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

 

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

 

 

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

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 Glymph Properties, but the staff at Glymph Properties (GP) recognizes how agonizing the passing 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 a lot of options open to you, but, which will you take? Whatever you choose, we can help.

 

We’re seasoned investors in Toledo real estate, and we’re planning to buy several houses each month in the Toledo Texas area. Every other day 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 considerations to help you make the right decision:

1) Verify the mortgage is paid off.

 

This may sound obvious, but if the person who willed you a property also had a mortgage (unless it was mortgage free, 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 make you to refinance into a new loan. If you don’t qualify for a new loan, renting 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 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 property that’s been perfectly taken care of. Almost all inherited houses 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 the max costs money.

If you don’t want to deal with making fixin’ stuff, updating kitchens, improving landscaping and overall cleanup, don’t worry. We buy Toledo houses for cash, as-is.

 

5) If the market continues to grow faster 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) 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 possibilities.

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 Toledo investment experience can help you win.

8) Compare a few scenarios.

 

We’ll help you determine prices for any property near Toledo – 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 Toledo 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 buying houses near: 43604, 43605, 43606, 43607, 43608, 43609, 43610, 43611, 43612, 43613, 43614, 43615, 43620, 43623.

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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 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

Visit our rent-to-own website

Free rent-to-own resources!
www.gprent2own.com/blog

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