One of the most difficult things you’ll ever have to go through is losing a loved one. On top of dealing with the grief from your loss, you’ll often have to deal with things like planning the funeral and divvying up their estate. Sometimes, you end up with a few surprises in this process, like inheriting that loved one’s home.
What options do you have when you end up inheriting a home from a loved one that you don’t want? We can help you navigate this difficult decision. Read on to learn all about your options for selling inherited property.
Sleep on It
Dealing with the loss of a loved one can make you want to push away everything that could possibly remind you of them and the pain you are feeling. It’s important, however, to set this feeling aside and take some time to think about your options before making any decisions.
American states know that people are prone to act in a rash manner when they are upset, so many of them have put laws into place that establish a waiting period before inherited property can be sold. First, you must determine whether the estate needs to go through probate. If your state has a waiting period, then you must wait for that to end before you can deal with the property.
Waiting periods are typically 90 days, but you should speak with an attorney to find out how long it may be in your state.
Determine the Home’s Value
The next thing you should do before making a decision on what to do with the property is to do a deep dive into the home’s value.
There are a number of factors that go into a home’s value, many of which may be outside of your control. Major factors include the age of the home, the condition of the home, and the size of the home. These are combined with the state of the real estate market in the area in which the home is situated.
If the home is in an area that has a high demand for housing, then you will probably get more for it. If the home is in a slower real estate market, you might have to put more work into it to get it to sell or pursue other options.
Knowing the relative value of the home will help you make an informed decision about which way to go.
Rent Out Your Inherited Property
You might not want to live in your inherited property, but that doesn’t mean that you have to completely rid yourself of it. If your property is in an area that has a solid rental housing market, it might be a good option to keep it and rent it out.
Renting out your property, particularly if there’s nothing left to pay on the mortgage, can help you boost your monthly income and it will allow you to keep the home in your family. If you aren’t up to the task of being a landlord, but you’re interested in keeping it, then you should consider hiring a property management company to manage your property on your behalf.
Flip the House
You’ve crunched the numbers and you know that you need to sell the house. Unfortunately, the house is dated, but it’s still in pretty decent shape. It’s also in a buyer’s market.
What do you do?
Consider flipping the house. Even minor cosmetic upgrades can boost your inherited property’s appeal and draw more attention to the home. If you completely overhaul the house and modernize it, you’ll find that you can make a tidy little profit.
When you’re flipping, remember to keep the value of other houses in the neighborhood in mind. It’s difficult to sell a house for $300,000 when the rest of the homes in the neighborhood are only worth $150,000.
Put It Straight on the Market
If the house is in good shape, or if you don’t have the time or ability to work on it, then your next option is to sell it on the real estate market via a realtor.
This is a good option for people who have inherited property in high demand areas like big cities. One caveat, of course, is that if you sell via a realtor, you’ll have to pay the realtor at the end of the deal. You might also have to make certain changes or updates to the house in order for the deal to move through escrow.
Depending on the state of the real estate market, it can take some time for a house to sell. If you have the time and patience, then this is a great way to maximize the amount of money you receive from the property.
Sell to an Investor
Do you need to sell your house fast?
Real estate investors are always looking for homes that they can purchase below market value. The great thing about selling to an investor is that you really don’t have to put any work into the home. Some won’t even make you clear out the home.
It’s a relatively stress-free way of unloading your unwanted inheritance. You’ll also see the money faster than you would with a traditional real estate deal.
Are You Ready to Part with Your Inherited Property?
If there’s anything you should take away from this, it’s that you shouldn’t rush to get rid of inherited property after a loss. Take some time to explore your options and make the best decision for you and your financial situation. Once you’ve made a decision, be sure to reach out to well-regarded professionals to help you with the next steps.
Are you looking for more fantastic content about real estate and being a homeowner? Look no further! Check out the rest of our blog for everything you need to know to make informed decisions about your home.
