Why Rhode Island and Massachusetts homeowners are selling their homes

Homeownership might be an incarnation of the American dream, but it is not engraved in a stone! From paying hefty taxes to dealing with regular upkeeps, owning a real estate property is rarely a smooth sail. So if you have been contemplating the notion of selling a house to a cash buyer, then, by all odds, go for it, and here is why!

Homeownership costs are lifelong

Homeownership advocates often argue that renting is more costly than owning a property, but owning a home doesn’t end with an initial payment; it comes with lifelong costs, which are equally expensive. From stamp duty to inheritance taxes and VAT on home improvement, all homes come with mortgage payments, insurance premiums, HOA fees,  and utilities that go into these recurring costs. As a result, you may end up expending more than a renter residing in a similar house. It takes years of homeownership before you earn back everything you have put into the investment. Selling your house to cash buyers in Massachusetts can instantly exempt you from the annual tax bills that fall between 1-2% of the property’s market value.

Upkeeps and overhauls

When it comes to homeownership, there can be unforeseen expenditures. From damaged roofs to faulty HVAC, the longer you live at the property, the more these maintenance costs will rise. Additionally, the 1% rule of the maintenance states that you have to pay 1% of the home value on maintenance per year. From plumbing issues to new roofing, house maintenance can take a toll on your monthly income. Even if you have emergency savings, you should consider whether or not you want that responsibility to linger in your mind. If not, the fast cash home buyers in Rhode land can close in as little as a few days, unlike traditional bank financing.

No diversification

Possessing home ties you down! It’s cumbersome to manage cash flow as a homeowner, making it utterly difficult to invest. For instance, your water heater will not cost you a penny if you live in a rental property, while you have to replace it if you are the one who owns the house. If you only own a single home, you will not be protected from the rapid influx in home prices. This lack of diversification dwindles the portfolio size because the best investment portfolios are invested across various assets. To minimize unpredictable expenses, selling a house to a cash buyer can help you free up more cash to diversify your portfolio.

Unwanted inheritance

When you inherit a property, you also acquire the liabilities that come with it; the onus of paying unpaid tax is on you! Inheriting a home brings on increased legal and financial responsibilities. From continuing to pay any existing mortgage to outrun the risk of foreclosure to unraveling other outstanding debts secured by the home, for example, unpaid contractor bills and second mortgages selling your house to cash buyers in Massachusetts will prompt you to earn extra pennies by liquidating the assets, steering clear of the toll that comes with ownership.

Foreclosure

Falling behind on the mortgage is not only different from not paying your rent, but It can put your house at stake if you are not able to settle up immediately. Missing even a single mortgage payment negatively impacts your credit scores. You will run the risk of foreclosure when 120 days or more are past due, which instigates losing property without any compensation. But guess what? You can still sell a house to a cash buyer,  even if the property is in foreclosure. As splurging and sinking your hard-earned money without a cause seems ironic. It is likely the most daunting and tedious process a family can go through. So save yourself the headache by selling your house fast for cash in Rhode land without expending thousands of dollars on closing costs, appraisal fees, and credit checks.