Are you truly happy with your house in Philadelphia? While there are several upsides to homeownership, as with everything in life there is always a cost to benefits. Over time, circumstances can change meaning that what may have once made your dream home is an asset no longer serves you.
We will explore these five ways to know your house in Philadelphia is more trouble than it’s worth.
Let’s be honest to know body wants to sell themselves short or sell a property for less but ultimately at the end of the day time is money. And instead of making money or losing a lot of money, it’s sometimes best to just cut losses while you can.
Taxes or Fees
Property taxes may rise dramatically, depending on market fluctuations and could outpace any increase in your income over the same time period. Another expense that may be unplanned is tax assessments or homeowners association (HOA) fees for special projects, which can be extremely expensive.
A friend of ours lives in a building that was making repairs to the garage level and assessed each of the owners. So one day our friends got a nice bill for $24,000 so that the building they lived in could fix the garage level and other improvements.
What if you don’t have that extra $24,000 just laying around? What do you do?
If you find that it is costing you a lot of money just to own your property because of these fees or taxes, your house in Philadelphia is likely more trouble financially than it is worth.
Repairs
As homes age, the progression of repairs usually increases in both frequency and expense. Eventually, between the effects of time and wear and tear, major systems and appliances wear out. Depending on the age and condition of the major structural elements, you could be facing thousands in structural or foundation issues, or even plumbing or roofing repairs.
At the same time, the decor of the home usually needs at minimum a touch-up, if not a complete updating. You may even need to consider major remodeling. If you are facing a lot of upgrades and repairs, your house in Philadelphia is probably much more trouble than it’s worth.
The average repair cost or renovation cost in Philadelphia is around $12,000-40,000 depending on the renovation or upgrade. For example, a total kitchen renovation can be very expensive depending on the cost of the home.
“…great job of under promising and over delivering on everything…”
“David and his team were the only people we actually believed and trusted out of all the people who came and looked at our property. They did a great job of under promising and over delivering on everything they said they would do!”
Maintenance
Maintaining a home can become extremely burdensome, especially if your circumstances change. While you may have had the time or the ability to handle all of the responsibilities of caring for your property when you purchased your home, it may have become impossible physically or financially.
Allowing routine maintenance to be delayed for prolonged periods can mean thousands of dollars in damage to your home, or worse. Should an issue such as an overgrown tree cause damage from falling limbs, you could be facing legal fees and penalties as well.
Depending on the size of your property, hiring help could be quite costly as well, meaning your house in Philadelphia is more trouble than it’s worth.
In some area’s if you don’t care of your property you will get fined. We find that many investors or people who owe vacant lots or land get the most amount of fines and liens from the city. If you keep up with things they will find a way to get money from you.
Have a Property You Need To Sell in PA/NJ?
Downsizing or Upsizing
If your home isn’t working for your current needs, your house in Philadelphia is more trouble than it’s worth. As time passes and families grow, they often find the house that worked perfectly when it was purchased has become much too small.
Later in life, as homeowners begin to focus on retirement years, they often prefer to live in and maintain much less home. In either event, when your home just doesn’t suit you, it’s time to move on.
We will even take the property in “as-is” condition which means exactly that!
Difficult to Rent
If you can afford to hold the property, turning it into an investment property as a rental, your home could become a dependable source of monthly income. However, if your home is not in what is considered to be a good location in Philadelphia, which would be desirable to tenants, it may be difficult if not impossible to find good tenants.
Right now Philadelphia is experiencing high rates of squatters and high rates of people who are unable to pay their rent during the Covid pandemic. Ask yourself do you want to be a landlord right now?
Should you find yourself in this situation, your house in Philadelphia is more trouble than it’s worth.
Would you like to avoid paying for these and other expensive costs homeowners face when their homes in Philadelphia no longer suit their lifestyle? You can avoid these and many more unexpected costs by selling directly to Philly Home Investor!
Please give us a call today at (215) 422-3288 to discuss these and other reasons why your house in Philadelphia may just be more trouble than it may be worth. To learn more about how to end your burdens of unwanted property, send us a message or give us a call today! (215) 422-3288
At the end of the day, there is a reason we have nothing but 5 Star Google Reviews. We make the process of selling a home or property in the Philadelphia region EASY and SIMPLE! And we do it with COMPASSION and CARE.