We are sincerely sorry for your lost and we understand that this can be a tough time for so many reasons. Dealing with property ownership is daunting at this point of time.
I Inherited A House, What To Do Next?
You may be thinking, “I inherited a house, what to do with this house?“, “Should I Rent or Sell it?” or “How do I sell it?”.
There are numbers of options available for you but… we can actually help!
We’re seasoned investors and we buy houses nationwide. We’re specifically looking to buy several houses each month all aroung the US. We receive a handful of calls from people who inherited a house and are looking to get rid of the house. Keep on reading to get tips to help you navigate the process…
I Inherited A House, What To Do Next? | Should I Rent or Sell it?
Here are some important details that you shouldn’t forget and this will help you make the right decision:
1) Make sure the mortgage is paid.
It may sound too obvious, but if the person who left you the property still has a mortgage, you will have to pay for it. That is if you want to keep the property (if it had no mortgage, or if it’s paid off then good for you). Some banks will give you the option to assume the loan, but some may force you to have a new loan, refinance it. If you don’t qualify for a new loan, renting may not be an option for you.
2) The investment is only as good as the manager.
If you don’t have time to deal with brokers, maintenance, rent collection, tenants and all of the headache property management brings then you can hire a professional to help you or you can sell your property for cash. Some people who inherit homes decide to keep the house and rent it for extra income. That’s definitely a very good strategy but you have to make sure that you are prepared with all the hassles that can go along with tenants and toilets.
3) Property ownership costs money.
It is not very usual to see a building that has been perfectly maintained. Most inherited houses needs a lot of improvements. You can consider hiring a professional property inspector so that you can get an idea on what you’ll need to do within the next 5 or 10 years. They can also provide an estimated cost of it.
4) Selling a property for top dollar costs money.
If you don’t want to go through the hassle of making repairs, updating kitchens, improving landscaping and overall cleanup, don’t worry. We buy houses nationwide for cash, as-is.
5) If the market will continue to grow faster than your other options, hang on to the investment.
We can give you a quick informationabout the value of your property today versus the long term benefits of renting. If you can think of another way that outspaces the performance of the real estate market, you should go for it. If you don’t have anything better to do with your money then hang on! Real estate can be a great investment you just have to study how to read the market.
6) Uncle Sam wants a piece of the action.
Discuss your inheritance with your legal advisor before taking action. There are major property and income tax consequences that will dramatically impact the cost of owning your investment.
7) Consider all your options.
In some situations we can help you structure a lease-option agreement that allows you to rent and sell at the same time! That’s a very good deal. These kinds of deals can be complicated, but our investment experience can help you win. We can help you win!
8) Compare a few scenarios.
We’ll help you determine prices for any property – if you sold it today without doing any work, the highest price the market will bear, and the projected value of keeping it as a rental (along with the costs).