Are you holding on to a property in Moraga, California and you aren’t exactly sure why? Every day that you continue to own the property, you are spending money on it. Before you hold on to it for another day, consider the below points. It might be time to think about selling your Moraga, California home! How much does holding a property cost in Moraga, California? Keep reading to find out!
Ask any property flipper and they will tell you this: the faster you make the flip, the more money you will make. Plain and simple, owning real estate costs money. And if you are holding on to the property for sentimental reasons or because you “might” use it one day, you are only throwing your money away. The property you own should be working for you NOW. It can be your primary residence, providing a monthly income, or be used for recreational purposes. If your Moraga, California house isn’t doing one these things, it might be time you consider selling it!
Costs of Holding A Property In Moraga, California
Property taxes can be high With recent changes to the tax code, they are no longer deductible either. As long as you are listed as the owner of the home, you will be responsible for the taxes on it. By selling your house in a timely manner, you can immediately end your tax obligation for the home.
Monthly utilities add up quickly. If you were to add up the amount you’ve spent on electricity, water, gas, tv, and internet you might be surprised at how high that number is. Even if you aren’t residing in the home while selling it, you will still need to keep the lights and the water on for the people who come to see your house. If your house is older and less energy efficient, you are likely to have utility bills significantly higher than what you would find in a new home.
Maintenance & Repairs
A good rule of thumb for maintenance costs is the one percent rule. This rule states that you should plan to spend about one percent of your purchase price on maintenance each year. For example, if your house was purchased for $250,000, you should plan to spend about $2,500 on home maintenance each year. Of course, these numbers can vary widely, but many investors use this formula to estimate costs.
The premium for a homeowners insurance policy will vary based on the house and its location. You can expect to pay over $1000 annually for an average Moraga, California home.
It can be difficult to come up with a mortgage payment each and every month for a property you don’t want to own. The average mortgage payment nationwide is well over $1000 each month. Some people are struggling to pay thousands of dollars each month when in reality they would be much better off selling the property.
What else could you be doing with the money you have tied up in the house? You could very well be missing out on a better home or investment opportunity. Look around at what else is out there and decide if you are truly happy with your current situation. If your property isn’t doing anything for you, it might be time to find something new!
As you can see, selling your home now as opposed to later can help you keep more money in your pocket. For every day you continue to own it, you will also continue having to be financially responsible for it. The bills and maintenance costs add up quickly. Run the numbers for yourself and make the decision that makes the most sense for you!
Are you holding onto a property you aren’t using? We can help! Send us a message or give us a call today! (925) 852-8261
Here are some interesting facts about Moraga, California
Moraga, California, in Contra Costa county, is 6 miles SW of Walnut Creek, California (center to center) and 8 miles E of Oakland, California. The town is included in the Oakland metropolitan area.
The name Moraga was given by explorer Joaquin Moraga, who was granted the land by the Mexican government in the year 1835. The line of the Sacramento Northern Railroad ran through Moraga in the first half of the 20th century. Moraga built its first post office in the year 1955. “Rancho Laguna” become popular as the name of a controversial proposed housing development in Moraga. The house stands next to the Moraga fire department. It serves as a display for elementary school tours to demonstrate how to prevent a fire. The Moraga fire department began as a volunteer service in the city.
Moraga and Nearby Attractions
- Orinda Parks & Recreation.
- Lafayette Reservoir Recreation.
- Lafayette Community Park.
- Hacienda De Las Flores.
- Larry Evans Fine Art.
- Rancho Laguna Park.
Things To Do In Moraga
Moraga has many parks and recreational facilities which are great for relaxation. The city also has good restaurants which serve a wide assortment of culinary delights ranging from traditional to continental delicacies. The reservoir area of the city makes for a wonderful place to walk during leisure time.
The nearest major airport that serves the city is Metropolitan Oakland International.
Moraga Higher Education
Merritt College serves the city of Moraga.