I Inherited a House, What To Do? –Should I Rent or Sell in Maricopa?

First, we’re so sorry for your loss. This can be a very challenging time for many reasons, and dealing with property ownership is tough at the best of times.

You’re thinking, "I inherited a house; what should I do with it?" Should I rent it? Should I sell it? How should I sell it?

There are tons of options open to you, but...

we can help.

We are seasoned real estate investors in Maricopa, Arizona, and we're looking to buy a number of homes each month. Every month, people who have inherited homes and are trying to sell them call us. So, the information below is some advice to guide you through the procedure.

I Inherited A House, What To Do Next?

Here are a few important considerations to help you make the right decision:

1) How Many People Are Inheriting the Property?

When inheriting a house, more than one person may inherit a portion of the property. You will need to speak with the other benefactors and agree on whether or not to sell the house. If someone disagrees, they may want to consider buying you out of your share. This can either be done in cash or by taking out a mortgage.

2) Ensure that the existing mortgage is paid.

It may seem obvious, but you must pay the mortgage if the person who left you a home also had one (unless there was none and it was paid off, which is fantastic!). (assuming you want to keep the property). While some banks would force you to refinance into a new loan, others might let you assume the loan. You might not be able to rent if you're not approved for a new loan.

3) The investment is only as good as the manager.

Hire a professional to assist you or sell your property today if dealing with brokers, maintenance, renters, rent collection, and all the other complexities of property management isn't the best use of your time. When someone inherits a home, some people choose to keep it and rent it out to make extra money. That is undoubtedly a fantastic tactic. All you need to do is be ready to handle the property and any problems that arise from having toilets and tenants.

4) Property ownership is expensive.

It's uncommon to find a house that has undergone perfect maintenance. Most inherited homes require significant renovations. If you want a full breakdown of what you'll need to accomplish over the next five years, along with an anticipated cost, hire a professional property inspector. Surprises cost a lot of money.

5) It costs money to sell your inherited home for top dollar.

Don't worry if you don't want to bother with the repair of things, remodeling kitchens, enhancing the landscaping, and general cleanup. We buy Maricopa houses for cash, as-is.

6) If the market continues to rise faster than your other possibilities, keep the investment.

We can assist you in comparing the current value of your home to the long-term advantages of renting. If there is another way you can use the equity in your home and it outperforms the real estate market, you should. Hang on, real estate may be a terrific investment if you know how to accurately gauge the market. If you have nothing better to do with the money and the neighborhood is appreciating, consider buying some real estate.

7) Uncle Sam wants a piece of the action as well.

Before you take any action, remember to consult with tax and legal experts about your inheritance. Significant property and income tax ramifications will significantly raise the cost of owning your investment.

8) Consider all your options.

In some circumstances, we might be able to assist you in structuring a lease-option contract that will let you rent and sell at the same time, giving you the best of both worlds. Even though these transactions can be challenging, you can succeed with the help of our Maricopa investment expertise.

9) Consider a few different scenarios.

We'll assist you in determining pricing for any property close to Maricopa, including the highest price the market will bear, the estimated worth of holding it as a rental, and the amount it would bring if you sold it today without doing any work (along with the costs).

Give us a call anytime 480-650-2709 or
fill out the form on this website today! >>

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