Understanding your financial obligations is crucial when placing your property on the market. Regular expenses, such as mortgage payments, taxes, insurance, and maintenance, can quickly accumulate when your house is up for sale. Added to these are any costs associated with relocating before your primary residence sells. For instance, if your monthly expenses amount to $2,500, and it takes three months to sell your property, your expenses for that period would be $7,500.
For those owning older properties, it’s also important to bear in mind the likelihood of unexpected repair costs. By knowing all of these expenditures – your ‘holding costs’ – you can accurately estimate the profit from your sale. In the following sections, we will delve deeper into how to compute your holding costs when selling a house in Nashville.
Mortgage, Taxes, and Insurance
The date of closing a property sale is unpredictable. However, real estate agents can give you a ballpark estimate based on how long similar properties stay on the Nashville market. Start by calculating your mortgage, taxes, and insurance payments – a significant portion of your holding costs – and multiply this sum by your anticipated selling period. At Discover TN Home Offers, our professional investors aim to maximize your profit by providing detailed comparisons of potential earnings from listings vs. direct sales, enabling you to make the most informed decision for your situation.
Utilities
Realtors strongly advise keeping utilities operational while your house is listed. Moreover, they should be kept running a few days post-closing for final inspections and walkthroughs. This cost should also be factored into your holding costs estimation when selling your house in Nashville. While it can seem like a small amour compared to all other holding costs, depending on how long it takes to sell your home, utilities can amount to significant costs. If there are any delays to the original closing date due to the bank or any other factor, the holding costs for utilities will be even higher. At Discover TN Home Offers, we help sellers avoid these additional burdens by offering services without charging commissions. If you are in a hurry, we can close quickly and on a schedule that works for you.
Maintenance
Maintenance and upkeep are paramount when your property is listed, with curb appeal playing a crucial role in attracting potential buyers. Tasks like lawn care and general maintenance add to your holding costs. Direct sales to professional investors like those at Discover TN Home Offers can eliminate these expenses, relieving you of the stress and work. Furthermore, we have a full-service, in-house team of industry experts that can facilitate your sale without charging any closing costs or hidden fees.
Travel
Depending on your situation, the property you are selling may not be local to your area. If your property needs your personal attention and you are required to travel, there might be expenses such as airfare, lodging, or even a management fee if you hire someone to take care of the property. This is another factor to include when determining your holding costs for selling your house in Nashville. At Discover TN Home Offers, we offer a flexible closing date, which can be as early as a few days, or at a later date that suits you. We do our best to work around your schedule and make the process as smooth as possible for you.
Repairs
Always leave room in your budget for unexpected repairs – a vital consideration when calculating your holding costs. A professional inspection before selling can identify hidden issues, allowing you to decide whether to invest in repairs or disclose these to potential buyers and address them during negotiations. Often, buyers overestimate the cost of repairs and demand they be completed before closing. However, at Discover TN Home Offers, we buy properties as-is for cash, assuming the risk of any required repairs ourselves.
We work differently from traditional investors because we are also real estate agents. At Discover TN Home Offers we can offer you more options for selling your house than a traditional investor or a traditional real estate agent – we offer both! In some instances, we even partner with you to repair and renovate the home, then list it for top-dollar on the open market.
At Discover TN Home Offers, we’re here to assist you in determining your holding costs when selling your house in Nashville without any commitment on your part. We strive to make the process straightforward and easy for sellers, and we believe in fair dealings. Don’t hesitate to inquire about our current investment property inventory at Discover TN Home Offers and call us at 615-492-4511.