Inheriting A Property: Think Before You Sell
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.
