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Why Should I Sell My House?
Are you on the fence about whether or not you should sell your home? That’s totally understandable. Selling a property is a major decision, and depending on how you go about it, the process can be expensive, time consuming, and stressful. But there are several circumstances in which choosing to sell your house is likely in your best interest. Read on to find out what they are.
Your House Needs Major Repairs You Can’t Afford or Don’t Want to Undertake
If you’ve neglected routine home maintenance for years, or your house was recently damaged by severe weather or a sudden, unexpected disaster,it may need a few expensive repairs. Depending on what needs to be done, you could end up shelling out several thousand dollars to address the damage.
If you’re not willing to invest in the repairs, or you don’t have the funds to do so, selling may be in your best interest. Putting off major repairs you should really tend to now will only cause the damage to grow worse.
Ultimately, the value of your home will decrease, and eventually, you’ll have no choice but to get the work done or risk a hazardous living situation. When you finally do tend to the repairs, they’ll be far more expensive as there’ll be more damage to address.
You’re Struggling to Keep Up With Your Mortgage
If you’re behind on your mortgage, and you don’t think you’ll be able to catch up, it’s probably in your best interest to sell your house. After 90 days of missed payments, your lending institution will issue a notice of default and hand the loan over to their foreclosure department.
If you don’t act, the bank will foreclose on your house, and you’ll end up losing it. While losing your home is bad enough, foreclosure will also drop your credit score by up to 100 points. It can take a long time to recover from that, and you’ll likely have trouble securing another mortgage for quite some time.
You Own a Rental Property and Have Bad Tenants
If you own a rental home and are tired of making constant repairs or dealing with bad tenants, selling your house may be your best option. As a landlord, you’ve likely invested a considerable amount of money into property upkeep, and if you’re not keen on investing more, the best way to avoid that is to sell the house.
Furthermore, you can’t guarantee you’ll find better tenants if you retain the property and evict the current renters. Even with background checks and financial vetting, you could end up with more bad tenants who make your life a living nightmare.
You Don’t Want to Live In or Rent Out a Property You Inherited
If you’ve inherited a home that needs a lot of work, you may not be willing to invest in repairs and renovations. Or if you inherited a home that’s in excellent condition, but you have no desire to live in it or rent it out, there’s really no point in owning the property and letting it sit vacant.
While inheriting a house might sound like a blessing, in some cases, it’s really more of a hassle than a gift. If your inherited home falls into the latter category, selling it is probably in your best interest.
You’re Looking to Pay Off Debt
Do you have a mountain of debt keeping you up at night? Selling your house can help you pay down a substantial portion (if not all) of what you owe. Yes, selling your house to pay down debt might seem a little dramatic at first thought, but when you really think about it, it’s a smart choice.
Carrying a lot of debt has a negative effect on your credit score, not to mention your wallet. You’ve likely accrued plenty of interest on the debt you still owe, and if you continue chipping away at it slowly, you’ll only accumulate more. Paying off a huge chunk of that debt now will dramatically decrease the amount of interest you’ll pay over time and seriously reduce financial stress.
Bonus: With a lower debt-to-income ratio, you’ll have a better chance at qualifying for another mortgage in the future.
Need to Sell Your House Fast? We Buy Killeen Houses Can Help
If you’re looking to sell your house in record time, get in touch with our team at We Buy Killeen Houses! We buy houses for cash, and we’re ready to purchase your home no matter what kind of condition it’s currently in. To find out what we can offer you for your Killeen area home, give us a call today at 254-332-1881 or request a cash offer, and we’ll be in touch!
