I Inherited a House, What To Do- Should I rent or sell in Austin?
First of all, and please don’t take this as an fake sentiment, but we’re truly sorry for the loss of your loved one. We don’t know each other- we’ve never met. Chances are you’ve never heard of Glymph Properties, but the staff at GP recognizes how very painful the passing away of a loved one can be. This can be a very challenging time for many reasons, and dealing with property ownership is tough even at the best of times.
You’re probably wondering, ” I was left this house, now what? Can I sell it? Can I rent it? Where do I start?”
There are a lot of options open to you, but, which will you take? Whichever route you choose, we can help.
We’re seasoned investors in Austin real estate, and we’re hoping to buy several houses each month in the Austin Texas area. Almost daily we get calls from those who have inherited a house and are looking to sell their house- so the info below are some tips to help you traverse the process.
I Inherited A House, What To Do Next?
Here’s a few important things to consider to help you make the right choice:
1) Make certain the mortgage is paid off.
This may sound totally obvious, but if the person who willed you a property also had a mortgage (unless of course it had no mortgage and was paid off, which is great!), you have to pay it (assuming you want to keep the property). Some banks will allow you to assume the loan, while others may pressure you to refinance your home into a new loan. If you do not qualify for a new loan, leasing may not be a choice for you.
2) The investment is only as good as the management.
If dealing with agents, repairs and maintenance, tenants, rent collection, and all the intricacies of property management isn’t the best use of your time, hire a professional to help you or cash out now. A few people who inherit houses decide to keep the house and rent it for extra income. That’s a excellent strategy for sure. You just need to be prepared to manage the property and the hassles that can go along with tenants and toilets.
3) Property ownership costs money.
It’s exceptional to see a property that’s been perfectly taken care of. The majority of inherited homes need major improvements.
Consider hiring a professional property inspector to give you a detailed rundown on what you’ll need to do within the next five years, along with estimated costs. Surprises are very, very costly.
4) Selling a property for a premium price costs money.
If you don’t want to deal with making maintenance, upgrading kitchens, improving landscaping and overall cleanup, don’t worry. Glymph Properties buy Austin houses for cash, as-is.
5) If the market continues to grow quicker than your other options, hang on to the investment.
We can help you find out if it’s more advantageous to keep your property and rent it out or to get rid of it. If you can use the equity in your property in another way that outpaces the performance of the real estate market, you should. If you don’t have anything better to do with the money and the neighborhood is rising in value, hang on to it- real estate can be a great investment if you know how to correctly read the market.
6) Taxes, Taxes, Taxes- Uncle Same wants his piece.
Don’t forget to discuss your inheritance with tax and legal professionals before you take action. There are major property and income tax consequences that will dramatically impact the cost of owning your investment.
7) Consider all your choices.
In certain situations we may be able to help you structure a lease-option agreement that allows you to rent and sell at the same time, capturing the best of both worlds. These kinds of deals can be complicated, but our Austin investment experience can help you win.
8) Compare a few scenarios.
We’ll help you determine prices for any property near Austin – if you sold it today without doing any work, the highest price the market will bear, and the projected value of keeping it as a rental (along with the costs).
Just call us today at 888-509-6267 Ext 4 or contact us now for more information
on how we can make you a fair cash offer on your inherited house today!
We’re happy to help you find answers to your toughest questions about your Austin real estate, so please feel free to call us at 888-509-6267 Ext 4 and chat with us anytime.
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Are you looking to find other properties to invest in… visit our investor website or give us a call anytime at 888-509-6267 Ext 3 for a Fair Cash Offer
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