Owning a New Jersey house sounds interesting. It’s one of the most interesting cities in the world, and with the skyrocketing prices of real estate all over the United States, it’s certainly understandable that you think that it’s a wise financial decision. But that’s before you consider just how much it truly costs to own a house that you’re not actually going to live in or fully utilize.
Below, we’ve laid out some facts to help give you a better idea of how much it really costs to own a New Jersey house.
This is the most obvious cost of owning a house. If you live there, that’s okay. It’s kind of just like paying rent, but you own the house, which is good. However, if it’s just sitting there, then you’re basically paying for nothing. Although that nothing will eventually become something, it’s still a huge cost for a house that you don’t even really like or use.
This is another cost that you have to worry about. Whether it’s property insurance, or mortgage insurance, the fact is, it’s a premium that adds up eventually.
3. Property Taxes
Property taxes aren’t uniform, so it may cost more or less depending on where your property is. But, they very rarely set you back less than a couple of thousand dollars every year.
This is another added expense that, just like insurance and mortgage, are mandatory and you’re obliged to pay.
Even if you’re not using a house, there are still going to be utility bills that need to be paid. Without cable and internet, you’re still looking at electric, water, sewer, and maybe even trash. Those could easily add up to a thousand or so dollars a year, which is money that you could have put to better use.
5. Maintenance and Repairs
Owning a home is a financial blackhole, unless you’re renting it out. Even then, maintenance and repairs cost a lot. Paint jobs, repairing cracked tiles and replacing stained carpets are just a few things that you’d have to worry paying for if you own your own home. Not to mention, there’s always going to be the occasional major repair that’s going to cost you more money than usual that you have to always prepare for, otherwise, your house won’t be livable at all.
If you’re renting, you avoid all of these since the rent, maintenance, and repair costs are all covered by the landlord.
6. Your Time
Time is invaluable. If you own two homes, going back and forth between both can be time consuming and tiring. You’re essentially wasting your time doing something that you could’ve spent doing something different and more productive.
As annoying as it is to own a New Jersey home, there’s a quick solution to this – sell it to a direct buyer.
Key in “we buy houses NJ” on Google and you’ll be taken to multiple websites of cash buyers who will buy your New Jersey home at a fair price. This way, you don’t have to worry about all of the costs involved about owning a home anymore.
This is great if you plan on sticking to just owning one property, or if you want to cut down on costs and just rent instead.