Holding On To Your Raleigh Property is Costing You Money

Jan 9, 2020

Written By Offer Hut

Are you waiting for a better time to sell your home? Let us tell you: that time is now. According to Realtor.com’s 2020 Housing Market Predictions, the growth of home prices will flatten in 2020. So, if you’re waiting to sell your home for a higher price, you’re probably not going to get it next year.

Apart from not getting any significant increase in profits if you wait, the longer you hold on to your property, the more it will cost you. Check out the list of expenses below, which you’ll keep paying for if you decide to hold on to your Raleigh property.

Property Tax

Your local government levies property taxes on your home to cover the cost of maintaining the neighborhood and to pay for other city services. Property taxes also fund your local library, parks, and schools. So, as long as you own property in Raleigh, you’ll be taxed for it. While the effective property tax rates average at around 0.86%, these are still expenses that you need to pay to the local government.

Utilities

Let’s say you’ve found another home and the property you’re thinking of selling sits vacant. That doesn’t mean you’re not spending on water and electricity bills for it. You need to keep those utilities accessible for prospective buyers. This means you’re paying for the utilities in your current home and in a house you’re not even profiting from. The longer you keep that property, the more it will drain your bank account.

Maintenance

Lots of things can go wrong with the different systems in a house, even when it’s vacant. Your house could look like a dream home from the outside, but there could be a lot of issues with the inner workings. The furnace can blow up, pipes can burst, leaks may develop from the roof, an HVAC system can go haywire, even your carpeting may be dirty and could be a hot bed for germs—lots of things could go wrong.

While some of these are covered by your homeowners insurance (another thing you have to keep paying for) it won’t cover the maintenance of these systems, which is essential if you want to keep these problems from happening.

Now is the Right Time to Sell Your Property

As you can see, the longer you keep your property, the more it will cost you. If you keep holding on to a property that you’re not benefitting from, you’re basically throwing money away. It may be the right time to approach a professional to really help you get your property off your hands.

So, consider selling your home right now. And if you’re ready, get in touch with Offer Hut. We purchase properties in North Carolina in cash and make the process of selling your property easier and more profitable for you. Contact us today to learn more or give us a call at 919-514-1001.

Testimonial

What our clients are saying

Sarah D. (Durham, NC)

“The Sell Triangle team really knows their stuff. As a seller in a difficult situation, I was able to not only get a great cash offer for my home, but we were able to close in just a few weeks! I would highly recommend this company for anyone trying to sell their house fast.”

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