I Inherited a House, What To Do- Should I rent or sell in Irving?

 

I Inherited a House, What To Do- Should I rent or sell in Irving?

 

 

 I Inherited a House, What To Do- Should I rent or sell in Irving?

 

First of all, and please don’t take this as an fake sentiment, but we’re truly sorry for your loss. We don’t know each other- we’ve never met. Chances are you’ve never heard of us, but the staff at GP recognizes how difficult 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 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 tons of options open to you, but, which will you take? Regardless of the path you decide to take, we can help.

We’re seasoned investors in Irving real estate, and we’re looking to buy several houses each month in the Irving Texas area. Every month 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 navigate the process.

I Inherited A House, What To Do Next?

 

Here’s a few important things to consider to help you make the right call:

 

1) Verify the mortgage is paid.

This may sound like a no brainer, but make sure that the person who left you the house paid it off, 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 make you to refinance into a new loan. If you are not eligible for a new loan, leasing may not be possible for you.

2) The investment is only as good as the manager.

If dealing with brokers, 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 homes decide to keep the house and rent it for extra income. That’s a great 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 building that’s been perfectly managed. Almost 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 bad for your bank account.

4) Selling a property for the max costs money.

 

If you don’t want to deal with making maintenance, modernizing kitchens, improving landscaping and overall cleanup, don’t worry. Glymph Properties buy Irving houses for cash, as-is.

5) If the market will continue to grow faster 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) Uncle Sam wants a piece of the action.

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 Irving investment experience can help you win.

8) Compare a few scenarios.

 

We’ll help you determine prices for any property near Irving – 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 Irving real estate, so please feel free to call us at 888-509-6267 Ext 4 and chat with us anytime.

 

Fill out this form or give us a call anytime at 888-509-6267 Ext 4 for a Fair Cash Offer
See how it works

Check out our blog!
www.gpbuyshomes.com/blog

We are interested in purchasing properties in: 75038, 75039, 75060, 75061, 75062, 75063.

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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
Visit our investor website

Check out our investing articles to educate investors!

www.gpsellshomes.com/blog

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Are you looking for rent to own properties… visit our rent-to-own website or give us a call anytime at 888-509-6267 Ext 5 for a Fair Cash Offer
See Glymph Properties Rent-To-Own Properties

Check out our rent-to-own blog!

www.gprent2own.com/blog

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