July 2, 2018
Pro Source Home Buyers

Inherited a House? Here Are Your Options!

Inheriting a home can be a blessing and a curse. Whether it is because you lost a loved one, or it was given to you it may feel emotionally draining. Whether the home was taken care of or not, there is going to be a lot of work that needs to be done to get this house sold and off your hands. Checking the value of the inherited home maybe the most important thing to do.

It may be a beneficiary inheritance and you may be looking forward to the big break from the sale. Or if this was an unexpected inheritance it can be a big financial burden for you. There are many different ways of getting money out of an inherited home. Some experts believe that selling the home is the best option, but there are always pros and cons. If you are unsure of what approach to take, consider these four things.

1. Moving into the Inherited house

The first thing to consider would be, should I move into this home? Of course, that sounds like a great option. But with that being said, this entirely depends on your current living and financial situation. If you are currently living in a home you need to ask yourself a few questions.

  1. Do I like the home I inherited?
  2. Does the home have the necessities that meet my families needs?
  3. Can I sell my current home without losing money?
  4. Can I make the payment on this inherited home?
  5. Is the location good?
  6. Can I afford maintenance expenses and property taxes?

Often those who move into an inherited home get into situations where they are in over their head and it becomes something that they can not afford. If everything adds up and makes sense then you probably can consider this a blessing and enjoy the home where many memories were made and start making new ones.

  1. Keeping the home and renting the property out

    Having a rental property can be a great investment. A home being paid by someone else, and making extra income? Sounds great, right? Yes, however, there are some questions to ask yourself, and you should check out these things before considering renting.
  • How much work will it take to get the house in proper condition?
  • Are the payments higher than the market rental rate?
  • Can I profit off of this home?
  • Do I want to become a landlord?
  • Do I want to deal with renters?

Renting out a home is a great way to profit off of an inherited home, especially if you aren’t ready to let go of it yet.

3. Sell the home

Sell house fast

Selling an inherited house is the most common thing that people choose to do. If you are unsure of how to get started with this process, look at what the homes around you are selling for on the market. Then look at the condition of the home to help determine the price you want to sell it at.

It may be worth looking into hiring a realtor to sell your home for you, especially since it is an inherited home and you may not know as much about it. They can help you get an accurate price, and give you tips on how to stage or fix up the home for a fast sale. However, there are a couple of downfalls to hiring a realtor. You have to pay them 6% of the selling price, and you may have some repairs to make.

4. Sell to a cash buyer

A cash buyer is a great option if you inherited a house that is in poor condition, or you are too busy to worry about trying to find a buyer. If you are unsure of what a cash buyer is, then it may be beneficial to read our article about the benefits of one.  

If the home is in poor condition Pro Source Home Buyers purchases as is. We will give you cash within just seven days. Its fast, easy, and we will make the process a stress free friendly one.

Inheriting a house may have you feeling in over your head.  It can be such a burden trying to figure out what to do with the home. if you inherited a home that isn’t in the best condition you probably don’t want to find the money to fix the place up.

Let us help you today, fill the form out below and we will talk with you about a cash buying option. We want to help you feel comfortable in your decision, and help get that home off your hands for a fair price.

See More Articles
March 11, 2024

Navigating the Sale of Inherited Property: A Guide to Cash Offers

Inheriting property is often accompanied by a mix of emotions and significant decisions that can be overwhelming. For many inheritors, the responsibilities tied to this new asset, such as ongoing maintenance, taxes, or the intricacies of becoming a landlord, are daunting. For those seeking a more straightforward resolution, selling an inherited house for cash presents a viable option that can reduce stress and complexity. This guide will illuminate the pathway through the sale of inherited property, highlighting the simplicity and advantages of cash offers, and providing a source of relief and clarity for beneficiaries during a challenging time.
Read Post
Pro Source Home Buyers
December 22, 2023

Charting Your Course: Settling the Estate with a Cash Home Sale

Settling an estate often involves making significant decisions under emotional and time-sensitive circumstances. For many executors and heirs, the sale of the estate's property is one of the most crucial steps in this process. Opting for a cash home sale presents an expedient and straightforward solution, offering a way to efficiently manage estate responsibilities while minimizing stress.
Read Post
Pro Source Home Buyers

Get Your FREE Offer.

Same Day, No Obligations, Just Options.