We Buy Houses In Norwich Connecticut as is no matter the condition. Are you holding on to a property in Norwich without a good reason as to why? We are local home buyers in Norwich and let me tell you that, every day you own the home, is more money spent on it or real estate carrying costs. Before you hold on to it for another day, consider the below points. It might be time to sell your house in Norwich CT! How much does holding a property cost in Norwich CT? Keep reading to find out!
Ask any property flipper and they will tell you this: the faster you make the flip, the more money you will make. Plain and simple, owning real estate costs money, sometimes the closing costs are too much. And if you are holding on to the property for sentimental reasons or because you “might” use it one day, you are only throwing your money away. The property you own should be working for you NOW. It can be your primary residence, providing a monthly income, or be used for recreational purposes. If your Norwich house isn’t doing one these things, it might be time you consider selling it!
Costs of Holding A Property In Norwich CT
Property Taxes in Norwich
Property taxes can be high With recent changes to the tax code, they are no longer deductible either. As long as you are listed as the owner of the home, you will be responsible for the taxes on it. By selling your house in a timely manner, you can immediately end your tax obligation for the home.
Utilities Needed in Norwich CT
Monthly utilities add up quickly. If you were to add up the amount you’ve spent on electricity, water, gas, tv, and the internet you might be surprised at how high that number is. Even if you aren’t residing in the home while selling it, you will still need to keep the lights and the water on for the people who come to see your house. If your house is older and less energy efficient, you are likely to have utility bills significantly higher than what you would find in a new home.
Maintenance & Repairs in Norwich Connecticut
A good rule of thumb for maintenance costs is the one percent rule. This rule states that you should plan to spend about one percent of your purchase price on maintenance each year. For example, if your house was purchased for $250,000, you should plan to spend about $2,500 on home maintenance each year. Of course, these numbers can vary widely, but many investors use this formula to estimate costs to sell your home.
Homeowners Insurance in Connecticut
The premium for a homeowner’s insurance policy will vary based on the house and its location. You can expect to pay over $1000 annually for an average Norwich home.
Mortgage Payments in Norwich
It can be difficult to come up with a mortgage payment each and every month for a property you don’t want to own. The average mortgage payment nationwide is well over $1000 each month. Some people are struggling to pay thousands of dollars each month when in reality they would be much better off selling the property.
Opportunity Costs in CT
What else could you be doing with the money you have tied up in the house? You could very well be missing out on a better home or investment opportunity. Look around at what else is out there and decide if you are truly happy with your current situation. If your property isn’t doing anything for you, it might be time to find something new!
As you can see, selling your home now as opposed to later can help you keep more money in your pocket. For every day you continue to own it, you will also continue having to be financially responsible for it. The bills and maintenance costs add up quickly. Run the numbers for yourself and make the decision that makes the most sense for you!
Sell My House In Norwich CT
And if you ever want to explore another option, you can call us for help. We are a legitimate Norwich CT homebuyers and we offer a hassle-free and agent-free service. We are home cash buyers in Norwich and we will make the process simple so you can quickly sell your house in CT and move on.
Are you holding onto a property you aren’t using? Want to sell it? Is Hiring An Agent Really Worth it? Or do you rather sell without hassle fast? We can help!