First and foremost, we’d like to express our condolences for your loss. For a variety of reasons, this can be a difficult time. And dealing with inherited house ownership is difficult even in the best of circumstances.
You’re thinking to yourself, “I inherited a house; what should I do with it?” Do you think I should rent it? Should I try to sell it? How should I go about selling it? What is the quickest and easiest way to sell it, and so on?
There are numerous options available to you, but…
… we can assist.
We’re seasoned real estate investors in Fort Worth and we’re looking to buy several houses each month in the Fort Worth, Texas area. However, every month we get calls from individuals who have inherited a house and are looking to sell their home quickly… so below are some tips to help you navigate the inheritance process you may find helpful.
I Inherited A House, What To Do Next?
Here are a few important considerations to help you make the right decision:
1) Make sure the mortgage is paid.
This may seem self-evident, but you must pay the mortgage if the individual who left you a property had one (unless it had no mortgage and was paid off, which is fantastic!) (assuming you want to keep the property). Some banks will let you assume the loan, while others may compel you to refinance. Renting might not be an option for you if you don’t qualify for a new loan.
2) The investment is only as good as the manager.
If dealing with brokers, upkeep, renters, rent collection, and all the other complexities of property management isn’t your cup of tea, employ a professional to assist you or cash out now. Some people who inherit homes choose to maintain the home and rent it out for additional income, resulting in significant tax benefits. That is, without a doubt, a terrific plan. You must, however, be prepared to manage the property and the annoyances that come with repairs, updates, renters, and toilets.
3) Property ownership is not cheap.
It’s uncommon to come upon a building that has been meticulously preserved. Most inherited homes require minor, if not major, upgrades or repairs. You must be in a position to cover these repairs and updates as they become necessary.
If you’ve inherited a home, hire a professional property inspector to provide you with a full list of what you’ll need to address right now and over the following five years, as well as anticipated expenditures. Surprises are quite costly.
4) Selling a home for top cash takes time and money.
If you want to make repairs, renovate kitchens and bathrooms, improve landscaping, or clean up the house, don’t worry. We purchase properties in Fort Worth for cash, as-is, and may close in a matter of days. In the event that your inherited home is in Probate, we can also assist you. There is no need to be concerned. We can also recommend a Probate Attorney in your area. If you have a moment, please contact us.
5) If the market will continue to grow faster than your other options, hang on to the investment.
We can assist you in weighing the current value of your home against the long-term benefits of renting. If you can leverage the equity in your home in a way that outperforms the real estate market, you should do so. However, if you have nothing better to do with your money and your area is appreciating in value, hold on – real estate may be a great investment if you know how to read the market correctly.
6) Uncle Sam wants a piece of the action.
Before deciding on a course of action, consult with tax and legal authorities about your inheritance. You must be aware of the property and income tax implications that will have a significant impact on the cost of owning your venture.
7) Consider all your options.
TMC Property Solutions may be able to assist you in structuring a rent-to-own agreement that allows you to rent and sell at the same time, allowing you to get the best of both worlds. These transactions can be challenging, but our 20+ years of investment knowledge can assist you in succeeding.
8) Compare a few scenarios.
We can help you determine the value of your home in Dallas, Fort Worth, or the surrounding areas, regardless of whether you sold it today without making any repairs or updates, the highest price the market will bear, and the projected value of keeping it as a rental or selling it as a fix and flip (along with the costs).
That’s all there is to it. We hope that these eight suggestions will assist you in making an informed decision about whether to sell or rent your inherited home. If you’re still not sure, get a Quick Offer from TMC Property Solutions to see how much they can offer you. They’ll be able to get this done and out of the way quickly. Fill out the form below and we’ll get back to you as soon as possible.
TMC Property Solutions is a Veteran owned business and has been helping families across the DFW Metroplex for 20+ years, “Sell Your House Fast“, and providing solutions that work. We are an accredited business and A+ rated members of the Fort Worth BBB.
Be sure to reach out to our office if you have any questions on anything or to schedule an appointment HERE.
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20+ years providing solutions for selling your house fast!