It’s helpful to get a handle on the numbers by taking a realistic inventory of all the recurring expenses to hold your property while it’s on the market. Holding costs, such as your mortgage, taxes, insurance, maintenance, or the costs to relocate before the sale of a primary residence, can add up quickly when you watch the clock and wait for your house to sell. For example, if your costs to hold the property add up to $2,500 a month, and it takes three months to sell, your holding costs for the sale of your house were $7,500.
Depending on the condition of your property, especially those with older homes need to consider the probability of covering unexpected repairs. By understanding your holding costs, you can genuinely understand what you’re profiting from on your sale; read on as we explore how to calculate your holding costs when selling your house in .
Mortgage, Taxes, and Insurance
While there’s no guaranteed closing date when you list a property for sale on the real estate market, an agent can provide you with the average days on the market for similar properties. You can start by adding up one of the most significant drains on your profits, typically your monthly payments for your mortgages, taxes, and insurance as a part of your holding costs when selling your house in , and multiply by the estimated time until closing. Professional investors like those at MINQ Homes want to help you sell for the highest possible profit. The local professional investors at MINQ Homes operate with total transparency. The professional investors at MINQ Homes will provide a detailed comparison of what you could profit by listing vs. a direct sale so you can make the best decision for your situation.
Agents highly recommend leaving the utilities on during the listing. It’s standard practice to leave them on for a few days after closing so that final inspections and walkthroughs can be thorough, so you must also add this amount to accurately calculate your holding costs when selling your house in . Professional investors like those at MINQ Homes save sellers from carrying this extra load. The professional investors at MINQ Homes save sellers even more because they never charge commissions.
When you’re property is for sale, it’s essential to keep the curb appeal at its peak, which requires sellers to keep up with maintenance work and expenses like lawn care, adding another cost to the calculations for your holding costs when selling your house in . By buying your house directly, professional investors like those at MINQ Homes can help you eliminate your maintenance costs and all of the work and worry. In addition, the professional investors at MINQ Homes save sellers even more by working with a full-service in-house team of industry specialists, including every pro necessary to get you to the closing table without paying any closing costs or hidden fees.
Suppose you need to travel to care for a property. You may pay airfare, lodging or other transportation costs or a management fee for someone to care for the property if you cannot travel. In that case, this is another cost you’ll need to calculate for an accurate picture of your holding costs when selling your house in . Professional investors like those at MINQ Homes offer a guaranteed closing date, often in as little as a few days. The professional investors at MINQ Homes have the flexibility to allow you to select the calendar date for your closing if you’re not in a big hurry.
Unexpected repair costs are always possible and should be another factor in calculating your holding costs when selling your house in . While you may have prepped and made necessary repairs to put your house on the market and attain a fair price, a professional inspection can help uncover hidden problems before the sale. Armed with this information, you can decide whether to invest the time and money in repairs or disclose the issues to potential buyers and address any resulting contingencies during negotiations. Typically, buyers have an unrealistic opinion of the expenses and demand completing the repairs or that the seller completes the repairs before closing. Professional investors like those at MINQ Homes buy houses as-is for cash. The professional investors at MINQ Homes will take on the risks of making any repairs.
The professional investors at MINQ Homes can help you calculate your holding costs when selling your house in without obligation. The professional investors at MINQ Homes and the entire team work to make the process simple and easy for sellers. At MINQ Homes, we want you to feel good about working with us long after closing and agree our offer was fair. Don’t forget to ask about our current investment property inventory at MINQ Homes. Call MINQ Homes at 617-203-6999.