Dealing with the loss of a loved one is hard. Real hard.
Add trying to figure out what to do with the house you just inherited on top of it, and you can easily go into stress overload. Especially if the house comes with a lot of repairs or a mortgage that still needs to be paid off.
To make things easier on you, we’ve listed 4 important things you need to consider when you inherit a house.
That way, you’ll know exactly what to do, rather than worrying about whether or not you’re making a good decision.
You can just focus on taking care of yourself, so you can get through this hard time.
- Determine if There’s a Mortgage
Inherited homes are typically fully paid for. But not always.
If there is a mortgage in place, you’ll have to live in the home yourself to take it over. You can also refinance and rent the house out.
If you can’t afford to do either, it’s best to sell the home.
- Have the House Inspected
Repair costs tend to be high with old homes. If it’s been many years since upgrades have been made, you’ll definitely want to have the home inspected to determine how much money will be required to repair and/or update it.
This will help you decide whether it’s best to occupy the house, rent it, or sell it.
- Consider On-going Requirements and Costs
In addition to repair costs, you’ll also want to consider how much it’s actually going to cost to maintain the house and what will be required from you time-wise.
From a cost standpoint, you’ll want to examine things like utility bills, taxes, insurance, and the cost of general wear and tear.
On the upkeep side, you’ll want to think about whether or not you’re realistically willing and able to take on things like lawn care, regular cleaning, maintenance, or dealing with tenants, if applicable. Also, if the home is vacant, constantly worrying about it being vandalized may be stressful.
- Decide to Keep it or Sell it
Once you’ve carefully considered all of the above, you’ll be in good standing to decide whether you want to keep the house or sell it.
If you decide to sell it and the home is in mint condition, a real estate agent may be able to get you top dollar.
But if the house is in need of repairs or you’re in a hurry to get rid of it, you may want to consider selling it to a professional home buyer.
They will purchase the house as-is, there are zero fees, and they can typically close in as little as 10 days.
Want to learn more about how selling your inherited home for cash works? Click here or fill out the form below.