Selling an inherited property fast or renting it out, might be some of the options that you are exploring during this difficult time.
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?
Tons of options open for you, but…
… we can help.
We’re seasoned investors in Connecticut real estate, and we’re looking to buy several houses each month in the Connecticut Connecticut 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.
Should I rent or sell an inherited property?
There are a variety of options to choose from when it comes to dealing with an inherited property. Some will choose to live there and take on the costs as their own. Others will choose to sell the property, or rent it out to tenants.
Selling an inherited property
Selling an inherited property once it has passed through probate will mean you can ensure all the costs of the property are covered. Inheriting a property is great, but it will come at a cost. If you are not ready or able to fund these costs, you may put yourself in trouble. The longer you have the property, the more the costs will add up. Selling an inherited property is also a good way to pass the home into good hands if you have no use for it.
Renting an inherited property
Renting an inherited property is a great way to keep the property in your name, while covering the costs and perhaps even making a small profit on it each month. However, if you rent the property, you will have to pay all the costs that are involved and ensure you can cover them if the tenant moves out.
Important things to consider if you have inherited a house
Selling an inherited property or renting out the property can come with a variety of tasks and costs that you may not have been aware of. Both are equally good options to choose, but it is important that you have all the information you need, to make an informed decision.
Here’s a few important considerations to help you make the right decision when you have inherited a house and you are not sure what to do.
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 had no mortgage and was paid off, which is great!), you have to pay it (assuming you want to keep the property). Some banks will allow you to assume the loan, while others may force you to refinance into a new loan. If you don’t qualify for a new loan, renting may not be an option for you.
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 decide to keep the house and rent it for extra income. That’s a great strategy for sure. You just need to be prepared to manage the property and the hassles that can go along with tenants and toilets, and how you might sell with tenants at a later date if you need to.
3) Property ownership costs money.
It’s rare to see a building that’s been perfectly maintained. Most inherited houses need major improvements.
Consider hiring a professional property inspector to give you a detailed rundown on what you’ll need to do within the next five years, along with estimated costs. Surprises are very, very expensive.
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 Connecticut houses for cash, as-is. If you’re not sure what to do after inheriting a house, you may want to sell it fast and get it off your hands. With the costs it will take to keep it running or even try to sell it in the traditional way, may put you in debt, not to mention it is stressful and time consuming. It is already a sensitive time, so you might consider the option of selling the inherited property fast for cash.
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.
Don’t forget to discuss your inheritance with tax and legal professionals before you take action. There are major property and income tax consequences that will dramatically impact the cost of owning your investment.
7) Consider all your options.
In certain situations we may be able to help you structure a lease-option agreement that allows you to rent and sell at the same time – capturing the best of both worlds. These kinds of deals can be complicated, but our South Windsor investment experience can help you win.
8) Compare a few scenarios.
We’ll help you determine prices for any property near South Windsor – 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).
If you are wondering what to do with an inherited house, selling it quickly for cash might be a good option to choose. It will take the time, pressure and stress off your shoulders, and will enable you to move forward. Inherited properties can often be more expensive to run than you would like.
If you want to sell your inherited property fast, we are here to help you.
Who Is CT Cash Homes And How Can We Help You If You’re Relocating And Need To Sell In Connecticut?
We’re investors. We support our families and beautify neighborhoods by buying houses from Connecticut home owners who need to sell fast for one reason or another.
The types of sellers who tend to work with us include people who…
- Need to sell fast (we can close in as little as 7 days if you need us to)
- Don’t want to hassle with listing a property with an agent
- Don’t want to pay real estate agent fees
- Can’t sell their house for one reason or another (we buy houses in as-is condition)
- … or a variety of other reasons
But we’re passionate people, and we believe in the Connecticut community.
We’re honest and straightforward.
We’ll quote you a fair price, and we can close fast with cash.
If you’re prepared to wait and can hire professionals to help, you can manage the sale of your property from a distance. In certain circumstances that risk can pay off.
We’re happy to help you find answers to your toughest questions about your Connecticut real estate, so please feel free to call us at (860) 249-0950 and chat with us anytime.