When you’ve inherited property, it could be bittersweet. On the one hand you’ve gained something valuable. On the other hand, you’ve lost someone you loved who cared about you very much. So what can you do with the property?
It’s quite common these days for people to inherit property after their parents or a loved one passes away. It can be difficult to know how to handle this new development when this happens to you. Inherited property isn’t always a no-brainer.
Should you keep the property or sell it on? That’s what we’re going to explore today. If you’ve inherited property, ensure you make the right decision for your future.
Get Your Inherited Property Evaluated
The first step to take when you inherit property is to make sure that you are getting it evaluated. It’s important to check if there are any issues with the property that could make it unsafe or a health and safety risk. These can be common problems with older homes. It will also help you determine whether you should sell the property on immediately and essentially cut your losses.
Sell It On As Is
If you decide to sell the property as quickly as possible, then you need to ensure that you clear it out of any items. Decide what you want to keep and what you want to trash. You can use a service like Shiply to ensure that items can easily be transported to a different address or even be placed in long term storage until you decide what you want to do with them. Leaving a property empty is a good way to show a potential buyer you are interested in a fast, hassle-free sale. However, you might find that the offers come in a little lower than you hoped for.
Sell It On After Making Improvements
If an evaluation shows that there’s no major problems with the inherited property, then you could think about flipping it. This essentially means that you increase the value and sell it on the market to make the greatest profit possible. It’s an option well worth considering and you just need to think about what buyers want. For instance, you might need to replace or upgrade the windows to ensure that they will provide a higher level of eco-efficiency. This is an important consideration for most modern home buyers. You should also look at ways that you can improve the curb appeal.
Finally, you could decide to keep the inherited property. One option to consider here is whether to rent the property out. Be aware that if you rent out the property, then you will be taking on all the responsibilities of a landlord. You’ll need to think about how hands-on you want to be with this idea or if you want to hire a property manager. You will also need to vet tenants carefully to ensure that you don’t have to worry about them causing serious destruction to your property. Or putting you in a position where you have to fight to get the rent you are owed.
We hope this helps you understand how to handle a home that you have inherited. Remember, while you can sell a property like this on, it could be more financially beneficial to keep it on and use it in a different way, such as by renting it out.