We buy property in Kentucky and rehab them. When you are thinking about selling your Louisville KY house, be sure you know the costs to hold the property. We buy houses in Louisville Ketucky and keeping the property might be costing you more than you think. We are local homebuyers in KY and we can help! In our latest post, we take a look at the most common holding costs that you’ll face when trying to sell your homes in Louisville.
Really, we buy homes in Kentucky not just Louisville KY, and the holding costs can quickly eat away at the sale proceeds you receive for the home. As long as your house is on the market, there are a number of costs you will be responsible for. When selling your house in Kentucky to a private buyer who requires financing, the process to sell your Louisville house can take months, resulting in potentially thousands of dollars you will have to spend. However, when you sell your property directly to We Buy Property In Kentucky, the holding costs can be eliminated in only a matter of days!
How To Calculate The Costs To Hold A Property In Louisville KY?
Kentucky Mortgage Payments
The most obvious expense is the monthly mortgage payment. If you own a home you’re not happy with or if you are paying a loan on an under-performing rental, the hefty mortgage payment can be a lot to deal with each month. Your mortgage is undoubtedly at least a few hundred dollars a month. This is money you could be spending on a new property instead of the one that’s no longer working for you.
Whether or not you are living in the home while it is up for sale, you will need to make sure the utilities are working for any potential buyer who may want to see the home. They will likely check out the light switches and the water pressure… things that can’t be done if you have turned off your utilities. Plus, you can’t really show a home in the dark! In addition, inspectors will need the utilities on in order to do their job. While your bills might be lowered if you are no longer living in the home, you should still plan on paying a few hundred dollars each month to your bills.
Property Taxes In Louisville KY
Depending on where you live, the taxes can add up fast. People living in states like New Jersey or California will see these costs eat away at their profits even faster due to high property taxes which must be paid. You are responsible for the taxes up until the closing date. When working with a traditional buyer, the closing can take months due to the lenders red-tape. When selling directly to We Buy Property In Kentucky, your financial obligations to the home can end in only a matter of days.
Louisville KY Homeowners Insurance
Homeowners insurance is a necessary evil every homeowner is faced with. Depending on your home and policy, your insurance can help to quickly eat away at your profits. As long as you are listed as the owner, you will be responsible for the insurance costs. You should also keep in mind that insurance will be high for landlords as opposed to owner-occupied properties.
Maintenance On Your Kentucky Home
If you decide to list your Louisville KY house, your home will inevitably need maintenance work 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 each year. This way you aren’t blindsided by unexpected costs while trying to sell your home. And remember, the faster you sell your property, the less maintenance you will be responsible for.
Repairs For Your House In Louisville KY
In addition to the regular repairs and maintenance you will likely face, there is always a chance a major repair will be needed while you are waiting for a buyer. Maybe the roof starts leaking or the hot water heater blows. Things like this can be costly but should definitely be fixed in order to attract more buyers. You should always have an emergency fund set aside to deal with such expenses so you aren’t stuck with a damaged property while trying to sell it. When you sell directly to We Buy Property In Kentucky, all expenses are covered. Repairs and all, we buy as-is.
If the property is located in a private community, you’ll be stuck with those homeowners association dues until you are no longer listed as the owner of the house. Depending on your community, HOA fees can be high, and some can change rapidly. Don’t forget to factor these costs in when it’s time to sell. Things like this can often be overlooked when trying to sell the property.
As a homeowner in Louisville KY who wants to sell, it important you keep all of your holding costs in mind. When they are all added up, the amount can be thousands. This can severely alter how much you are making on the sale. When selling your house in Kentucky, don’t forget to account for the holding costs. And don’t forget to find out how a direct sale of your property will benefit you!
Sell My House In Louisville KY
We are Kentucky home buyers and we offer cash for houses in Louisville in any situation. If you have any questions whatsoever about to sell your house in KY and the surrounding areas, don’t hesitate to reach out to our team! We will make the process simple so you can quickly sell your property and move on!