How do I know if my house in Houston, Texas, is a liability instead of an asset? I’ll tell you how. But before we get into that, we need to make something crystal clear. By drafting this article, I don’t mean in any way, shape or form, that home ownership is a bad thing. As with everything else in life, you can’t avoid dealing with the costs that accompany the benefits.
You might sit pretty and thing all is good, only to realize when time passes by that the circumstances are quickly changing. Okay, enough chitchat. Let’s get into it.
Not Easy To Rent
When I first got my first home, all I could think about is how I can quickly turn my property into a dependable source of income. And after doing some due diligence, I settle on renting it out to interested parties. The income was great. I mean, for the first time in life I felt like I’m about to be financially liberated.
What I didn’t account for was how difficult it can be to be a landlord in Houston, Texas. They say it’s not easy to find a good tenant anywhere but I feel like it’s more difficult in Houston, Texas. they kept on destroying the property and not before long, it started looking like an abandoned property. And, ispo facto, difficult to rent. That’s all the sign I needed to sell.
The Need To Downsize Or Upsize
This is something that I never experienced, but I’ve had friends and family members who have felt the need to move due to a number of reasons. One of them being the need for a bigger or smaller space.
How would that become a problem over time? Well when the kids finally grow up and move out, the house will feel bigger than usual, and empty. That emptiness usually translates into loneliness and nobody wants that. Or maybe you moved in while you were single, and now you have a family. Hence, more space.
Maintenance
Let’s say you’ve suddenly found yourself in a debt situation. And now, the monthly rental income has to cater for that debt instead of the maintenance of my house. Of course, you won’t see the effects of not carrying out routine maintenance in the first couple of months but, with time, nobody will want to call that place home.
Repairs
Time does not discriminate. Everything changes, including my house in Houston, Texas. You’ll quickly realize that the expense and frequency of the progression of repairs will drastically increase, due to wear and tear.
The worst thing that you could ever do to yourself, is put yourself in a position where you could easily go bankrupt or face foreclosure. If you feel like the repairs are making you struggle financially, to a point where you’re sometimes missing a mortgage installment, you need to let it go.
A Cash Investor
Have you just gotten an all-cash offer from a property investment company like We Buy Fast Houston Houses? That offer is all the sing you needed to make up your decision. Sell the property for cash and go get yourself something new. Or invest in a different project. Whatever floats your boat.