There’s no doubt about it – real estate is a great investment. There is huge money-making potential when you own real estate. But…
How Do You Know if You’ve Held a Property Too Long?
1. You’re Waiting for Peak Market To Come Back
Best to realize now rather than later – the real estate bubble of 2004-2005 is NOT going to happen again anytime soon. If you’re holding out, hoping that the market will bounce back, it’s probably not the best idea.
Chances are you’ll wait for a few years to see the market correct itself and go back to where it was when you bought the property.
2. You Inherited It From Family
This reason is usually based on emotion rather than financial gain. Of course, it’s not easy to let go and sell a property that you inherited from a close family member. Families end up holding onto an inherited home even if the annual taxes or homeowner’s association fees are a little outside their budget.
However, if you never plan to sell, renovate, or rent the property out, you need to let it go. This is especially true if you inherited a property and it’s not even in the same state as your family!
3. You Plan To Build
This excuse feels more logical and ends up trapping a lot of homeowners in Miami. Maybe they love the neighborhood, and the local school is perfect for their children, but there’s a problem the property needs renovating, or it needs an extension or some other type of building work.
It’s easy to get lost in the dream of planning to renovate your perfect home and never actually do so. All the while, you’re paying taxes and maybe even homeowner’s association fees, thinking, “I’ll get round to it one day.” But you never actually do.
4. You Want More Money
Another very common reason why people delay selling their home in Miami, Florida is because they want more than what the property is realistically worth.
Years of living in the house and calling it home have led to an inflated idea of how much anyone would be willing to pay. And for this reason, you hang onto a property you don’t really need because you’re not willing to settle for anything less than ABOVE top dollar.
5. You Have Fond Memories
An emotional attachment and fond childhood memories of a property can cause families to delay selling even though it’s time they moved on. Maybe you can remember your grandmother coming over and making pumpkin pies for Thanksgiving, or maybe it’s the first house you bought together as a married couple.
Either way, these are all powerful feelings to ignore and understandable reasons why people hold onto a property for too long in Miami, Florida.