To Hold Or to Sell – The Cost of Holding a Property in New Jersey
Holding a property isn’t cheap. In between maintenance, repairs, taxes, and more, the cost of holding on to a New Jersey property isn’t just worth it compared to selling it. This is especially true once you learn just how much it costs you to hold a New Jersey house!
House flippers work fast because they know that the quicker they can sell of their property, the more money they can save. This is why, if you’re holding on to your New Jersey house because you’re thinking it’ll get more expensive someday, just don’t. Even if it’s for sentimental reasons, you have to consider that holding on to your New Jersey house is akin to throwing away money for nothing.
Remember, any property that you own should be generating income for you. It can be where you live, or you can rent it out, or you can even use it as a vacation house. If your New Jersey property isn’t doing that for you, then you might as well list it along with other homes for sale NJ.
How Much It Costs to Hold a New Jersey Property
Property taxes on one property is high enough already. For two? That’s too much, especially if the other isn’t generating income for you, and since you’re listed as the owner, you’ll have to pay taxes on it or else, face serious consequences. However, by selling your house, you don’t have to worry about paying off taxes for a property you don’t even use anymore.
Even if no one’s using them, you’ll still have to keep the lights and water on every now and then. This is especially true if you’ve already had the house listed and plan on selling it. The bills will only rack up if the house is older and is not as energy efficient as modern homes. But, by contacting Cash Buyer New Jersey, we can take your house off of your plate right there and then because we buy houses NJ for cash!
Maintenance and Repairs
Maintenance doesn’t come cheap, especially since the property isn’t making any money for you. Not to mention the occasional repairs that you’d have to do once things give naturally due to age. Of course, you don’t have to worry about that if you decide to sell your house. Although you’d have to do repairs if you list it along with other homes for sale NJ, at least you’ll only have to worry about the added expense until it’s finally sold.
Homeowners insurance policy premium will depend on the location of your New Jersey house and its current state. However, on average, a New Jersey home will cost at least $1000 annually.
If it’s already paid off, then you don’t need to worry about this. But, if you’re still paying the mortgage, you’d maybe want to ask yourself if it’s worth it or not. Mortgage payment isn’t cheap and it probably isn’t going to end soon. What happens if you get into an accident and you have two mortgages to worry about? You can avoid the stress of such a situation by selling off the property instead.
Just think about how much money-making opportunity you’re missing by holding on to a house that’s not making you money. You could’ve invested on a new business by now, or a better home, but you can’t because the cost of holding your New Jersey house is holding you down.
Remember, a property that doesn’t benefit you in any way is an added expense.
The sooner you sell your house, the better. Holding on to a property for sentimental reasons is understandable, but it’s not economical. Try running the numbers yourself and see just how much money you’ll be saving (and making) by selling it instead!
To save yourself the trouble of having to repair and market the house, you can contact us at Cash Buyer New Jersey. We buy houses NJ for cash, as-is and without any questions asked so you don’t have to spend days, if not weeks, sprucing up your house, paying for a real estate agent, and entertaining different buyers just to sell it.