So you’ve got an Inherited House? Need advice on what to do?
First, we want to express our deepest condolences for your loss. We understand that an inherited house, especially under difficult circumstances, can be a heavy burden. This is undoubtedly a challenging time, and handling property ownership can feel overwhelming, even under the best of circumstances. We’re here to support you through this process with compassion and care.
But here we are. Now, with the property in your hands, a question arises: should I rent it or should I sell it?
There’s actually a tons of options you can exercise for inheriting a house, but these two are the most common ones we encounter.
Anyway, we can help you with figuring out the best solution for your inheritance.
Who are we? What do we do with an Inherited House?
Jonathan Swanson, Broker @ RE/MAX Essential is your trusted, full-service real estate company serving Wilmington, NC, and the surrounding Cape Fear region. As seasoned investors in Wilmington real estate, we actively buy multiple properties each month in the Wilmington, NC area, offering unique opportunities for sellers who want a fast, hassle-free transaction.
With deep local knowledge, robust market data, and valuable insights, we empowers buyers and sellers to navigate the real estate market confidently. Whether you’re looking to buy, sell, or invest, we provide personalized guidance and support at every step. At RE/MAX Essential, we’re dedicated to delivering exceptional service and results for all your real estate needs.
Every month, we receive calls from individuals who have inherited a house and are now looking to sell it. Inheriting a property can be both a financial opportunity and a challenge, especially when navigating the legal, tax, and market aspects involved.
To help make the process smoother, we’ve gathered some essential information and practical tips on what to expect and how to approach each step. From understanding probate and inheritance taxes to preparing the property for sale and finding the right buyer, these insights can guide you through selling an inherited house with confidence and ease.
What to do next with an Inherited House?
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.
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.
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.
Selling a property for top dollar costs money.
If you’d rather avoid the time, effort, and costs associated with making repairs, updating kitchens, enhancing landscaping, or managing a full cleanup, we’re here to make things simple. We buy houses in Wilmington for cash, as-is, so you don’t have to worry about any extra work or expenses.
Selling an inherited house can be stressful, especially when it needs improvements, but with our as-is cash offer, you can move forward quickly and confidently. Whether you’re dealing with an inherited property, a rental, or your own home that needs some TLC, we provide a straightforward solution to sell your house with ease.
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 inherited house 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.
Uncle Sam wants a piece of the action.
Before making any decisions about your inherited property, it’s essential to consult with tax and legal professionals. Inheritance can come with significant property and income tax implications that may greatly affect the cost of owning or selling your investment. By discussing your options with a tax advisor and an attorney, you’ll gain a clearer understanding of potential capital gains taxes, inheritance taxes, and other costs that could impact your financial outcome.
A professional can also help you explore tax-saving strategies, exemptions, and legal considerations to ensure you make the most informed and beneficial decisions for your specific situation. Taking these steps now can save you from costly surprises down the road.
Consider all your options.
In certain situations, we may be able to assist you in structuring a lease-option agreement, a unique arrangement that lets you rent out your property while positioning it for a future sale. This approach allows you to enjoy rental income and potentially benefit from an eventual sale, capturing the best of both worlds.
Lease-option deals can be complex, with many moving parts and specific legal requirements, but our investment experience in Wilmington enables us to guide you through the process effectively. We’ll help you navigate the details to ensure the agreement works smoothly, offering you both flexibility and financial gain.
Compare a few scenarios.
We’ll work closely with you to determine the optimal prices for any property near Wilmington, whether you’re looking to sell it right away or explore other options. First, we’ll assess the highest price the market will bear if you sold it today, without making any repairs or upgrades. This will give you a clear picture of your immediate selling potential.
Additionally, we’ll calculate the projected value of keeping the property as a rental, factoring in the potential rental income, long-term appreciation, and the associated costs like maintenance, property management, taxes, and insurance.
With this comprehensive analysis, you’ll be able to make an informed decision about whether selling or holding onto the property is the best choice for your financial goals.
Let’s talk about your Inherited House!
Whether you’re considering selling it, renting it out, or simply need more information about the process, we’re here to help.
Our team understands that inheriting a property can be both a blessing and a challenge, and we’re ready to guide you every step of the way. By calling us today at (910) 538-7737 or reaching out through our contact form, you can get a fair cash offer for your inherited house with no obligation. We’ll make sure you understand all your options and help you make the best decision for your situation.
Contact us now, and let’s get started!
