Are you really content with your house in Detroit? While there are several upsides to homeownership, as with everything in life there is always a cost to benefits. Over time, things can change meaning that what may have once made your dream home is an asset no longer serves you. We will explore these five tell-tale signs to know if your house in Detroit is more trouble than it’s worth.
Taxes or Fees
Property taxes may rise dramatically, depending on market fluctuations and could outpace any increase in your income over the same time period. Another expense that may be unplanned is tax assessments , which can be very expensive. 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 Detroit is likely more trouble financially than it is worth.
As homes age, the progression of repairs usually increases in both frequency and expense. Eventually between the effects of time and wear and tear, major systems and appliances wear out. Depending on the age and condition of the major structural elements, you could be facing thousands in structural or foundation issues, or even plumbing or roofing repairs. At the same time, the decor of the home usually needs at minimum a touch up, if not a complete updating. You may even need to consider major remodeling. If you are facing a great deal of upgrades and repairs, your house in Detroit is probably simply more trouble than it’s worth.
Maintaining a home can become extremely burdensome, especially if your circumstances change. 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. Allowing routine maintenance to be delayed for prolonged periods can mean thousands of dollars in damage to your home, or worse. Should an issue such as an overgrown tree cause damage from falling limbs, you could be facing legal fees and penalties as well. Depending on the size of your property, hiring help could be quite costly as well, meaning your house in Detroit is more trouble than it’s worth.
Downsizing or Upsizing
If your home isn’t working for your current needs, your house in Detroit is more trouble than it’s worth. As time passes and families grow, they often find the house that worked perfectly when it was purchased has become much 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 move on.
Hard to Rent
If you can afford to hold the property, turning it into an investment property as a rental, your home could become a dependable source of monthly income. However, if your home is not in what is considered to be a good location in Detroit, which would be desirable to renters, it may be difficult if not impossible to find good tenants. Should you find yourself in this situation, your house in Detroit is more trouble than it’s worth.
Feel free to give us a call today at (313)647-8806 to discuss why your house in Detroit may not be worth the trouble.