In past blog posts, we talked quite a bit about some of the pressures that lead people to want a quick property sale.
For example, we’ve gone over all of those thorny issues around landlord-tenant relationships (some of which would make your hair stand on end!). Some of it boils down to the potential for human conflict (which is only human nature), and some to bureaucratic guidelines and rules.
But today, let’s talk about a different kind of pressure that exists on almost any property as it sits on the market.
That’s taxes. Taxes are nothing to overlook, and although they might seem like a detail when you get out that calculator, it’s likely to tell you something else entirely!
The Clock is Ticking
As soon as you get your property ready for resale, that clock starts ticking…
In a conventional real estate process, you put the property on the market, wait for an agent’s counterparty to make an offer, and go through a complex sales process. How long is it going to take? Months?
Ask an agent, and you’ll see they don’t have the answer.
It could be weeks, or it could be months.
But at the same time, you still owe property tax, regardless of what you’re doing with your property!
Property Tax Equations
People tend to think about property taxes as something that’s added to a mortgage payment as a slight adjustment.
However, sit down and do the math. In many school districts nationwide, property taxes are up to one-third or more of your total mortgage costs!
They’re hundreds of dollars per month.
And they have to be paid, regardless if the home is paid off or still using a lender’s escrow for monthly payments. That’s true whether the house is filled – or not. (And by the way, do you know how much empty house home insurance will cost? If not, take a look.)
That means every month, you’re generating a new tax bill. And the lawn has to be mowed. And the insurance has to be paid.
Now, maybe that’s okay if you’re living in the home, and you’re factoring all of this into your cost of living that way.
But when your home’s on the market, you want to get that sale and get that money in your pocket, and stop paying taxes on something that you’re not using.
That’s another one of the pressures that leads people to select a fast home buying process from a reputable firm like ours. Skip the agents, skip the private buyers. Get a cash deal for your house and get on with your life. That’s the value proposition here! And it’s a good one. Let’s talk.