When you are thinking about selling your Dallas, Tx. house, be sure you know “the costs to hold a property In Dallas.” Keeping the property might be costing you more than you think. In our latest post by We Buy Houses Cash Dallas, we take a look at the most common holding costs homeowners face when trying to sell their homes in Dallas, Tx.
Holding costs can quickly eat away at the sale price you will eventually receive for the home. As long as your house is on the market, there are a number of costs you will be responsible for. When selling your house to a private buyer who requires financing, the process to sell your Dallas, Tx., house can take months, resulting in potentially thousands of dollars you will have to spend. With that in mind you need to know the cost to hold a property in Dallas. However, when you sell your house directly to We Buy Houses Cash Dallas, the holding costs can be eliminated in only a matter of days!
Let us explain here what hold cost we are talking about. First you have the mortgage payment, of course the utilities must be paid, your property taxes are important to pay, homeowners insurance, maintenance, repairs, and the repairs can get serious if not corrected immediately, then the Homeowners Association (HOA) if there is one to pay. Have a good look and read more about the cost to hold a property in Dallas.
Mortgage Payments
The most obvious expense is the monthly mortgage payment. If you own a home you’re not happy with or if you are paying a loan on an underperforming rental, the hefty mortgage payment can be a lot to deal with each month. When you are trying to understand the cost to hold a property in Dallas, it can be tough paying a mortgage. Your mortgage is undoubtedly at least a few hundred dollars a month. This is money you could be spending on a new property instead of the one that’s no longer working for you.
Utilities
Whether or not you are living in the home while it is up for sale, you will need to make sure the utilities are working for any potential buyer who may want to see the home. Believe me, the cost to hold a property in Dallas, gets higher and higher by the year. Potential buyers will likely check out the light switches and the water pressure… things that can’t be done if you have turned off your utilities. Plus, you can’t really show a home in the dark! In addition, inspectors will need the utilities on in order to do their job. While your bills might be lowered if you are no longer living in the home, you should still plan on paying a few hundred dollars each month to your bills.
Property Taxes
Depending on where you live, the taxes can add up fast. People living in states like New Jersey or California will see these costs eat away at their profits even faster due to high property taxes which must be paid. So know that the cost to hold a property in Dallas, is going to be expensive. You are responsible for the taxes up until the closing date. When working with a traditional buyer, the closing can take months due to the lenders red-tape.
There is help though, when selling your house directly to We Buy Houses Cash Dallas, your financial obligations to the home can end in only a matter of days. No more paying for things and using money that need to be going to other daily and monthly expenditures. Now, the cost to hold a property in Dallas, can change in a matter of a phone call.
Homeowners Insurance
Homeowners insurance is a necessary evil every homeowner is faced with. Depending on your home and policy, your insurance can help to quickly eat away at your profits. As long as you are listed as the owner, you will be responsible for the insurance costs. The cost to hold a property in Dallas, just went up a little bit more. You should also keep in mind that insurance will be high for landlords as opposed to owner-occupied properties.
Maintenance
If you decide to list your Dallas house, your home will inevitably need maintenance work while it is listed on the MLS. A good rule of thumb is to set aside 1% of the properties value for routine maintenance and minor repairs each year. This way you aren’t blindsided by unexpected costs while trying to sell your home. And remember, the faster you sell your house, the less maintenance you will be responsible for. With that, there is still the cost to hold a property in Dallas, that will not go away until you sell your house. When you sell directly to We Buy Houses Cash Dallas, all expenses are covered.
Repairs
In addition to the regular repairs and maintenance you will likely be faced with, and there is always a chance a major repair will be needed while you are waiting for a buyer. Maybe the roof starts leaking or the hot water heater blows. Things like this can be costly, but should definitely be fixed in order to attract more buyers. You should always have an emergency fund set aside to deal with such expenses so you aren’t stuck with a damaged property while trying to sell it. There is no getting away from the cost to hold a property in Dallas, when you are trying to sell your house.
HOA Fees
If the property is located in a private community, you’ll be stuck with those homeowners association dues until you are no longer listed as the owner of the house. Depending on your community, HOA fees can be high, and some can change rapidly. Don’t forget to factor the cost to hold a property in Dallas, when it’s time to sell. Things like this can often be overlooked when trying to sell the property.
As a homeowner in Dallas, Tx., who wants to sell, it important you keep all of your holding costs in mind. When they are all added up, the amount can be thousands of dollars. This can severely alter how much you are making on the sale. When selling your house in Dallas, Tx., don’t forget to account for the holding costs. And don’t forget to find out how a direct sale of your property will benefit you!
To help better understand the costs to hold a property in Dallas, get in touch with We Buy Houses Cash Dallas, today! Call us today at (214) 723-1304.
In Summary
The cost to hold a property in Dallas, or any other city for that matter will get expensive fast. There is one way out though. Sell your house fast to We Buy Houses Cash Dallas. We can take you from cash offer, to the Title Company closing table in five if needed, or you can set the closing date. Either way, we pay the closing cost. You can also leave behind anything you do not want to keep, call you family and friends telling them to come take what ever they want. Leave the rest of the junk there and we will clean the house out for you.
I want to say Thank You for taking the time out of your day to read our blog post. keep an eye open for next week’s blog post, and we hope to see you there as well.
