Inheriting a property can be good news for you financially, but it’s not without its problems. For example, if the home you’ve taken on needs significant repairs, you might see it more as a money pit than a cash cow. So, how do you go about selling an inherited house to achieve the best possible outcome?
Keep reading for three tips that should help you get the results you want with the minimum of stress.
- Do your research
Knowledge is power when it comes to selling any type of property, including one you’ve inherited. This means it pays to spend time researching a range of issues, such as how long it may take you to sell your home on the open market, how much you’re likely to get for it and how costly the process of selling will be. If your house or apartment would need repairs in order to attract a buyer, it’s also worth getting estimates for how much this work would cost. Once you have the relevant quotes, you should be able to work out if the repairs are affordable and if they would represent a worthwhile investment.
The more information you have, the easier you should find it to make confident and shrewd decisions.
- Consider a cash sale
Homeowners often mistakenly assume that in order to sell up, you have to approach a traditional realtor. In fact, this isn’t the case. An alternative that could save you considerable time, hassle and money is to approach a cash buyer like Fast Sale Florida. We buy homes in any condition, meaning you don’t have to worry about making potentially costly and time-consuming repairs. We’ll offer a fair price for your home, and if you agree to go ahead, the whole process can be finalized within as little as eight days.
A cash sale like this means you cut out property taxes, realtor fees and closing costs, which in a traditional property sale can amount to 10% of the sale price of a home. As an added benefit, we’ll take care of the paperwork on your behalf, meaning you have one less thing to think about.
- Speak to any joint owners
Of course, if you inherited the property jointly with other people, you’ll need to make sure that you come to an agreement on the plan. It’s important to be aware that emotions often run high when people are dealing with properties following a bereavement, so it’s common for disagreements to occur. To minimize the risk of this happening, try to communicate with the other parties as openly and honestly as you can – and be willing to compromise where necessary.
Make sure you’ve reached an agreement before you rush ahead with preparations to sell. This will help to ensure that people don’t feel pressured and it will mean you don’t waste time and effort on a plan that you have to abandon.
If you’d like further information or advice on selling an inherited property for cash, don’t hesitate to get in touch. Request your free no obligation quote today and we’ll help you sell your inherited home and move on with your life.