to Home Depot you’re making, and how much time you are spending simply maintaining the South Carolina home while it is listed on the market. You may find that waiting for a traditional sale isn’t worth it.
There is nothing more frustrating than when an unexpected 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. In some cases it can become a contingency of the sale, meaning a lender won’t fund a mortgage until the repairs are done
The average homeowner in Upstate SC pays around $1,200 per year for their homeowner’s insurance. While this figure can vary widely depending on where you live and the type of home, it can ultimately be a significant expense, especially when it’s for a house you no longer want.
When you list your South Carolina house, curb appeal is incredibly important. When trying to sell your house the traditional way, it is important that you maximize your curb appeal and keep the landscaping maintained and presentable. 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 also. 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 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 the owner of an unwanted property. 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 South Carolina, 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.
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 South Carolina, 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 house in South Carolina!