Monday, May 15, 2017
I inherited a house: should I hold it, rent it or sell it?
First and foremost if you're reading this article, I'm so sorry for your loss. I really hate the fact that we have to even discuss this type of thing with other people because I myself have experienced it and I do not wish this upon anyone. In any case, it does happen and you need to know what to do when I inherited a house what do I do?
You have to be thinking to yourself, "What should I do with this house? Should I sell it? Should I rent it? Should I hold it for my children?" Hopefully we can be of some assistance as to what we think you should do with this inherited home you have.
Let's look at option one, selling my inherited home. Chances are, the house you inherited needs work... most likely lots of it because it was most likely an older home. Older homes usually take more to rehab and update because of the sheer age of the home itself. If you don't have the money to sell this inherited home, you will have to sell it to an investor. Keep reading because we'll give you the best investor we know to buy your house as is when it needs repairs.
The second option is to rent it. You could do that but after losing your loved one, you don't want to deal with chasing a tenant around for rent money each and every month because that just causes more stress on your life. Plus you have to be in charge of every single repair that needs to be made. That just causes too much stress. It takes a lot of work to be a land lord.
You can also just hold the property for your children when they get old enough. But that typically is an expensive route too because you have to pay for lawn maintenance, you have to make sure the house is secure and safe and not being broken into and you have to pay yearly taxes on the house. These are just extra expenses you will have.
In our experience, using Favor Home Solutions to sell your inherited home is one of the best answers to your problem because they have dealt with this time after time. They know what you're going through.