You just inherited a house….now what? At a time when emotions are running high, it can feel overwhelming! We appreciate this fact and are here to help. Let’s walk through your options together.
One of the first things that most people wrestle with is what to do with the house? Should you sell it? Should you rent it? Maybe you’ve even considered living in it yourself.
Check That the Mortgage Is Current
This is very important. Don’t assume that the mortgage has been paid. Often when people are dealing with serious illnesses, they ignore the little things in their lives. While paying a mortgage, or any bill for that matter, might not seem “little” to you or me, it might not matter to someone with a terminal illness. The mortgage could be in arrears or even facing foreclosure.
Should You Keep the Home as a Rental?
There are many reasons why the new owner of an inherited property might want to keep the house and rent it. Of course there is the emotional tug of might have been the family home. It’s only natural to want to ease into the loss of the house as you grieve. Keeping the house for a period of time can help with this.
But should you keep the home and rent it?
Any kind of rental property requires work. Are you prepared to do this? Managing a property includes finding tenants, collecting rents, handling repairs and dealing with all the little demands of property management. Do you have time for that?
Keeping the Home as a Second Home
This is an interesting idea. If the home has served as a retirement home for the deceased, it’s possible that it’s located in an area that you would enjoy as a vacation location. For instance wouldn’t it be fun to visit that condo in sunny Florida?
If you’re considering a vacation or second home as an option, there are costs there as well. Even if the home has no mortgage, you will have property taxes, utilities and perhaps homeowner’s association dues. Of course having a property of any kind involves routine maintenance and planned/unplanned repairs.
Is This the Right Time to Sell the Property?
The first step is to get a comprehensive market analysis of the property. A real estate agent can do this for you. With something as important an imminent real estate sale, do not rely on the guesstimates on the Internet. There are many aspects of the market that go into a professional market analysis. You can expect to see data on actives, pending and closed sales. The report will also talk about the trend of the market; are prices going up or down.
Preparing the Property to Sell
If you’ve decide to sell the property, now it’s time to consider what needs to be done to the house to ready it for sale. Of course the concept of “curb appeal” is widely known, but an inherited property could need much more than a few fresh flowers in the front yard.
As previously discussed, there could be deferred maintenance and repairs that need addressing. More than this, to get top dollar in the sales price, the home might need updating. The longer the deceased owned the home, the more updating that might be needed. The pretty flowered print wall paper in the bedroom just won’t appeal to the average, modern buyer.
Losing a loved one is an emotional time for everyone. Inheriting their property can add to the burden. We are here to help you get answers to your questions. We can prepare a fair market value offer for you and close for cash within 7 days. If selling is the right decision, avoid the time, money and emotional stress of trying to sell the traditional way. We make the transaction easy to understand and fast.