Inheriting a home can be both a blessing and a curse. Whether it’s because you lost a loved one, or it was given to you, it may feel emotionally draining. Whether the home was taken care of or not, there is going to be a lot of work that needs to be done to get this house sold and off your hands. Checking the value of the inherited home is the most important thing to start with.
It may be a beneficiary inheritance and you may be looking forward to the big break from the sale. Or if this was an unexpected inheritance it can be a big financial burden for you. There are many different ways of getting money out of an inherited home. Some experts believe that selling the home is the best option, but there are always pros and cons. If you are unsure of what approach to take, consider these four things.
1. Moving into the Inherited House
The first thing to consider would be, should I move into this home? Of course that sounds like a great option. But with that being said, this entirely depends on your current living and financial situation. If you are currently living in a home you need to ask yourself a few questions.
- Do I like the home I inherited?
- Does the home have the necessities that meet my family’s needs?
- Can I sell my current home without losing money?
- Can I make the payment on this inherited home?
- Is the location good?
- Can I afford maintenance expenses and property taxes?
Often those who move into an inherited home get into situations where they are in over their head and it becomes something that they cannot afford. If everything adds up and makes sense then you probably can consider this a blessing and enjoy the home where many memories were made and start making new ones.
2. Keeping the Home and Renting the Property Out
Having a rental property can be a great investment. A home being paid by someone else, and making extra income? Sounds great, right? Yes, however, there are some questions to ask yourself, and you should check out these things before considering renting.
- How much work will it take to get the house in proper condition?
- Are the payments higher than the market rental rate?
- Can I profit off of this home?
- Do I want to become a landlord?
- Do I want to deal with renters?
Renting out a home is a great way to profit off of an inherited home, especially if you aren’t ready to let go of it yet.
3. Selling the Home
Selling an inherited house is the most common thing that people choose to do. If you are unsure of how to get started with this process, look at what the homes around you are selling for on the market. Then look at the condition of the home to help determine the price you want to sell it at.
It may be worth looking into hiring a realtor to sell your home for you, especially since it is an inherited home and you may not know as much about it. They can help you get an accurate price, and give you tips on how to stage or fix up the home for a fast sale. However, there are a couple of downfalls to hiring a realtor. You have to pay them 6% of the selling price, and you may have some repairs to make.
4. Selling to a Cash Buyer
A cash buyer is a great option if you inherited a house that is in poor condition, or you are too busy to worry about trying to find a buyer.
If the home is in poor condition, Enlight Homebuyers purchases as is. We will give you cash within just seven days. It’s fast, easy, and we will make the process a stress free friendly one.
Inheriting a house may have you feeling in over your head. It can be such a burden trying to figure out what to do with the home. If you inherited a home that isn’t in the best condition, you probably don’t want to find the money to fix the place up.
Let us help you today! Fill the form out below and we will talk with you about a cash buying option. We want to help you feel comfortable in your decision, and help get that home off your hands for a fair price.