I Inherited a House, What To Do- Should I rent or sell in Long Beach?
To begin with, and do not take this to be a fake sentiment, but we are truly sorry for the loss of your loved one. We do not know one another- we have never met. Odds are you haven’t heard about us, however the staff at Glymph Properties (GP) recognize how agonizing the death of a family member could be. This is often a very challenging time for a lot of reasons, and with property possession it’s difficult even at the very best of occasions.
You’re thinking, “I inherited a house… Should I rent it? Should I sell it? How should I sell it?”
There are tons of options open to you, but, which will you take? Whatever you choose, we can help.
We’re seasoned investors in Long Beach real estate, and we’re planning to buy several houses each month in the Long Beach Texas area. Every month we get calls from home inheritors and are looking to sell their house- so the info below are some tips to help you navigate the process.
I Inherited A House, What To Do Next?
Here’s a few important considerations to help you make the right decision:
1) Make sure that the mortgage is paid.
This may sound obvious, but if the person who left you a property also had a mortgage (unless 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 compel you to refinance into a new loan. If you do not qualify for a new loan, renting may not be a solution for you.
2) The investment is only as good as the management.
If dealing with realtors, maintenance, tenants, rent collection, and all the detailed aspects of property management isn’t the best use of your time, hire a professional to help you or cash out now. Some people who inherit properties decide to keep the house and rent it for extra income. That’s a good 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 rare to see a home that’s been perfectly looked after. Nearly all inherited buildings 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 expensive.
4) Selling a property for the best price costs money.
If you don’t want to deal with making maintenance, renovating kitchens, improving landscaping and overall cleanup, don’t worry. We buy Long Beach houses for cash, as-is.
5) If the market will continue to grow quicker than your other options, hang on to the investment.
We can help you analyze the value of your property today versus the long-term benefits of renting. 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 Long Beach investment experience can help you win.
8) Compare a few scenarios.
We’ll help you determine prices for any property near Long Beach – 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 Long Beach real estate, so please feel free to call us at 888-509-6267 Ext 4 and chat with us anytime.
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We are interested in purchasing houses within 20 miles of the following zip codes: 90731, 90755, 90802, 90803, 90804, 90806, 90808, 90813, 90814, 90815, 90822, 90831.
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