What’s the best thing to do with an inherited property?
When we lose someone, especially someone we love suddenly, it is not uncommon for it to be hard to think straight for a while. However, despite our loss and mourning, life goes on for us and some additional decisions need to be made. Often, one of those major considerations is, “What’s the best thing to do with an inherited property?”
In this short article we will discuss the topic briefly, and give you some ideas & potential answers to your question. Also, please note that while decisions sometimes do need to be made fast, we always recommend taking you time when you can. Get some rest, seek wise/experienced counsel in the area, and thinking through the potential outcomes of your decision(s) without rushing into anything or making any rash decisions you may regret later.
With all that said, here are Five (5) Ideas to help answer the question, What’s the best thing to do with an inherited property?
- Move in. Your family member or friend loves you. That is typically the main reason why they left you the property. They want you to enjoy and benefit from it. So do so! Keep, sell, or donate the contents of the house, clean it up, repair & renovation as needed, and move on in.
- Share it. Many times we are blessed with a home of our own that we love. Now we have an additional property to manage, maintain, and pay for. Why? Do you have a child, family member, or close friend you can give it to who will be able to appreciate it more? Share the love and pass down the blessing to those you love!
- Rent it. If you have the time, ability, and mindset to be a landlord, renting may be a great additional source of income for your family. Look at everything that needs to be done to the home to make it rent ready, get all the legal docs you need together to protect yourself from renters and the liability they bring, and put that home on the market! Today there is a lot of work that goes into finding the right renter(s), but it may be worth it to you in the end.
- Sell it. Depending on the condition of the home, your time frame, and the financial situation your inheriting, selling your home traditionally may be a good option. While the clean up and repairs you need to make to the home you inherited will vary, speak with a licensed and experienced Florida Realtor like Jack Lara to see what the house and property are worth in today’s market, and what it is going to cost you to fix it up and get it ready for sales. Two days, two months, or two years, you don’t know how long the house will be on the market, but having a qualified Real Estate professional by your side is invaluable!
- Cash Out! Another fantastic option that many people take advantage of is selling the home you just inherited to cash home buyers. Real cash home buyers purchase your house for a full cash offer in as little as a couple of days. With Buy My House Guru, we buy homes as-is, regardless of the current condition, with no fees- hidden or otherwise. We literally meet with you face-to-face, listen to your situation, present all of your options as licensed Florida Realtors, recommend honestly what we think is best for you, and then make you a full cash offer for your inherited home. As soon as you accept it the offer, we complete the real estate transaction and hand you cash in as little as 2 days (typically within 7). No games, hoops to jump through, or strings attached. Just a mutual agreement that everyone walks away from happy. 😃
So if you or someone you love just inherited a property and are asking yourselves, “What’s the best thing to do with an inherited property?”, call Buy My House Guru today for a completely FREE consultation and full cash offer for your extra home. You can use that money to pay off debt, invest with, travel with, give to a child’s college-fund, buy a new car or truck, or a thousand other options, but it all starts with knowing your options and what is best for you in your particular situation. Call us today for a FREE consult with licensed real estate professionals who care, and are experienced cash home buyers in the Pensacola Florida area!
eXp Realty, LLC
2325 Creighton Road
Pensacola, FL 32504
Please seek financial and legal advice from licensed professionals