I have inherited a house! What to do about it? Should I rent it or sell in Palm Beach?
Your parents have passed away and left you with the family home. Suddenly, you are faced with many questions at this time. Should I sell the house, rent it out, or live in it?
Coping with the loss of a loved one can be an emotional time. And dealing with property issues makes matter worse. Making the wrong decision in this regard can cause financial hardship later on and even family feuds. This is why it is important to make the right decision when it comes to dealing with inherited property.
Don’t worry! We are here for your help! We are experienced investors in Palm Beach real estate. We deal with inherited houses in the Palm Beach Florida area and offer assistance to many new homeowners like you make the decision that they will benefit from in the coming years.
Read on for some tips to help make the process easy.
Before you decide what to do with the property, here are some things to consider:
- Is the mortgage paid? There’s a good chance that the house you received was fully paid for. That’s good for you! But if the house had mortgage payments left and you decide to keep the house, you have to pay for it. Different lenders offer different levels of support for inherited home. Some allow you to assume the loan while many other will ask you to refinance the current loan into a new loan. However, renting the property might not be applicable if you are unable to refinance the current loan.
- Are you able to deal with the issues that come with the property? Although, it is undoubtedly a great idea to rent out the inherited property and receive an extra income. But it also has its disadvantages. Dealing with real estate agents, finding a tenant, collecting the rent each month, keeping track of the utilities, and many other nuances are involved. If you are sure you want to rent out the inherited property, make sure you are prepared to deal with all the hassles that are involved with managing it.
- Give the house a physical: It is common for inherited properties to be in a rundown condition. If the house you have inherited has not been upgraded in a while, hire a professional property inspector to assess the condition of the house. They will give you a thorough report on the upgrades that are presently required along with estimated maintenance for the next five years or so.
- Sell the property and get rid of it fast: If you are not the one to deal with the repairs and renovations and just want to get rid of the house and get the money – we are here for you. We buy houses in Palm Beach in an as-is condition. No need for updates! We will survey your property and offer you an all cash quote for the property in its current condition.
- What if? What if the market suddenly improved? What if you sold your property and the next year, prices of the house increased. We can help you analyze your property versus the long-term benefits of renting. If your property is situated in a neighborhood that is expected to receive an increase in real estate, hang on to the property. Real estate can prove to be worthy investment if you know how to play your cards right.
- Don’t forget the tax man: Before taking any action regarding your inherited property, consult a tax professional on the current tax situation. It might be a good idea to wait a while before putting a “for sale” sign on the house.
- Survey all your options: In some situations, we can help you come up with an option that allows you to rent and sell at the same time – and allow you to benefit from both. However, these deals are complicated and require the help of a professional. We have investment experience in Palm Beach and can help you make the best choice.
- Compare the costs: With our help, you can analyze the worth of your property in Palm Beach. If you sold it outright before carefully researching the market and your options – you might upset yourself with losing a few thousand dollars.
Just give us a call at 561-370-8335 or contact us by clicking here for more information on inherited properties.
We can help you decide the best options for your property and make a fair all-cash offer on the property.