What Is The True Cost Of Owning A House in Powell?
Do you currently own a house in Powell that you are not living in? Maybe you inherited the house, or maybe it is a former rental property that is vacant. Everyday that passes, the cost of holding that property increases. But many homeowners fail to realize the true cost of holding a house in Powell. As homebuyers in Powell, we are extremely educated in the true cost of holding a property. We wanted to produce an article that explains the different costs of holding onto a property in Powell, and why it may make sense to consider selling it.
Property Taxes
We all hate paying property taxes! Unfortunately, that is just part of owning a home. The person listed on the deed will be responsible for making sure the property taxes get paid on the property. Property taxes are one of those things that never seem to go down, they only go up! And the longer you hold onto your Powell house, the more you will pay in property taxes. Thankfully, if you sell your house, your liability to pay those taxes immediately goes away.
Utilities
Utilities include electric, water, sewer, and gas bills. These costs can add up quickly! Even if you aren’t living in the home, you still need to keep these things turned on. Houses that sit for a long period of time without utilities tend to go down quickly. In addition, you will want to make sure the utilities are on when you go to sell the property. Inspectors and potential buyers will need to test several things that will require the utilities to be on. If your home is older, the house is probably a little inefficient when it comes to energy. This results in your utility bills being a bit higher than that of a newer built home.
Maintenance & Repairs
Homes are always in need of maintenance and repairs. No matter how new or old the home is, they always need something! These numbers can vary widely. Newer homes may need less repairs, but may be more expensive to maintain. These costs are usually dependent on the size and age of the home.
Homeowners Insurance
Your home needs insurance, especially if you are not living in it. The average insurance premium for a mid-size home in Powell is about $1,000. You will need to keep insurance on your house until you sell it.
Mortgage Payments
Mortgage payments are due every 30 days. The longer you own the home, the more expensive this adds up over time. If you are making mortgage payments on a home you don’t reside in, it may make more sense to go ahead and sell. Since the average mortgage payment is beginning to exceed $1,000 per month, this cost adds up quickly. When you sell your house in Powell, you will no longer have to worry about making this payment.
Opportunity Costs
Opportunity costs can cost a fortune. Many homeowners fail to realize what they are sacrificing the longer they hold onto a property. What exactly is an opportunity cost? An opportunity cost is what you are giving up since you are spending a portion of your money on your house. For example, the money you spend every month in Powell could be spent on other investments that have a much higher return. Essentially, what else could you be doing with that money? If the house you own isn’t making a return for you, it may be time to consider selling it so that you can put that money to use in a better investment!
Thinking Of Selling Your House In Powell?
We buy houses in Powell and the entire East Tennessee Area. If you are wanting to your house fast, we would love to give you a cash offer on your house. We also buy homes completely as-is, meaning you will no longer have to put any more money into the house. Since we are local reputable homebuyers in Powell, we know the area well. That means we can make you a fair offer that works for both of us!
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