Costs Incurred If You Don’t Sell Your House Fast In Kitchener

It is essential that you know the costs of holding a property when you are thinking about selling your house in Kitchener. Keeping the property might be costing you more than you think. In this article, we will take you through some of the most common housing costs homeowners face when trying to sell their homes in Kitchener, and why choosing Ontario Property Buyers for your real estate needs is the best choice you can make to sell your house fast in Kitchener and keep more money in your pocket.

Holding costs are quick to eat away at the sale price you eventually receive for your home. There are several costs you are responsible for as long as your house is on the market. When selling your house to an individual, the entire process of selling your house can take months, resulting in you potentially having to spend thousands of dollars. However, when you sell your house fast in Kitchener to Ontario Property Buyers, the holding costs can be eliminated in a matter of days!

Mortgage Payments

Monthly mortgage payments are the most common expenses you incur. If you own a home that you are not happy with, or if you are paying off a loan on an underperforming rental, the hefty mortgage payment can be quite overwhelming to deal with every month. Your mortgage payment is undoubtedly at least a few thousand dollars a month. This is money you could be spending on a new property instead of on one that no longer works for you. If you need to sell your house fast in Kitchener, we will relieve you from the property that is draining your bank account.

Utilities

You will need to ensure that the utilities are working for any potential buyer who may want to see the home whether or not you reside in the house while it is up for sale. Any potential buyer is likely to check out the light switches and the water pressure, both of which are things that cannot be done if the utilities are turned off. Also, you can’t really show a home in the dark! Additionally, inspectors will need the utilities on to do their job. While your bills may be lower if you are no longer living in the house, you should still expect to pay at least a few hundred dollars towards the home for bills.

Property Taxes

Taxes can add up fast depending on where you live. People living in areas like the GTA or ones that are a few hours away see these costs eat away at their profits even faster due to the high property taxes which must be paid. When working with a traditional buyer, the closing can take months due to the lender’s red tape. However, if you need to sell your house fast in Kitchener and want to get rid of these financial obligations, contact us now.

Homeowners Insurance

Homeowner insurance is a necessary evil every homeowner has to bear. Depending on your house and the policy you purchase, insurance can quickly diminish the profits you expect to receive. As long as you are listed as the owner, you are responsible for the insurance costs. Keep in mind that the insurance is higher for landlords as opposed to owner-occupied properties. Selling your house to Ontario Property Buyers will relinquish this requirement from your end.

Maintenance

If you decide to list your Kitchener house, you will inevitably need maintenance work done while it is listed on the MLS. A good rule of thumb is to set aside 1% of the property’s value for routine maintenance and minor repairs annually. This way you won’t be blindsided by unexpected costs while trying to sell your home. Remember, if you sell your house fast you won’t incur these expenses.

Repairs

In addition to the regular repairs and maintenance you will face, there is always a chance that a major repair is needed whilst waiting for a buyer. Perhaps the roof starts leaking, or the water heater blows. Things like these can be costly but undoubtedly need to be fixed to attract more buyers. Setting aside emergency funds for such unexpected expenses is a good idea, as then you won’t be stuck with a damaged property when trying to sell it.

Condo/HOA Fees

If your property is located in a private community, you will be stuck with the homeowner association dues until you are no longer listed as the owner of the property. The same thing applies to condo fees. Depending on your community, these costs can be quite high. Don’t forget to factor in these costs when it’s time to sell your property, as such outlays are often overlooked.

As a homeowner in Kitchener wanting to sell your house fast in Kitchener, you must keep all of your holding costs in mind, which can amount to thousands of dollars when added up. This can severely alter the profit you gain from the sale. When selling your house in Kitchener, don’t forget to account for the holding costs. And don’t forget to consider the benefits of a direct sale of your property!

To better understand the costs of holding a property in Kitchener, get in touch with Ontario Property Buyers by dialling 226-778-8950 today!

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