An unneeded property sort of sounds like an oxymoron, doesn’t it? What happens if you inherit a cumbersome property and your family is established and living in your own house or maybe you just don’t have the resources for a second property. This is when the phrase “unneeded property” comes into play.
There are many factors to consider when deciding whether to hang on to a property. Expenses are surely the first thing that come to mind. While owning property is typically looked at as an investment for the future; there are times when you need to be able to objectively look at the situation and make the decision that a piece of property just is not worth it. Property taxes will need to be kept up with, as well as home owners’ insurance.
These two items alone have the potential to set you back quite a bit.
Hopefully the property was well maintained and does not need any repairs or renovations done up front, in which case this too would be an added expense. On top of these couple of items, there are smaller expenses to consider such as utilities and incidentals. For many families, these items are difficult to keep up on with one home, when you add a second inherited property, the prospect of paying bills for two homes could be daunting.
After looking at the expenses of hanging on to a property you don’t necessarily need, the next thing to consider is just what you will do with this property. Letting it sit vacant is quite obviously a big money waster.
You’re putting all this money into the home, yet it sits without occupants? Seems like an unreasonable use of your money and efforts. So, you find someone to live there. If your tenant is a stranger off the street, you have the worry of “who is this person I have living in the property I am responsible for”. For many people, that is enough to scare off a homeowner from renting out a property. It is important to keep in mind how the situation will sit on your thoughts daily. While a property is indeed an investment and a potential money maker, if you’re stressing out every second of every day because you don’t know what’s going on inside, then it’s just not worth it.
The final thing you should really consider when deciding if you want to hold on to an inherited or unneeded property is the toll it will take on you physically, emotionally and financially. As mentioned above with worrying about tenants inside your property, this worry can really weigh on your mind, making the “investment property” just not worth the investment. While it’s never healthy to live in a state of worry, you do need to consider the possibilities. Are you capable of doing the lawn care, snow removal and manual labor yourself? Can you afford to pay for it to get done? Can you afford to pay the bills for the second property?
If these are the types of questions you cannot confidently and comfortably answer, then maybe letting go of the property is the way to go. Valley Residential Group LLC strives itself on being the go to investors for an easy and quick sale of your home. So, if the hassles of owning or selling an unneeded property are just too much for you or your family, please call us at 860-589-4663.