Have you always thought that homeownership was the path to financial security? While there are upsides to homeownership, it can come with its downsides. Life has a way of sometimes turning a good thing into a potential burden, especially when life circumstances change. We will explore these five ways to know your house in New Jersey is more trouble than it’s worth, and if it may be time to consider alternative options.
1.) Rising Taxes and Fees
There are two sure things that we can count on in this life. The first is that life does not last forever, and second, that we will always have to pay taxes. Unfortunately, taxes don’t seem to be decreasing either. Property taxes can rise dramatically depending on the market and the township’s local tax reassessments. These increasing taxes can make it more difficult to meet your monthly financial obligations especially when money is already tight. Another expense that may be unplanned is tax assessments or homeowners association (HOA) fees for special projects, which can be extremely costly. 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 New Jersey is likely becoming a problem child.
2.) Unexpected Repair Costs
As a home begins to age, the progression of repairs increases in both frequency and expense. Between the effects of time and wear and tear, major systems and appliances begin to wear out. This is simply the circle of life, which holds true for houses just like it does for people. This does not even include unexpected damage that can be caused by any number of things such as bad storms, cold winters, or even your kids. We recently spoke with a seller who within just a short period of time had to replace not only her heating system but also her entire sewer line leading into the house. Apparently, the roots did enough damage that the entire length of the pipe had to be replaced which cost her $20,000. We felt terrible for her, and this unfortunately is the negative side of homeownership. Depending on the age and condition of the major structural elements, you could be facing thousands of dollars worth of repairs. If you are facing a lot of needed upgrades and repairs, your house in New Jersey sounds like it could be on the verge of being a problem child.
3.) Maintenance
Maintaining a home can become extremely burdensome, especially as we all get older and less mobile. 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. By not addressing routine maintenance right away can actually cause thousands of dollars in damage to your home, or worse. For example, even little tasks such as not changing your furnace filter can shorten the lifespan of your entire unit on top of voiding any warranties. Another example is leaving overgrown tree branches unattended. If a windy storm hits and falls on your neighbor’s house or your neighbor themselves (and hopefully you weren’t hoping for this to happen), you could be facing legal fees and penalties.
4.) Downsizing or Upsizing
If your home simply isn’t working for your current needs, such as either not enough space and feeling cramped or the house is too big and it’s become hard to maintain, the house may be more of a stress than its worth. As time passes and families grow, they may find that the house that use to work perfectly has become way 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 either downsize or upsize to your existing needs.
5.) Renting Difficulties
If you have the financial and mental wherewithal, turning your home into a rental could create a dependable source of monthly income. However, if your home is not in an area in New Jersey where there are strong rent prices to cover the costs or demand for rentals, it may be difficult to not only find good tenants but also not financially worth doing. This is the case in many NJ towns due to their high taxes which makes it difficult to earn a positive cash flow on a monthly basis. Should you find yourself in this situation, your house in New Jersey may be more trouble than it’s worth.
Would you like to avoid paying for these and other expensive costs homeowners face when their homes in New Jersey no longer suit their lifestyle? You can avoid these and many more unexpected costs by selling directly to Halo Homebuyers! Please give us a call today at (908) 547-0404 to discuss these and other reasons why your house in New Jersey may just be more trouble than it may be worth. To learn more about how to end your burdens of an unwanted property, send us a message or give us a call today! (908) 547-0404
