Inheriting a house can be complicated, especially if there’s a mortgage involved. If you’ve found yourself in this situation, your first step is to determine if there’s still a mortgage on the property. If so, you’ll also inherit the mortgage, which can be a significant financial burden.
On the other hand, if you’ve inherited a mortgage-free home, you’re in luck! This is the best-case scenario, and you have a few options for what to do next with your mortgage-free property.
You can:
- Keep the home
- Rent out the property as a landlord
- Put the home on the market
- Sell the home quickly for cash
Read on to learn the best option for you!
Are you suddenly the owner of a house with no mortgage due to an unexpected inheritance? You may be wondering what your options are. Don’t worry, we’ve got you covered. Check out our list of four helpful suggestions on what to do with your newfound property.
Keep the Home
Keeping the inherited house is a smart option. Without the burden of mortgage payments, it becomes an added asset. This is an especially great idea for those currently renting or making mortgage payments on another property.
Moving into the inherited home can be exciting, but first, verify if any renovations are required. Knowing any needed repairs beforehand will help ensure your safety and give you an idea of the potential costs of moving in.
Rent Out the Property as a Landlord
You don’t have to move into your home immediately – you can rent it out instead, which creates an extra income stream for you.
However, being a landlord comes with certain obligations and responsibilities that you should familiarize yourself with before proceeding. This includes ensuring the safety of tenants, switching insurance, and dealing with problem tenants. Take these things into account when deciding whether or not to use your property as a rental property.
Put the Home on the Market
If you’ve inherited a house without a mortgage and aren’t sure what to do, consider selling it on the open market. Since there’s no mortgage, any proceeds you make will be pure profit.
You might want to enlist the help of a broker, but keep in mind that you’ll have to pay a standard commission.
However, be aware that potential buyers might not qualify for a loan to buy the house, which could lead to expenses like insurance and taxes if the property sits on the market for too long.
Sell the Home Quickly For Cash
If you’re concerned about the difficulty of selling a property on the open market and wondering what to do after inheriting a house without a mortgage, there’s good news! You can opt to sell quickly for cash to real estate investors like thos eat Birmingham Homebuyers, LLC. This means no extra costs that come with agents and a fast sale time.
Selling to real estate investors at Birmingham Homebuyers, LLC eliminates the need for renovations as we buy homes as-is. Furthermore, you don’t need to set aside any cash for advertising.
Cash sales significantly reduce the risk of potential buyer loan approval failures, while supplying instant cash to your pocket. Choose a cash sale with Birmingham Homebuyers, LLC, a reputable home buying company, for a simple, hassle-free solution to selling your inherited home.
When you want an easy fix after inheriting a home with no mortgage, call us at Birmingham Homebuyers, LLC to get fast cash for the home.
We buy homes as-is in any neighborhood in the Birmingham, Hueytown, Hoover, Gardendale, Fultondale, Alabaster, Pelham, Calera, and Trussville, AL areas in cash
Contact us today for a free offer on your home!