First, we’re so sorry for your loss. This can be a very challenging time for many reasons, and dealing with property ownership is tough at the best of times.
You’re thinking, “I inherited a house, what to do with this house? Should I rent it? Should I sell it? How should I sell it?”.
There are so many options available to you, but…
… we can assist you.
We’re experienced [market city] real estate investors looking to purchase several houses per month in the [market city] [market state] area. Every month, we get calls from those who have inherited a house and are looking to sell the house… so here are some pointers to help you through the process.
I Inherited A House, What To Do Next?
Here’s a few important considerations to help you make the right decision:
1) Make sure the mortgage is paid.
This may sound obvious, but if the person who left you a property also had a mortgage (unless it was free and clear, which is great!), you have to pay it you are responsible for paying it (assuming you want to keep the property). Certain banks will allow you to take the loan, while others require you to refinance. Renting may not be an option if you do not qualify for a new loan.
2) The investment is only as good as the manager.
If dealing with brokers, maintenance, tenants, rent collection and all the nuances of property management isn’t the best use of your time, hire a professional to help you or cash out now. Some people who inherit homes choose to keep the property and rent it out to supplement their income. That is, without a doubt, an excellent strategy. You need to be prepared to manage the property and the associated headaches.
3) Property ownership costs money.
It’s rare to come across a perfectly maintained building. The majority of inherited homes require significant renovations.
Consider hiring a professional property inspector to provide you with a detailed list of what you’ll need to do in the next five years, as well as an estimate of the costs. Surprises are highly costly.
4) Selling a property for top dollar costs money.
If you don’t want to deal with making repairs, updating kitchens, improving landscaping and overall cleanup, don’t worry. We buy Raleigh houses for cash, as-is.
5) If the market will continue to grow faster than your other options, hang on to the investment.
We can assist you in determining the current value of your property in comparison to the long-term benefits of renting. If you can use the equity in your home in a way that outperforms the real estate market’s performance, you should. If you have nothing better to do with your money and the neighborhood is rising in value, hang on – real estate can be an excellent investment if you understand how to read the market correctly.
6) Uncle Sam wants a piece of the action.
Remember to seek advice from tax and legal professionals before taking any action. Property and income tax implications are significant, and they will have a substantial impact on the cost of owning your investment.
7) Consider all your options.
In some cases, we may be able to assist you in structuring a lease-option agreement that enables you to rent and sell simultaneously, allowing you to benefit from the best of both worlds. These kinds of deals can be complicated, but our Raleigh investment experience can help you win.
8) Compare a few scenarios.
We’ll assist you in determining the value of any property near Raleigh – 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).