We understand that this is a difficult time for you, and having to deal with property ownership on top of everything else can be overwhelming. It’s common to wonder what to do next when inheriting a house. Should you rent it out? Sell it outright? Or take another route entirely? If selling is the answer, then how should you go about doing so?
With so many options available to you, it can be tough to make a decision. But don’t worry—we’re here to help.
If you’re looking to sell an inherited house in the Spartanburg area, we have some expert tips for you. We buy houses in Spartanburg, SC, and we’re always on the lookout for properties to add to our portfolio. So far this month, we’ve already bought several houses in South Carolina, and we’re always getting calls from people who have inherited a property and are keen to sell it. Navigating the process can be tricky, but with our help you’ll be able to get top dollar for your property in no time.
I Inherited a House, What to Do Next?
Keep the following in mind to help you make an informed decision:
1) Ensure the Mortgage is Paid
If the person who left you a property had a mortgage, you have to pay for it assuming you want to keep the property. Some banks will allow you to assume the loan, while others may force you into qualifying for a new one. If renting the property is an option for you, make sure to factor in any additional costs that come with it.
2) A Smart Investment is Only Possible with a Good Manager
If you don’t believe that property management—dealing with brokers, tenants, maintenance, and rent collection—is the best use of your time, then either hire someone to help you or just cash out now. Some people who come into ownership of a home through inheritance decide to keep the house and receive extra income by renting it out. That can be a great tactic, however, you need to understand that it comes with its own challenges, like potentially troublesome tenants and plumbing issues.
3) Property Ownership is Expensive
It’s not common to end up with a building that has been kept in perfect condition. But in most cases, houses that have been passed down through generations will need some major work done.
Professional property inspectors will give you a comprehensive list of necessary work to be completed in the next five years, as well as estimated costs. It’s better—and less expensive—to know what surprises lie ahead.
4) If You Want Money, Be Ready to Spend Money
It’s a simple fact that owning a home is expensive. Even when you’re renting it out and making passive income, you’re still footing the bill for plenty of expenses like routine maintenance. Relax—we buy Spartanburg houses in any condition for cash. You don’t have to be concerned about repairs, redoing kitchens or landscaping, or cleaning up.
5) Keep the Investment if Your Market is Projected to Grow
We offer a service that analyzes whether it is more beneficial for you to rent out your property or sell it. If you believe that you can make better use of the money selling in another venture, and the area surrounding your property is increasing in value, then selling may be the best option for you.
However, if none of those things apply to your situation and instead see potential growth in the market, holding on to your real estate could turn out to be quite profitable down the line.
6) The Government Always Wants its Cut
After inheriting property, it’s best to have a conversation with tax and legal professionals before doing anything. Owning this investment will come at a significant cost due to major taxes on the property and income generated from it, so it’s best to know about legal requirements in your area.
7) Weigh All Your Options Carefully
We may be able to help you out by lease-optioning your house so that you’re able to sell and rent it at the same time. These deals can get complicated, but with our experience in Spartanburg, we can help increase your chances of success.
8) Compare a Few Scenarios, Get a Clearer Idea of What Works
We’ll not only help you calculate the prices for any property near Spartanburg, but we can also tell you what it would go for if you were to sell it today without making any improvements, the highest price on the market, and how much money you could make by renting it out, along with estimated rental costs.
Give us a call today at (864) 428-9197 to learn more about how we can give you a cash offer for your inherited house that is fair and reasonable!