The Cost of Keeping Your House in Denver
Homeownership has its perks, but it can put you in a financial bind. There are many expenses and costly repairs that you must pay for when owning and maintaining your property. Let’s take a look at the cost of keeping your home and why you may want to sell your home fast in Denver, Colorado.
While Denver has low property tax rates compared to other areas of the country, these tax rates are drastically increasing. Unfortunately, these aren’t just small inclines either but large spikes ranging from 10% to 40%. This increase varies according to the county and area you live in, so you can expect to pay more in taxes over the next several years.
The cost of homeownership is steep in Colorado. The price of a home is on the rise and Denver is no longer considered an affordable place to call home. Because of these steep prices, many homebuyers do not have the full 20% down payment and mortgage insurance is required. The amount you pay for mortgage insurance can vary depending on the type of loan and the loan amount. This added expense is typically included in your monthly mortgage payments, costing you more money each month.
Home insurance protects your home and belongings against many incidents including storms, water leaks, fires, and more. But it also comes at a high cost. Over the past several years, homeowner insurance costs in Denver have continued to steadily increase. In fact, Colorado is the third fastest rising state for homeownership insurance. Every year, you can expect to pay a little more for home insurance costs, but with no additional coverage
Repairs and Maintenance
On top of all your regular fees and expenses for owning a home, you also must care for it and maintain it. While the amount you spend on your home will vary depending on your home and its current condition, you can expect to spend at least 1% of your home’s purchase price. This means for a $300,000 home, you should be prepared to spend at least $3,000 each year just on maintenance and repair costs. A tight financial situation, job transfer, and divorce are just a few reasons selling your home fast in Denver is a top priority. You can sell your home quickly and receive a fair price, without the hassle, stress, and work that goes into a traditional home sale. This is where companies like HomeGo are a perfect match. We can help you sell your home quickly at a fair price, while avoiding the stress and hassle that many other sellers have to go through.