Owning a house you don’t want in Kansas City can hold you back in many ways. Learn how in our latest post!
There are many hidden costs in real estate. A lot of people hold onto property that they don’t really want, only “kind of” want, or properties that are actively causing them distress not realizing how much it is really costing them in total. Between financial concerns, emotional concerns (frustration, anxiety, etc.), and the missed opportunity costs (what else could you do with your equity/money), owning the wrong home is likely setting you back multiple ways that you may have not even considered! A mortgage payment is only one component of the “cost” of homeownership. Here, we discuss 5 common misconceptions people have about owning the wrong property in Kansas City.
You Think It’s Too Hard and That You Won’t Locate a Buyer
Even when people realizer that they no longer wish to hold onto their property, many people continue to hold onto their property as they think, “Who would even want to buy this place?”. In almost every case, there is a local investor that would be willing or even specializes in your particular neighborhood or property, that would be willing to buy it. As they say, one man’s trash is another man’s treasure. Don’t assume you won’t get a great price for the property until you put yourself out there. If you don’t try you’ll never know. And if you don’t ask, the answer is always no. You can start with a free, no-obligation offer from Green Sparrow Properties!
You Won’t Be Able To Get A Great Price
Due to the negative emotions, you may have associated with the property, you may assume that other people will not enjoy owning the home. Or you may have convinced yourself that you won’t get a good price just because the house isn’t the prettiest on the block. This, however, is not the case. We are all our own worst critics, and only you are aware of all of the little things that bother you.
When I purchased my first home, I finished the basement by hand. I’m not a professional contractor and could tell you in 1 minute all of the things that were done wrong or that I wish came out better. In the end, I ended up passing all of my inspections with the city on the first try and even sold the property for full market value!
Many buyers won’t notice the exact things that you don’t like. When you find the right buyer for your home, they won’t try to nickel and dime you. Professional home buyers such as Green Sparrow Properties will ALWAYS pay you a fair price no matter the condition of the property or the situation you are in. Because we are in the business of renovating homes, we are actually looking for homes that need “a little love” and are grateful for the opportunity to put our mark on a property.
One Day They’ll Fix It
Many people hold on to property thinking that they will fix it up eventually, but they never do. Instead, the basement will sit half-finished for another 5 years, the kitchen will remain dark and cramped, and the needed repairs will go undone. I have spoken to many homeowners that have told me that they will sell for x price, but if we don’t purchase the home then they will do y and z repairs and sell it for full retail. However, they haven’t done these repairs in the last decade and it is unlikely that they will in the next month or so. Unless you have a solid plan in place, you are likely not going to fix the property, or you already would have. If you are solely holding onto a property for what it may be one day, you might want to find a house that is already what you are looking for in a home. This can be a tough pill to swallow, but as sellers of anything, we need to be honest with ourselves about what the product is today, and not what it could be one day in the future.
The Value Will Go Up
While real estate does tend to go up in value, it doesn’t always. 2008 was a great example of that wherein the values of homes fell dramatically very suddenly. Many people assumed that real estate always goes up and over-leveraged themselves personally to buy more property than they could afford. When the markets are unstable, homeowners must be aware that there is potential for their property value to drop dramatically at any time. Owning a property that costs you money to own (all property does) and hoping that the market will make that a financially rewarding decision is known as speculation or gambling. There isn’t anything worse than owning the wrong property, hoping the value will rise, only to find yourself with a property that is worth less than when you bought it. If you feel trapped by owning the wrong house, the time to sell it is now!
They’ll Get Used To It
Sometimes you can adjust to the quirks of a certain house, but more often than not those things simply drive you slowly crazy.
It isn’t the mountains ahead to climb that wear you out; it’s the pebble in your shoes.Mohammed Ali
Frankly, that’s no way to live. Stressing about your property constantly, paying for repairs, and dealing with problem after problem daily isn’t fun for anybody. Even if you could get used to a certain amount of stress by owning the home, do you even want to? You don’t have to settle for having these problems in your life. You can get cash for your unwanted property, and move on to a house or other investment that makes more sense for your current situation.
If you own a house you aren’t in love with, or worse that is causing dark clouds to appear in your life, realize that you don’t have to settle and just accept this. You have options and don’t need to be in one property forever!