What To Do With An Inherited House
With an inherited house, comes a whole host of issues and concerns. Losing parents or close relatives can be a very taxing and emotional thing to go through. We’re sorry if you’ve lost someone important to you recently. Besides dealing with your own emotions and feelings, one of the biggest challenges is deciding what to do with the inherited house. Do you sell it? Do you sell your home and move into it? Do you turn it into a rental home?
These are all valid questions, and there are many variables to consider before you dive headfirst into a choice.
What Do I Do With An Inherited House?
This concise list is designed to help you consider all your options, and decide what fits you and your situation best:
1. Find Out What Sort Of Taxes You’re Getting Into
Property, income, and estate taxes are a very real thing, and they can make quite a dent in the cash you could potentially acquire from selling the home. Make sure to consult a professional before making any last-minute decisions. You want to make sure you can get top dollar for your property, especially if you plan on selling it.
2. Is There A Mortgage?
Make sure to check and see if the house still has an ongoing mortgage, or if it’s been paid off. Some people end up taking out a reverse mortgage later in life to make ends meet, and if you plan on renting the property, the bank might have you refinance the property in your name. Check thoroughly and carefully so that you don’t end up missing payments and losing the property! Remember, taking on a second mortgage can be a huge burden. If you want to sell your house quickly, you may just want to pass off the property to someone as it is, and if so, consider selling it to us.
3. The Repairs
This step is a big deal, no matter what sort of home you’re trying to sell. The Elderly often aren’t able to make the repairs a house requires, and all the issues can really stack up. If you’re looking to sell your house fast, make sure to tackle the biggest issues (such as health and safety hazards) before, say, tearing down the hideous floral wallpaper. No matter how nice you make the house look, no one wants to live in or purchase a home with mold issues or an extremely messed up foundation. When you’re ready to tackle cosmetic improvements, the most profitable things to focus on are:
- The kitchen
- Upgraded or “green” appliances
- The front yard (landscaping)
- The bathroom
- Putting neutral colors in all the rooms
If you’ve inherited a home that needs repairs, I can help. I buy houses in as-is condition. You can avoid the hassle of contractors and endless showings by contacting me. I do my best to make this process quick and effortless.
4. Knowing When To Sell
If you’re a patient person, and you know the market is down for buying and selling houses, consider waiting to sell your property. A house that may be worth $300,000 right now, could be worth much much more later on. If you plan to hold on to the home and wait to sell it, consider renting it out for a small period of time so that it’s not sitting around collecting dust. If you can’t wait, consider selling it to me. Sometimes the right time is right now! The more time you hold a property, the more you pay in taxes and utilities each month, and the more time and energy the property takes to repair. Sometimes it’s best to just sell your house now, and spend your time and profit on the things you want to do. Check out this article to avoid debt.
5. Sell Your House To Rich
An inherited house is just one of the many situations I can help you with. I can make the sales process fast and simple for you. I pay all closing costs and no realtor commissions, which leaves more profit for you, and any repairs that need to be done, I’m prepared to handle. I work with great partners that can get your inherited house looking amazing again, and the only thing for you to do is contact me, and schedule an appointment. Making the call gets you one step closer to having that house taking up all your time and energy off of your hands!