you are inheriting a house then it probably means that you have lost someone very close to you. We are so sorry for your loss and want you to know that you’re not alone during this hard time. It’s never easy to go through a death in the family, and it’s even harder when you have to manage their leftover assets, such as a house, and sort through all of the cherished memories left behind.
We at Property Spot, a BC company, want to help you in whatever way we can. In this case, we want to help walk you through what to do with your inherited house.
Talk With Professionals if You’ve Inherited a Home
First things first, if you haven’t already, make sure you have an attorney to help you and your family navigate through all of the legal and tax requirements that came with the property.
They can vary greatly depending on the state you are in and are dependent on your individual situation.
If the house is mortgaged, you’ll need to contact the bank or loan institution. If there is a cosigner on the loan, then it can become a little more complicated. If the cosigner is still living, then it is their responsibility to pay off the loan.
If there is no cosigner you will need to supply the servicer of the loan with a death certificate and verify that you are the new rightful owner of the property. In this case, you’ll be expected to pay off the remainder of the mortgage.
Once all of this is completed, then you can decide what you want to do with the home. You can either keep it or sell it.
Keep the Home
If you want to keep the home, we don’t blame you. There can be a lot of memories tied into the home, or there can be a wonderful opportunity in it for you and your family too. You can live in it, rent it, keep it as a vacation home or retirement home, or even sell it to your kids.
Chances are though, you’ll have to do some renovation to bring it up to modern-day living standards, especially if you’re going to live there full-time or rent it out to tenants. These renovations can be extremely costly, depending on the size.
If you just need to paint it, then that’s easy. But if the home needs a new kitchen, new piping, new windows, and a new roof, then you’ll have to be prepared to front those bills as they happen. As you’re updating it, make sure you’re not doing too much to the home. You don’t want to price it out of the neighborhood; you want to make sure you can turn a profit if you do decide to rent it.
Sell the Home
If you decide to sell your inherited house, you can either spend time and money fix it up and sell it for a potentially higher price, or you can sell it as-is for an immediate profit. Which avenue you decide to go down depends on the economy and what you can afford to do.
As we mentioned above, renovations can add up quickly, especially if you need to repair a lot of big ticket items like the foundation or the roof. Those repairs can’t be ignored either — prospective buyers want move-in ready homes and they expect the seller to make that happen.
You can also choose to list it as a “handyman’s special” or a “fixer upper,” which could attract lower offers than the home’s current market value.
A third option, one we highly recommend, is that you can sell your home to us, for cash. Our process is super easy and you won’t have to pay any real estate fees, listing fees, or holding fees while your home is on the market.
Once we have all of the details of your property, we’ll evaluate it and provide you with a cash offer in less than 24 hours!
On top of that, selling to us lets you skip all of the showings, avoid costly repairs, and close when you want. If you want to take your time clearing out your inherited house, we completely understand. We don’t want to rush you during this sensitive time. That’s why you set the closing date, even if it’s six months from now.
We offer whatever makes sense for you. It’s all tailored to you. Give us a call today at 480-485-3675 or visit us online to learn more. We’ll be happy to help you in whatever way we can.