Losing someone is very painful and we are so sorry for your loss. This time can be challenging, and dealing with property ownership is tough.
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?”
You have many options to choose from, but we can help.
As an experienced real estate investor in College Station, we are interested in buying several houses monthly in College Station. Each month, we get calls from people looking to sell their inherited house, so 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.
As obvious as it may seem, inheriting a house can also mean inheriting a mortgage if the person who left you the house had one. To keep the property, you will have to continue paying the mortgage. 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.
2) The investment is only as good as the manager.
Cashing out the property or hiring someone to help you are good options for you if dealing with brokers, maintenance, tenants, rent collections, and property management isn’t a good use of your time. After inheriting a house, you may decide to keep it and rent it for extra income. That’s a great strategy, but you need to be prepared to manage the property and hassles that can go along with tenants and toilets.
3) Property ownership costs money.
A perfectly maintained building is uncommon nowadays, and most inherited houses need major improvements.
Before you make any decision, consider getting a detailed analysis of what needs to be done in the next five years, along with estimated costs. Hire a professional property inspector to do this, because surprises are very expensive.
4) Selling a property for top dollar costs money.
If you want to avoid dealing with repairs and overall improvements, we buy College Station houses for cash, as-is.
5) If the market will continue to grow faster than your other options, hang on to the investment.
We can provide assistance by analyzing the value of your property and comparing it to the long-term benefits of renting it out. If you can use the equity in your property in another way that outpaces the performance of the real estate market, you should. However, if the value in your area is increasing and you don’t need the money, hang on to your house. If you can read the market correctly, you will find that real estate can be quite profitable.
6) Uncle Sam wants a piece of the action.
Before you make any decision regarding your inheritance, consult with tax and legal professionals. There are major property and income tax consequences that will dramatically impact the cost of owning your investment.
7) Consider all your options.
In certain situations, we may be able to help you structure a lease-option agreement that allows you to rent and sell at the same time – capturing the best of both worlds. These deals can be complicated, but our Bryan investment experience can help you win.
8) Compare a few scenarios.
We’ll help you determine prices for any property near Bryan, what your house would sell for as-is, and the projected value of keeping it as a rental (along with the costs).
Just call us today at (979) 431-1663 or contact us now for more information
on how we can make you a fair cash offer on your inherited house today!