I Inherited a House, What To Do- Should I rent or sell in Miami?
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 uncomfortable the dying 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 probably wondering, ” I was left this house, now what? Can I sell it? Can I rent it? Where do I start?”
There are tons of options open to you, but, which will you take? Whichever route you choose, we can help.
We’re seasoned investors in Miami real estate, and we’re hoping to buy several houses each month in the Miami 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 like a no brainer, but make sure that the person who left you the house paid it off in full, otherwise, assuming you want to keep it, you’ll have to pay it off. Some banks will allow you to assume the loan, while others may pressure you to refinance your home into a new loan. If you are not eligible 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 Miami 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 Miami investment experience can help you win.
8) Compare a few scenarios.
We’ll help you determine prices for any property near Miami – 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 Miami real estate, so please feel free to call us at 888-509-6267 Ext 4 and chat with us anytime.
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