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

 

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

 

 

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

First of all, and please don’t take this as an insincere gesture, but we’re so 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 us, but the staff at GP recognizes how distressing 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.

 

When you find out you’ve inherited a house- the thought process is usally… ” Wow, I inherited a house. Do I live in it? Do I rent it? Do I sell it? What do I do? Where do I get started?”

 

There are a lot of options open to you, but, which will you take? Whatever you choose, we can help.

 

We’re seasoned investors in Plano real estate, and we’re hoping to buy several houses each month in the Plano Texas area. Every other day 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 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 your home 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 realtors, maintenance, tenants, rent collection, and all the nuances 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 houses decide to keep the house and rent it for extra income. That’s a wonderful 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 home that’s been perfectly taken care of. 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 expensive.

 

4) Selling a property for the max costs money.

 

If you don’t want to deal with making maintenance, updating kitchens, improving landscaping and overall cleanup, don’t worry. We buy Plano 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) 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 Plano investment experience can help you win.

 

8) Compare a few scenarios.

We’ll help you determine prices for any property near Plano – 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 Plano 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

www.gpbuyshomes.com/sell-my-house-fast-plano

Check out our articles to educate sellers!
www.gpbuyshomes.com/blog

We are interested in purchasing properties in: 75023, 75024, 75025, 75074, 75075, 75093.

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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

See how investing works with Glymph Properties

Check out our investment blog!

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
www.gprent2own.com/rent-to-own- Plano

Check out our rent-to-own blog!
www.gprent2own.com/blog

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