Our sincere condolences for your loss. Dealing with an inherited house can be daunting, but you’re not alone in navigating this process. Whether you’re contemplating renting it out, selling it, or exploring other options, we’re here to assist. As experienced investors in Aurora real estate, we actively seek properties in the area and regularly work with individuals facing similar situations. Our goal is to provide guidance and support as you make decisions about your inherited house, offering expertise to help you navigate this challenging time with confidence.
What Should I Do Next with my Inherited House?
Here’s a few important considerations to help you make the right decision:
1) Make sure the mortgage is paid.
It might seem evident, but if the individual who bequeathed you a property also had a mortgage (unless it was mortgage-free, which is favorable), you’ll need to settle it if you wish to retain the property. Certain banks might permit you to take over the existing loan, while others could require you to undergo a refinancing process for a new loan. If you don’t meet the criteria for a new loan, renting out the property may not be a feasible option for you.
2) The investment is only as good as the manager.
If managing brokers, maintenance tasks, tenants, rent collection, and all the intricacies of property management don’t align with your priorities, consider enlisting the assistance of a professional or exploring the option of selling now. While some individuals with an inherited house choose to retain them and lease them out for supplementary income, it’s essential to recognize the commitment involved in overseeing the property and addressing the potential challenges associated with tenants and maintenance issues.
3) Property ownership costs money.
Observing a building that has been impeccably maintained is a rarity. Many inherited houses typically require significant enhancements.
It’s advisable to enlist the services of a skilled property inspector who can furnish you with a comprehensive assessment of necessary tasks for the upcoming five years, along with anticipated expenses. Unexpected issues can incur considerable costs.
4) Selling a property for top dollar costs money.
If you’d rather not handle repairs, kitchen updates, landscaping improvements, or general cleanup, there’s no need to fret. We buy houses in Aurora for cash, exactly as -is.
5) If the market will continue to grow faster than your other options, hang on to the investment.
We’re here to assist you in assessing the current value of your property compared to the potential long-term advantages of renting. If leveraging the equity in your property for other ventures yields better returns than the real estate market, it’s advisable to do so. However, if you don’t have superior investment opportunities and your neighborhood’s property values are appreciating, holding onto your real estate investment can be advantageous, provided you can accurately interpret market trends.
6) Uncle Sam wants a piece of the action.
Remember to consult tax and legal experts regarding your inheritance before making any decisions. Significant property and income tax implications exist, which can significantly affect the expenses associated with managing your investment.
7) Consider all your options.
In certain scenarios, we might assist you in arranging a lease-option agreement enabling you to both rent and sell concurrently, thus accessing the advantages of both scenarios. While such arrangements can be intricate, our expertise in Spring Valley investments can greatly enhance your chances of success.
8) Compare a few scenarios.
We’ll assist you in assessing prices for properties in the vicinity of Spring Valley, including the potential selling price if you were to sell it today without any modifications, the maximum price the market can support, and the anticipated value if retained as a rental (inclusive of associated expenses).
Do you have an inherited house you want to sell in Aurora? Feel free to give us a call at (800)-255-8250 today or reach out to us now for further details on how we can provide you with a fair cash offer for your inherited house right away!