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 Florida real estate, and we’re looking to buy several houses each month in the Florida FL 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?
Here’s a few important considerations to help you make the right decision:
1) Make sure the mortgage is paid.
It may seem trite to state the following, but it is an essential point to consider: If the individual who bequeathed to you a property was also burdened with a mortgage (unless it was entirely paid off, which is quite splendid!), you will be obliged to pay the mortgage (provided you want to retain the property). Some banks may allow you to assume the loan, while others may mandate that you refinance it into a new loan. If you do not meet the criteria for a new loan, renting may not be a viable option for you.
2) The investment is only as good as the manager.
If the manifold facets of property management, such as dealing with brokers, maintenance, tenants, and rent collection, do not constitute an efficient use of your time, it may behoove you to enlist the services of a seasoned professional, or alternatively liquidate your assets. Upon acquiring an inherited abode, certain individuals opt to retain the property and lease it for supplementary revenue. Undoubtedly, this represents a shrewd and prudent maneuver. Nevertheless, one ought to brace oneself for the challenges associated with the management of the property, including the complexities that may accompany tenants and lavatories.
3) Property ownership costs money.
It is indeed a rare occurrence to come across a building that has been impeccably maintained throughout the years. Inherited properties, in particular, often require substantial improvements and maintenance to be brought up to the standards of the modern day. As such, it would be prudent to enlist the assistance of a professional property inspector who can provide you with a comprehensive evaluation of the necessary improvements, along with estimated expenses for the next half-decade. One must bear in mind that unforeseen expenses can be exceedingly costly, and as such, a detailed evaluation is crucial in avoiding such circumstances.
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 Florida houses for cash, as-is.
5) If the market will continue to grow faster than your other options, hang on to the investment.
If an individual is looking to gauge the current value of their property and the potential long-term benefits of renting it out, we are able to assist in this endeavor. It may be beneficial to explore alternative options for utilizing the equity in the property if it can outperform the current performance of the real estate market. However, if there are no other favorable options available and the property’s value is on the rise, holding onto the property may prove to be a sound investment decision, provided that one has the necessary knowledge to accurately interpret market trends.
6) Uncle Sam wants a piece of the action.
Prior to making any decisions with regards to your inheritance, it is imperative that you engage the expertise of tax and legal professionals to guide you through the maze of complex tax and property laws. Failure to do so can lead to significant financial repercussions that may have a detrimental effect on your investments. It is thus imperative that you take the time to fully understand the implications of owning such investments and seek out the necessary guidance to make informed decisions.
7) Consider all your options.
In specific scenarios, we may provide assistance in structuring a lease-option agreement that permits you to lease and vend at the same time, thereby achieving the most advantageous outcomes. Such arrangements may be intricate, however, our investment expertise in the Weston region may prove advantageous in securing a favorable outcome.
8) Compare a few scenarios.
We’ll help you determine prices for any property near Weston – 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).