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? 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.
Tons of options open for I inherited a house, but… we can help you.
We’re seasoned investors in Montgomery County real estate, and we’re looking to buy several houses each month in the Montgomery County PA area. Every month we get calls from those who have inherited a house and are looking to sell the house… so the info below are some tips to help you navigate the process.
I Inherited A House, What To Do Next?
I inherited a house here’s a few important considerations to help you make the right decision:
1) Make sure the mortgage is paid.
It is essential to note that if you inherit a property that had a mortgage, it is your responsibility to pay it off if you intend to keep the property, unless it was already paid off. If the bank permits, you may assume the loan, but in some cases, you may have to refinance into a new loan. Unfortunately, if you are ineligible for a new loan, renting out the property may not be a viable option for you. Therefore, it is crucial to assess the financial implications and make informed decisions about the property.
2) The investment is only as good as the manager.
If you find that handling the complexities of property management, such as dealing with brokers, maintenance, tenants, and rent collection, is not an optimal use of your time, then consider hiring a professional to assist you, or selling the property. While some individuals who inherit homes opt to keep the property and rent it out for additional income, it is crucial to be ready to handle the responsibilities that come with managing a property, including the potential headaches of dealing with tenants and maintenance issues. Ultimately, carefully weighing the pros and cons of property management and seeking professional help if necessary can help ensure that you make the best decision for your situation.
3) Property ownership costs money.
It’s uncommon to come across a building that has been flawlessly maintained, and this is especially true for inherited homes, which often require significant renovations. To avoid any surprises that may result in costly repairs, it is advisable to enlist the services of a professional property inspector. Such an expert can provide you with a comprehensive report detailing the necessary repairs and upgrades needed within the next five years, as well as estimated costs. By doing this, you can make informed decisions regarding the property and plan for any necessary expenses. Remember, surprises can be extremely expensive, so it’s always best to be prepared.
4) Selling a property for top dollar costs money.
If you are not willing or able to undertake repairs, upgrade the kitchen, improve landscaping, or engage in general cleanup, there’s no need to fret. We offer cash for Montgomery County houses in their present condition, without any need for repairs or upgrades. This way, you can avoid the hassle and expense of preparing the property for sale and receive a fair cash offer for the property’s current condition. Whether you want to sell quickly or don’t have the time, resources, or inclination to handle repairs, our as-is offer can provide a convenient solution.
5) If the market will continue to grow faster than your other options, hang on to the investment.
We can help you analyze the value of your property today versus the long-term benefits of renting. If you can use the equity in your property in another way that outpaces the performance of the real estate market, you should. If you don’t have anything better to do with the money and the neighborhood is rising in value, hang on – real estate can be a great investment if you know how to correctly read the market.
6) Uncle Sam wants a piece of the action.
Before taking any action with regards to your inheritance, it is essential to consult with tax and legal professionals to discuss the potential implications. Owning an inherited property can have significant property and income tax consequences that can significantly impact the cost of owning the investment. Therefore, it is crucial to be well-informed about the tax implications and seek guidance from experts who can provide you with accurate and reliable advice on how best to proceed. By taking this proactive step, you can make informed decisions that can help minimize your tax liability and maximize the return on your investment.
7) Consider all your options.
We understand that some situations may require a more nuanced approach to selling or renting an inherited property. As such, we may be able to assist you in structuring a lease-option agreement that allows you to rent out the property while simultaneously selling it. This approach can help you to benefit from both renting and selling the property, allowing you to maximize your returns. Although these kinds of deals can be complex, our extensive investment experience in can help you navigate the process and achieve success. We have the expertise and resources to guide you through the entire process, from structuring the lease-option agreement to finding a suitable tenant-buyer. Contact us today to learn more about how we can help you win in the complex world of real estate investing.
8) Compare a few scenarios.
Our team can assist you in determining the market value of any property near , regardless of whether you plan to sell it immediately or rent it out. We can provide you with information on the highest possible price that the current market can bear, as well as projections for future market trends. Additionally, we can help you to understand the potential value of keeping the property as a rental and provide you with estimates of the costs associated with managing and maintaining the rental property. By having a clear understanding of the property’s current and potential value, you can make informed decisions about the best course of action for your specific situation. Contact us today to learn more about our property valuation services and how we can help you maximize your return on investment.