We understand that this is a difficult time for you, and we are here to help you with the challenges of dealing with inherited property. If you’re wondering what to do with the house you inherited, whether to rent it or sell it, we have the answers for you.
As experienced investors in the real estate market of Birmingham, we are actively looking to buy houses in the Birmingham, ALABAMA area on a regular basis. We receive calls every month from people who have inherited a house and need to sell it. To assist you in this process, we have compiled some helpful tips below.
Things to Consider When Deciding What to Do With an Inherited Home
1. You’ll have to ensure the mortgage is paid
If the person who left you a property had a mortgage, you will need to pay it if you want to keep the property. However, if the property has no mortgage or has been paid off, that’s fantastic news! Depending on the bank, you may have the option to assume the loan or be required to refinance into a new loan. It’s important to note that if you don’t qualify for a new loan, renting may not be possible for you.
2. If you want to benefit from the investment, you’ll have to manage it well
Are you feeling overwhelmed by the responsibilities of property management? Don’t worry, you have options. Instead of wasting your valuable time dealing with brokers, maintenance, tenants, and rent collection, consider hiring a professional. They can handle all the nuances of property management for you, allowing you to focus on what you do best. On the other hand, if you’d rather simplify things, you can cash out now. Many people who inherit homes choose to keep the property and rent it out for extra income. It’s a smart strategy, but it does come with its own set of challenges. You need to be prepared to manage the property and all the hassles that can come along with having tenants. Whether you decide to hire a professional or take on property management yourself, it’s important to make an informed decision.
3. It costs money to own a property
Investing in a well-maintained building is a rare find. However, most inherited houses typically require significant improvements. To ensure you stay informed and make wise decisions, it is highly recommended to hire a professional property inspector. They will provide a comprehensive report on everything you need to address within the next five years, along with estimated costs. This proactive approach will help you avoid any costly surprises down the line.
4. You might want to hold off on selling it
Unlock the true value of your property and discover the advantages of renting. Explore alternative ways to leverage your property’s equity for higher returns than the real estate market. Take advantage of rising property values and make informed investment decisions. Trust us to help you maximize your property’s potential and navigate the market with confidence.
5. Don’t forget about property taxes
Make sure to consult with tax and legal experts about your inheritance before making any decisions. There are significant implications for property and income taxes that can greatly affect the overall cost of managing your investment.
Don’t Want to Deal With the Hassle?
Sell your home as-is to Birmingham Homebuyers, LLC for cash!
We buy homes as-is in any neighborhood in the Birmingham, Hueytown, Hoover, Gardendale, Fultondale, Alabaster, Pelham, Calera, and Trussville, AL areas in cash, and we can close in as little as seven days. You won’t have to lift a finger!
Contact us today for a free offer on your home!