The true costs of owning the wrong Philadelphia and New Jersey home can be not only emotional but very expensive. Why live another day in a home that you can no longer afford or just doesn’t suit your lifestyle any longer?
Most people are taught or told that they need to own a home when in reality it’s not for everyone. People usually dig themselves into a hole rather than make profits.
Here are some of the true costs of owning the wrong home in Philadelphia.
Many times buyers fall in love with a property and are unaware of the true costs involved with ownership of this specific home, impulsively buying more house than they can truly afford. Owning the wrong Philadelphia home can bury you in financial debt.
You could end up paying more in interest on loans trying to hold onto the property than you will ever make up in equity over time. If you find yourself in this situation, it may be time to accept your mistake and save yourself from possible bankruptcy or even foreclosure by selling.
If you look at what is going on today the housing market in certain areas is red HOT, which means people are over paying for homes due to demand. This is a bubble waiting to happen.
Another mistake people making is buying a “fixer upper” home and trying to do it yourself even tho you have no experience. NOT a good plan!
Regrettably, even the best of neighborhoods can become less than desirable. Perhaps you have had to change jobs and your commute has become overwhelming. Owning the wrong Philadelphia home in the wrong location can also mean that growth has changed the atmosphere of the area from what you desire.
Other issues could be interrupted sleep because of neighbors. While you can take actions such as filing a police report or even filing a restraining order if problem neighbors come onto your property repeatedly. You may find yourself regretting your home purchase. Should you find yourself unable to live with the situation any longer, it may be time to sell.
Even tho parts of Philadelphia and New Jersey are redeveloping there are still parts that are not. So you might be in a great home but your surroundings not so nice.
Owning the wrong Philadelphia home could also leave you drowning in repair bills and dealing with the headaches of scheduling repair work. Living in the home during major repairs can be difficult or even impossible, costing you even more in finding temporary housing.
The average repair in Philadelphia and New Jersey is roughly $5000-25,000 depending on the job.
While your home may have been in great condition when you purchased it, things can and do go wrong. If you find your home has started needing repairs more often and they are becoming more and more expensive, it is a good time to sell.
In order to properly care for a home both inside and out, routine maintenance cannot be delayed or serious issues can arise, and end up costing thousands of dollars in damage. Owning the wrong Philadelphia home may mean that the property has simply become too much for you to care for on your own, physically.
For this reason, if you are unable to carry out the tasks required, you’ll have to foot the bill to pay for someone to help you do the work. If you cannot afford to hire help, it may be time to sell your home.
As your needs change over time, owning the wrong Philadelphia home may mean that you find yourself with either too little house, or too much house. When your family grows unexpectedly, it can become stressful to have too many people crammed into a small space. Circumstances can change that may make your home too much for you to easily care for any longer. When a home no longer serves the needs of those living within, this is a red flag that it is time to sell.
Don’t hesitate! At Philly Home Investor we are here to help. With a direct sale to Philly Home Investor, you will have a quick closing date that is guaranteed! If you find yourself burdened with owning the wrong Philadelphia home, it’s time to take action. With a direct sale to Philly Home Investor, concerns over the costs of any repairs can be completely eliminated. Don’t waste your valuable time and money! Philly Home Investor makes it easy to move on with your life! Send us a message or call (215) 322-1648 today.