Closing on your house on time and moving in a fair amount of time can save you and the other party a large amount of money. Let’s look at how putting off a significant relocation costs buyers and sellers in Massachusetts or Connecticut to get a clear picture of what’s going on:
Additional Rent or Mortgage Payments
The most obvious disadvantage of waiting a long time to close and move is that both the buyer and the seller are obligated to make rent or mortgage payments on their current residences.
In the case of the seller, they may have already closed on their new home and now have two homes to pay for each month. It should come as no surprise that because the seller is locked in a holding pattern, this quickly adds up to money simply being squandered away.
Some home sales require the buyer to sell their former residence, however this isn’t always the case. As a result, the buyer of the new property may find themselves financially stranded.
Taxes and Insurance
Similar to monthly rent or mortgage payments, buyers and sellers in Massachusetts or Connecticut are stuck paying their existing property taxes, utilities, and insurance premiums.
If a seller isn’t careful, they could find themselves in the unpleasant situation of paying property taxes, utilities, and insurance on two properties at the same time, much like in our earlier scenario. These extra payments are a budget killer and are probably the most common way of losing money if a house sale or buy is delayed, causing the other transaction to go behind.
Every homeowner knows that with property ownership comes the extra burden of constant maintenance.
There may have been difficulties in the home someone was selling that will worsen with time, and failing to address these concerns before they reach a certain point could risk the home’s sale entirely. If a necessary repair has been neglected for a long time and eventually reaches the point of unmistakable failure, you may find yourself paying out of pocket for large expenses that quickly spiral out of control.
The largest worries here would be a home’s foundation, furnace, roof, water heater, electrical wiring, and plumbing.
Fluctuating Property Values
The final downside to delaying a big move may not apply to your situation and is less of an issue today considering the extremely hot real estate market.
However, leaving a property vacant for a period of time can apply a negative effect on the surrounding properties by reducing their value. Vacant real estate is seen as a major red sign in any area since it causes the home to deteriorate in condition over time, increases the risk of squatters and crime, and does not represent a thriving community.
To ensure both buyers and sellers are kept out of these perilous circumstances, it’s imperative that both parties research and plan ahead for their respective moves.
Set a mutually agreeable closing date from the beginning and adhere to it to keep both the buyer and the seller focused on the immediate goal of completing the transfer of ownership. Make the most of your free time by looking for the finest moving choice that matches your schedule and budget, and enlist the assistance of friends and family if necessary.
Planning ahead with these few steps will make a world of difference in completing your move in a timely and organized manner.
Guidance Through Your Big Move in Massachusetts or Connecticut
If you’re looking to make a big move in Massachusetts or Connecticut, contact our team at 413-455-0008!