Selling a home can be an exciting prospect for many homeowners. Some dread the idea of making all those decisions as well as negotiating a complex transaction. If you have decided to list your house for sale with an agent ask yourself if you have factored in all the costs. This is especially important if you are selling a house that is vacant! Maybe you had to move out of state for a new job or have decided to move closer to family. Either way, you should consider all the expenses that are associated with selling a house that is vacant.
If you’re already struggling to pay your bills, spending money to prepare for showings by touching up the paint and updating your fixtures, staging the home, and marketing expenses may be out of reach. Today’s standards for online listings include hiring professionals for drone footage and high-quality digital photography.
There are many reasons homes may spend an extremely long time on the market. Usually, it is because the buyer’s financing has fallen through at the last minute. There are other factors that can affect the salability of a home. If the house is in a distressed condition or has a lot of deferred maintenance. The price may be too high, or the property is out of step with the type of property buyers are searching for, or it doesn’t conform with the surrounding properties and stands out like a sore thumb. However, no matter why your home is empty and lingering on the market, the longer it is listed, the less the final sales price is likely to be. So read on as we explore how much your empty house in Raleigh is really costing you.
The biggest cost associated with owning a house is usually the mortgage payment. Each month you make a payment to the bank which goes toward the principal balance of the loan, interest, taxes, and insurance. This is also known as (PITI). Keep in mind that the more months that are left on the payments the more interest you will be paying per month. This is known as the amortization schedule.
By selling directly to Wake County Home Buyers instead of listing you can pay your mortgage off in as little as 10 days!
Even if the house you are selling does not have a mortgage it will have an insurance policy. When you sell your house and cancel your insurance policy you will be issued a refund for any unused premium (the premiums are prorated annually). The longer your house sits on the market the less money you will get back
If you do have a mortgage then you will be paying money toward the insurance premium each and every month. Note, if the house has been vacant for more than 30 days you will need a vacant house policy which is more expensive. If your house has been vacant longer than 30 days and has a standard homeowners policy and experiences a loss, your insurance company will not reimburse you.
Working with a direct buyer from Wake County Home Buyers is another option that will allow you to avoid extended vacancies and the liability that comes with it.
You run into the same issue with taxes. When you sell your house your annual property taxes will be prorated on a daily basis. You take the annual tax bill and divide it by 365 days to get your daily rate. Every day that your house sits vacant multiplied by the daily rate is what you are paying out of pocket to own the house. Therefore the sooner you sell the better. You can check out our FAQ page for more information on our quick home sale program.
Utilities will need to be kept on for showings and inspections. Also, depending on the season you will have to keep the utility accounts active to maintain the HVAC. This will help avoid freezing pipes in the winter and excessive heat in the summer. The most common utilities in North Carolina are electric, usually Duke Energy, natural gas, and water service (unless your house is on a well and septic system.
Repairs and Maintenance
If there are obvious signs of disrepair (like a worn roof, bad siding, falling gutters, etc) your empty house in Raleigh is really costing you more than you could imagine. Buyers are scrolling through listing online at a rapid pace. They will notice these items and may pass if the house is not move-in-ready. If you can’t afford to make necessary repairs and the home’s condition is evident in your listing photos, you aren’t likely to get many offers.
When it comes to starting repairs on the house, especially if it is an older home, it can be highly stressful and become very costly because you never know just what you may discover as you dig deeper into the project. At Wake County Home Buyers, we’re ready to buy your home for cash in as-is condition. Let the direct buyers from Wake County Home Buyers relieve you of the risks of making repairs on your property and allow you to keep more of your money in your wallet.
Maintaining the yard in your empty house in Raleigh is another often overlooked expense. Many local cities and municipalities will enforce penalties for overgrown grass. They list on their website how long the grass can be before they fine you. While each city has its own set of laws the city of Raleigh is particularly aggressive in enforcement. You can check out the City of Raleigh website for public nuisance definitions.
When you add up the holding costs, it makes sense to sell your empty house in Raleigh directly to Wake County Home Buyers and keep more of your profits. You’ll save even more by working with the direct buyers at Wake County Home Buyers, we never charge commissions, and you won’t pay any closing costs. In addition, our transactions at Wake County Home Buyers are straightforward and fully transparent; there are never any hidden fees; we show every figure used in our offer, which you’ll agree is a fair market value. The direct buyers at Wake County Home Buyers won’t pressure you, we are proud of our work helping our community and neighbors here in Raleigh, and we want you to feel good about the deal long after closing. Call Wake County Home Buyers at (919) 473-6885.