5 Options for Your Inherited Property
If you have inherited property, you have some decisions to make. There are numerous options to consider. Every situation is unique, so it’s important to understand all the factors and decide what’s best for you and your family. Here are a few of the best options, according to the real estate experts of PropertyLark:
1. Fix it Up and Sell
If you have no desire to hold onto the property, you can sell it. In most cases, a traditional home sale on the open market will net you the most profit. This means cleaning up the property, making repairs, hiring a real estate agent and getting it publicly listed for sale to attract more offers. The process will take longer and may cost you some money out of pocket, but it’s probably your best option if you are not in a huge rush to sell.
2. Sell it to a Cash Real Estate Investor
Most real estate investors are ready and willing to pay cash for unwanted inherited properties like yours. In fact, we purchase many inherited houses at PropertyLark. A cash investor is usually interested in buying the property as quickly as possible and in as-is condition. They won’t offer as much as you would get in a traditional sale, but the positive trade-offs are a faster sale (weeks rather than months on the open market), fewer complications (no mortgage delays, excess home inspections, showings, etc.), and cash in your hand as soon as possible. If you have an unwanted inherited property that you just don’t don’t have the time, money or energy to manage, a fast cash sale should be an option worth exploring.
If you would like a no-obligation fair cash offer for your house within 24 hours, please fill out the contact form on any page of the PropertyLark website.
3. Move In
If the inherited property is an upgrade over your current living situation or presents a financial windfall, then you may consider moving in. You can stop renting or you can sell your existing home to pay off your mortgage loan (and maybe even pull in some extra profit). You may want to invest some time and money fixing up the inherited house before you move in, but that’s up to you.
4. Keep it as a Rental
Another good profit option is to hold onto the property and rent it out. Again, you may want to fix it up some depending on its condition, and there will be some work involved to manage the property. Or, you may want to invest in hiring a property management company to handle the day-to-day landlord duties. A successful income property will generate extra cash each month to supplement your personal income. Just know that being a landlord isn’t always as easy as it seems. You’ll want to do your research and put a business plan together to get the most out of your investment.
5. Hold onto it Unoccupied
If the inherited property is owned outright and not causing you too much extra expense or trouble to hold onto, you may just want to keep it for awhile. This allows you more time to weigh your options or just benefit from appreciation over time. Real estate is almost always a sound long-term investment. You will be paying for property taxes, insurance, upkeep and other base expenses, but the eventual gains could net you a great profit. You might be able to sell it or rent it out later when the timing is right, or even pass it on to your own descendants.
These are some of the best options to consider if you have inherited property and you aren’t quite sure what to do with it yet. Inheriting a house can be a blessing or sometimes it can be a burden. Figure out what the right solution is for you and your family and make smart decisions with the major financial asset you’ve been given.
If you are looking to sell, contact PropertyLark today. We can get you a fast cash offer or we can help you with a traditional sale on the open market, as well. If you are holding onto it as an investment, we also have a great network of real estate investment resources that can help you get the most out of your property!