Inheriting A Property: Think Before You Sell

Getting a few answers before you begin looking for your new home can eliminate many of the options on the market. Learn more about it here.

Inheriting A Property: Think Before You Sell

23 September 2015
 Categories: Real Estate, Blog

If you have inherited a property and you aren't sure what to do with it, don't make any fast decisions until you know you are making the best financial decision. There are so many things that could affect what you should do with the property, and you'll want to make the decision after you talk with a real estate agent.

The property may be worth money, but not while the market may be down. You want to explore the following three options before you do anything with it, and then determine what the best investment is going to be.

Listing as Is and Starting a Bidding War

You could list the property as is without doing any work, and listing it low enough to entertain multiple different offers. This could put the potential investors and buyers in a bidding war, getting you a good amount for the property, opposed to if you just set a sale price at market value. The real estate agent will tell you what they think is the best idea.

Renting the Property Long Term

If you don't owe anything on the property and you don't have to pay a lot in taxes, it may be best to rent the property for years to make money over time. The property could provide a second income for you, or it could provide a retirement fund when you are ready to quit working. If the realtor doesn't think the house will ever be a profitable sale, renting long term may be the best option.

Renting the Property Until the Market Picks Up

If the real estate agent thinks the market is going to pick up and that you should hold onto the property for a few years until it's worth much more, then you may only want to rent it out temporarily. The agent can help you find a tenant, and you can require a year lease at a time until the house is worth more and ready for sale.

You don't want to rush into making any real estate decisions until you know what the best financial option for the property is. Get the opinion of more than one realtor if you are unsure of what one is saying to you, and advertise the property to see if you're going to have enough interest from renters before you decide it's going to be a rental property, and before you count on income from the property.

If you are looking to sell inheritance, speak with a professional real estate agent first.

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what is your perfect home?

What is the perfect home? What is perfect for one person may be too small or large for another? Do you want a home made of brick or do you want one made of wood? Do you want a condo or do you want a house on a nice big piece of land? Getting a few answers before you begin looking for your new home can eliminate many of the options on the market. This will help to decrease the time it takes for you to search for the home that you find perfect for yourself and your family's needs.