Losing a loved one is one of the hardest things we have to deal with in life. As someone who just lost a parent, I thought it was important to share some nuggets for those who may need some help or guidance when suddently inheriting a property becomes reality.
When you inherit a property, it can be both a blessing and a burden. While it may hold sentimental value, it can also be a significant financial asset. To maximize the value of an inherited property, you need to take a few steps to ensure you are making the best decision for yourself and/or your family.
First, you should determine the property’s worth. I’d recommend connecting with a local real estate agent, but you can hire a professional appraiser or by use online tools to get a ballpark iidea i.e. Zillow’s Zestimate. Knowing the property’s worth will help you understand how much you can expect to get if you decide to sell it.
Next, you need to decide what to do with the property. You have a few options: you can keep it and move in, rent it out, or sell it. Keeping the property and living in it may be the best option if you’re looking for a new home. Renting it out can provide you with a steady income stream, but if you refinance, it’s also a way to get some cash if the property has equity. Selling the property may be the best option depedning on condition of the home or if you don’t want to deal with the responsibilities of being a landlord.
If you do decide to sell the property, you may need to prepare it for sale. This could involve making any necessary repairs and upgrades to increase the property’s value, or it could involve staging the property to make it more attractive to potential buyers. If making renovations isn’t worth the time or money, selling it as-is could be the smartest choice. It may not get you the highest possible dollar amount, but it would be the fastest and easiest way out of the property.
When it’s time to sell the property, you need to determine the best way to do it. You can sell it yourself, through a real estate agent, or directly to an investor. Selling it yourself may save you money, but it can also be time-consuming and stressful. Using a real estate agent can help you get the best price for the property and make the process easier. Selling to an investor is a good option if you want to sell as quick as possible.
I have personally worked with a number of sellers who viewed an inherited property purely as a burden or a headache. Taking a step back and knowing these simple steps could help you or someone you know go from panicking about a house you don’t want to hopefully realizing that you may have just recieved an unexpected gift that can improve your life. Please take the right steps to maximize your inherited property and hug the people in your lives that you love!
Peace family.
