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4 Hidden Expenses Of Owning The Wrong House In Hampton

Imagine you bought a house in Hampton. You probably did some research and, of course you saw the house and the neighborhood before you made the purchase. At the time, you made a decision given the information you had available to you, based on your finances, circumstances and plans. It’s possible you made the perfect choice back then. It was the perfect house, the perfect neighborhood and the perfect size, or so you thought. Sometimes, things change. Moreover, our priorities change, or there may have been some new factors or you found out  hidden expenses of owning the wrong house in Hampton.

“Neighborhood” Issues – it’s more expensive

When you bought the house inHampton, you probably looked at the neighborhood and said to yourself – “this is good for me” as you saw the other houses and the people there. Let’s face it, the “level” of the neighborhood may have been a little above what your income is and you may find out later that the nearby stores are actually more luxury ones and the more affordable ones, which you may be used to shopping from before, may be a little further away, so the nicer new neighborhood is pushing you to spend more than before – that’s a hidden expense!

Utility Availability for Your House

If you new house in Hampton uses well water, you may need to reconsider the cost of ownership. Maybe you had city utilities at your old place. Maybe you think you are fine for now, int he new house with well water, but in some cases the tax bill may bubble up to over 20k over the next several yrs if the city is planning an expansion on utilities. Also, a well system that is private to you may cost you 20-30k to replace if it’s getting older. These are very high hidden expenses you may not have researched enough before you bought the house.

House Doesn’t Fit Your Budget

Do you feel your new house in Hampton is becoming more of a burden because it is a little too nice (=too expensive) to maintain? Maybe the house is so big that you may need to pay a professional cleaner each month to do the cleaning for you, because it would take you a whole day or two to do it yourself? Maybe the house utility bills a much higher that what you imagine they would be? Or the home owner’s insurance is two-or three times higher than your old one and you did not figure this cost into your budget properly? Talk about hidden expenses… we know, sometimes it’s real hard to think of everything upfront.

Structural or Other Major Issues

When you bought your house in Hampton you may have budgeted some repairs expenses annually, but we are sure you did not foresee a 205k repair bill for the foundation. Or a 20-30k bill for a new roof? What about some unexpected water leaks? Most water leak damages in houses are caused by faulty toilets or tubs, especially on the 2nd floor of a house. Such repairs, even though some will be covered by insurance, can easily run into the tens of thousands of dollars, and guess what, the insurance company is not keen in covering everything. Their job is to cover as little as possible, as it is with any car insurance too. Also, if you make claims on HO insurance, guess what, your annual premiums will increase each year, faster than with people who have never made a claim The insurance costs can get prohibitive sometimes…

How to Escape the Wrong house in Hampton?

Hampton and Virginia in general have plenty of cash buyers like us for houses in any shape (as-is buyers). These buyers are a truly a great option to get out of your wrong house as soon as you like, but you need to prepare yourself to accept less than retail price. They will save you a lot of time and hassle by taking the house off your hands.  If now isn’t the right time to ditch the wrong house, perhaps renting a room/the house out might be a good idea and sell when the market is best. But beware, many people who wait for the “perfect time to sell” usually come up short. It’s like a lottery game. Do you really want to try to beat the house market, just like you may have tried (and likely failed) to beat the stock market?

Give Coastal Edge Homebuyers a call at (757) 414-7117 or send us a message to discuss these and other hidden expenses of owning the wrong house in Hampton!

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