You’ve recently inherited a property after a family member’s passing. Many of our clients come to us to talk about their options. After a loved one passes, we understand it’s a hard time for many reasons. The emotional toll and grief can be complicated by financial decisions one has to make with what to do with an estate. Knowing what to do with an inherited property and how to estate plan will depend on a few different factors- physical condition of the home; financial status of the property; and any time constraints.
Is There a Mortgage on the Property?
An inherited property may have been owned free and clear of liabilities, be upside-down, have a due on sale clause, or a reverse mortgage. It is important to understand the financial state of the property, as it may be one of the biggest determiners in the course of action that is best for you in the long run. After 24 years in the business of buying homes, we’re happy to have a conversation with you to answer the questions we can and guide you towards resources we trust to help you feel more knowledgeable.
Is the Property in Need of Repairs, and Can You Maintain It?
Consider what you want to do with the property. If you want to sell it yourself, you’ll need to take a good look at what the inherited property may need to have done to make it market ready and attractive to buyers. A home inspection will give you an assessment of the home for structure or function repairs. You’ll want to be prepared for any big-ticket items which may need to be replaced such as windows, a roof, or HVAC and how to finance those repairs. You’ll also want to consider cosmetic repairs and upgrades to make the home ready to list.
If you’re looking to rent the property you’ve inherited for rental income, you’ll want to make it appealing. Renters are not generally as concerned about the long-term state of the home like a buyer would be; however the home must be code compliant, and renters will find value in fresh paint, clean flooring, and appliances.
You may also decide to move into the inherited home from a rental or other home you own. If you have good DIY skills and the home is not move-in ready, you may enjoy working on a fixer-upper. If the home is paid off or the mortgage lower than your current and the property is in a desired area for you, this may be a good option.
A Helpful Alternative
Many people find the time and finances that must be poured into an inherited property burdensome and stressful. The person who left it to you intended to gift you something of theirs, and there is an alternative option that allows you to receive what someone intended and alleviate the stress of a home which may need expensive repairs, upgrades, or simply will take time to ready for sell or rent.
Property Solutions of Tampa Bay, Inc. has years of experience helping people in this very situation. We buy inherited properties fair cash prices and make the sale easy and stress-free. We’ve worked with many families over the years with houses that need everything from major cleanups to gutting to expensive repairs. We know the situation people have often inherited is a difficult one. We can buy a house in any condition and the best part is you don’t have to lift a finger to clean up or even haul items away.
We’re here for our neighbors in Tampa and St. Petersburg and want to ease your stress during this time. Contact us and let us help give you peace of mind through talking about how a cash offer from us may be right for you.