Do you have a vacant house you need to sell fast? There are several scenarios in which you might find yourself the owner of a vacant house. Did you inherit the house after the passing of a loved one? Did tenants move out of your rental property leaving it in need of repairs before it can be rented again? Did the property experience serious damage from fire or water requiring major repairs to make it habitable? Or maybe life circumstances caused you to move suddenly and you haven’t figured out what to do with the property yet.
Even if you own the property free and clear (meaning there is no mortgage owed on the property), have you stopped to consider the actual costs and potential costs of letting that property sit vacant?
- Property taxes—Property taxes can vary widely across the US. We find that the more surplus funds a state government has allows them to keep property taxes low. Take Indiana for example, owner-occupied real estate is taxed at 1%, non-owner occupied real estate (rental or vacant properties) is taxed at 2% of the assessed value. If you live in the property, you would be able to file a Homestead exemption to lower that bill, but vacant properties are not eligible for this credit.
- Insurance premiums—Your property is an investment, and you need to protect it. Some insurance companies will not insure (or will charge higher premiums) for a house that is vacant because they view it as a high risk of having an insurance claim.
- Utility costs—it might be tempting to have the utilities turned off since nobody is living there, but in the winter time, it is necessary to keep the house heated to prevent pipes from freezing.
- Yard maintenance (or city issued liens)—If you do not keep up with at least a minimum amount of yard maintenance, not only will you anger the neighbors, you will probably be issued fees by the city. Once you do go to sell the property, don’t be surprised if there are hefty liens that need to be paid to the city before the property can be sold.
- Risk of vandalism—Vacant houses can be very inviting for vandals to scavenge for scrap metal and other treasures. Occasionally squatters may even decide to call your property their new home! Take it from a local Indianapolis real estate investor that has had to deal with this very thing year after year. We know the process of resolving these kinds of issues. Let us relieve you of this burden today.
- Risk of catastrophe—even something that starts off as a minor problem like a small leak can turn into a huge problem if nobody is there to notice and correct it right away.
The costs of holding onto that property can add up quickly, especially if you are still paying a mortgage on top of these expenses. Selling your house quickly to a real estate investor may be a good option to minimize your risks and expenses. Often times homeowners assume that they will get more money by hiring a real estate agent to sell the house on the traditional market. This is sometimes true, however once you subtract the commissions paid to both the buyer and seller agents, closing costs, inspection repair costs and the costs of holding onto the property for several more months, are you really walking away with more money? A real estate investor like Ittenbach Capital will buy the property as-is, often times pay all closing costs and can close as quickly as 2 weeks. Join the thousands of home owners who sold their house the easy way, direct to a real estate investor like Ittenbach Capital. If you need to sell your Indianapolis house fast and are looking for a fair and transparent partner, then you owe it to yourself to give Ittenbach Capital a try. You have nothing to lose and everything to gain. Vacant House Keeping You Up At Night?