Hi, it’s Nick. Today we’re going to talk about what are the costs to hold on to a property. So if you’re holding on to a property those holding costs can quickly eat into how much money you’ll get when you do eventually decide to sell the property. The first, probably the most obvious one is going to be the mortgage payments. If you’re still making payments on the property until you sell it that number can add up very quickly.
Utilities, as long as you have the property if you’ve got the electric and the water still on maybe you’re paying for the trash guy to come by. Those things add up along with things like property taxes. As long as you have a property in your name you’re going to be responsible for the taxes that are owed on the property.
Homeowner’s insurance is another one. Any maintenance, especially if that property might be vacant and maybe it’s not being taken care of as well. Things are going to add up. Just general wear and tear. Cutting the grass if something happens where you have to fix the roof. Those can be expensive and then lead to bigger repairs. Which is another thing as you own the property if you need to make more repairs because it’s still sitting there and you haven’t sold it. HOA fees are another one that definitely adds up on people.
It’s just really worth looking at all the costs together and how much is it costing you every year or every month to hold onto that property instead of making the decision to go ahead and sell it. I hope this answers the question of what some of the costs are involved in holding on to a property instead of just going ahead and selling the property. You can always get a cash offer for your house if you are thinking about selling your house fast. And if you like the video we’d appreciate it if you like and subscribe to the bottom. Thank you.