Sometimes an inherited property can be a blessing, while at other times it is an unexpected challenge once in your name. Unexpected costs creep up such as the tax bill, maintenance, and repairs that are needed and went unnoticed. As any investor will tell you, the longer you own the property the more costly it will get. Before you decide whether to keep or sell your inherited property in Nashville you should take the time to ask yourself a few important questions. In this article, we will go over some of the questions you should consider when making this decision. We will also provide some insight on the best ways to sell the property if you choose to do so.
Question 1: Can you make good use of the property?
Holding on to your newly inherited property for sentimental reasons is perfectly fine if you feel you can afford to do so. Becoming a landlord and renting it is also an option if you have the time to put in the work. If, however, you find that the property becomes a financial burden, there is no reason to bare the weight of the additional expense.
Question 2: Are there additional interested parties?
Sometimes when a property is inherited, it has been willed to several people. If there are additional owners who have a stake in the property, you will have to come together and agree on what should be done with it. If not everyone is on the same page, you can propose a buyout of their share of the house. It is important to remember that the inheritance is a gift not meant to become an argument or point of contention.
Question 3: If you decide you want to sell, how much can you spend upfront?
Typically, if you are selling ‘For Sale By Owner’ or with a Real Estate agent, the home needs to be cleared out, cleaned and show-room ready. Additionally, a traditional property listing will come with some upfront costs. You’ll likely need to make some repairs to the house and have it professionally cleaned. It’s tricky making repairs to a house you’ve inherited because you haven’t been there to notice any of the lived-in issues. You may not know what you’re getting into. You don’t want to find yourself down a rabbit hole, spending thousands and thousands on a house you want to sell anyway. Depending on how you decide to sell, you could face not only repair costs but costs but the cost of trying to market it too.
Different Ways To Sell A Home
Listing a Home
Listing your inherited property in Nashville will require you to get the property ready for the MLS. First thing you will need to do is to see what other homes in your area are selling for. Listing a house that is much higher than the rest of the local market isn’t impossible but it may well take a lot longer to sell. Be realistic with your prices, and don’t spend too much over-improving. When you list an inherited home, you may become frustrated when you suddenly have to spend money selling a house that isn’t yours.
For Sale By Owner (Sell On Your Own)
Selling the house using a ‘For Sale By Owner’ listing will save you on having to pay out costly the commission, but you will still need to pay for cleaning, repairs, marketing, and other selling costs. In most cases, selling on your own to a regular buyer will take longer and ultimately put less in your pocket.
Sell To An Investor
When you sell your inherited property to Blackjack Real Estate, LLC, you will not need to spend a dime out of pocket. There are NO commission fees, agent fees or other administrative costs. By selling the property directly, you will be able to quickly receive your profits and move on from the house without spending months making repairs and waiting for the property to sell.