First, we’re so sorry for your loss. This can be a very challenging time for many reasons, and dealing with property ownership is tough at the best of times.
You’re thinking, “I inherited a house, what to do with this house?” Should I rent it? Should I sell it? How should I sell it?
Tons of options open for you, but…
… we can help.
We’re seasoned investors in Florida real estate, and we’re looking to buy several houses each month in the Florida.
We understand that this is a difficult time for you, and we offer our sincere condolences for your loss. Dealing with property ownership can be challenging, even under the best of circumstances.
You may be wondering what to do with the house you inherited – should you rent it or sell it? If you choose to sell, there are numerous options available to you, and we’re here to assist you.
As experienced investors in [market_florida] real estate, we’re interested in purchasing several houses each month in the Florida area. We receive many inquiries from individuals who have inherited a house and wish to sell it. Below are some tips to help you navigate the process.
ea. Every month we get calls from those who have inherited a house and are looking to sell the house… so the info below are some tips to help you navigate the process.
I Inherited A House, What To Do Next?
Here’s a few important considerations to help you make the right decision:
1) Make sure the mortgage is paid.
It may seem obvious, but it’s important to note that if the person who left you the property had a mortgage (unless it was fully paid off), you’ll be responsible for making the payments if you wish to keep the property. Some banks may allow you to assume the existing loan, while others may require you to refinance into a new one.
If you’re unable to qualify for a new loan, renting the property may not be a feasible option for you. It’s crucial to consider these factors carefully before making any decisions regarding the inherited property.
2) The investment is only as good as the manager.
If managing brokers, maintenance, tenants, rent collection, and other aspects of property management isn’t your forte, it may be best to hire a professional or consider cashing out. While some individuals choose to keep their inherited property and rent it out for additional income, this strategy requires being prepared to manage the property and handle the various issues that can arise with tenants and maintenance.
3) Property ownership costs money.
It’s uncommon to come across a building that has been impeccably maintained. In most cases, inherited houses require significant improvements.
To avoid costly surprises, it’s advisable to hire a professional property inspector to provide a comprehensive assessment of the inherited property. The inspector can provide a detailed rundown of any necessary improvements and estimated costs, giving you a clear understanding of what needs to be done within the next five years.
4) Selling a property for top dollar costs money.
If you’d rather not deal with the hassle of making repairs, updating the kitchen, improving the landscaping, and handling overall cleanup of the inherited property, there’s no need to worry. We offer cash for Florida houses, as-is.
5) If the market will continue to grow faster than your other options, hang on to the investment.
We’re available to assist you in evaluating the current value of your property compared to the long-term advantages of renting. If you can leverage the equity in your property in a manner that exceeds the performance of the real estate market, it would be wise to do so. However, if you don’t have any other advantageous investment opportunities, and the neighborhood is experiencing a rise in property value, holding onto the property could be a wise decision. Real estate can be an excellent investment option if you have a good understanding of how to properly analyze the market.
6) Uncle Sam wants a piece of the action.
It’s crucial to seek advice from legal and tax experts before making any decisions regarding your inherited property. The property and income tax implications can have a substantial impact on the cost of owning your investment, so it’s important to discuss your inheritance with professionals who can guide you on the best course of action while minimizing any tax liabilities.
7) Consider all your options.
We have the expertise to help you structure a lease-option agreement that allows you to rent and sell your property at the same time, which can be a great way to get the best of both worlds. However, these types of deals can be complex, and it’s essential to work with experienced professionals who understand the legal and financial aspects of the transaction. Our team of experts in Boca Rato can help you navigate the process and make the most of your investment.
8) Compare a few scenarios.
We can assist you in determining the market value of your property located in Florida in its current condition without any upgrades or repairs. This includes analyzing the highest possible price that the market would bear if you were to sell it as-is. Additionally, we can project the estimated rental income, along with the associated costs, to help you determine the potential long-term value of keeping the property as a rental.
9) Make sure you have the correct insurance on the property
When a property is left vacant, it presents different risks and challenges than when someone is living there. Vacant properties are often more vulnerable to vandalism, theft, and weather-related damage. As a result, insurance companies view vacant properties as a higher risk and may require different insurance coverage or additional endorsements to cover those risks.
In addition, insurance policies for properties with occupants typically have provisions that require the property to be occupied and maintained in a certain way. If the property is left vacant for an extended period, these provisions may no longer be valid, and the insurance company may cancel or deny coverage.
Therefore, if you inherit a property and plan to leave it vacant, it’s crucial to notify your insurance company and discuss the appropriate coverage options. They can help you determine if you need to change or add insurance coverage and what additional measures you can take to protect the property.