If you’ve inherited a property and are considering selling it, be sure to check out this blog post for three valuable tips on how to price your inherited home in Florida for sale…
Have you inherited a property that you’re considering selling? While an inherited property can be a cherished gift from a loved one who has passed away, it can also become a financial burden. Therefore, selling it can be a practical choice, allowing you to utilize the equity for other purposes. However, selling an inherited property may pose challenges, particularly if you haven’t sold real estate in some time. So, let’s discuss how to determine the appropriate selling price for your inherited home in Florida.
Tip #1: Price Competitively To Sell Quickly
Some individuals set the price of their inherited property based on what they believe the market will bear. Nonetheless, several factors influence this price, with one significant factor being the speed at which you aim to sell. If you choose to go through a real estate agent and list the property on the market, it could take several months, during which you’ll be responsible for the property’s expenses and upkeep. This can be costly and may cut into the potential higher selling price.
Many property owners discover that it’s often more advantageous to price the property slightly lower to facilitate a quicker sale. While you may receive a lower sum for the property, you’ll also incur reduced expenses related to repairs, ongoing costs, time, and effort. In the end, it can be a balanced trade-off.
Tip #2: Avoid Pricing Based On Fond Memories Or Emotion
One of the significant challenges that property owners encounter when pricing their inherited property for sale is the difficulty of separating sentimental memories from the actual market value. Emotions can lead you to overestimate the property’s worth due to the fond memories associated with it, such as your upbringing or happy moments spent there. This emotional attachment is a common occurrence.
A more practical approach would involve collaborating with a real estate company to assess their offer. It’s essential to acknowledge that the price they suggest may be lower than your initial expectations. This doesn’t diminish the property’s value but rather reflects the unintentional inflation caused by your cherished memories.
Tip #3: Build In Discounts For Repairs
If you’ve inherited a property that your loved one had lived in for an extended period, you might discover that the property requires some repairs. While you could undertake these repairs yourself and then aim for a higher selling price, it’s worth considering an alternative approach. Instead of investing your time, effort, and potentially significant costs for equipment, supplies, or a contractor, you could opt to ask for a lower price and offer a “repair discount.” This way, you can avoid the hassle of the work while still achieving the same financial outcome.
Inheriting a house can be a significant undertaking, and if you’re considering selling it, you’re not alone in facing this decision. However, determining the right price for an inherited house can be a challenge. The following tips provide guidance on how to effectively price your inherited home in Florida for sale.
Why go through the hassle and expenses of selling through a real estate agent when you can contact us at 123SoldCash today to discuss selling your inherited property directly to us? Just call us at (786) 904-1444 or click here and enter your information in the form.