What to do with an inherited house?

What to do with an inherited house
What to do with an inherited house

Have you inherited a house that you are unsure what to do with? Sometimes it could be due to an unfortunate circumstance or you have had it in your possession for a while. Either way, you do have options and we recommend not acting quickly unless you have to. Make sure you consider what you need and what you may need in the future.

Inherited House – Ideas

You have several options for dealing with an inherited house, depending on your circumstances and preferences:

  1. Sell the House:
    • The most common option is to sell the inherited property. This can provide you with cash to use as you see fit. Check Zillow for similar houses to see what it might sell for.
    • You can hire a real estate agent or consider selling it yourself (For Sale By Owner) to maximize the sale price. Keep in mind that you may need to make repairs or updates to increase the property’s market value. If you need a recommendation we can either buy it if it’s the right house for us or we recommend two realtors. Contact Us
  2. Rent the Property:
    • If you’re not ready to sell or want to generate rental income, you can choose to rent out the house. This can be a good option if the property is in a desirable location or if you want to hold onto it for potential future use. We Rent Houses and can help with this OR we can also recommend companies as well.
  3. Gift or Transfer the Property:
    • You may consider giving or transferring the property to a family member or friend who is interested in owning it. Keep in mind that there could be tax implications for such transfers. I would recommend talking to a CPA or accountant before doing so.
  4. Donate the Property:
    • Donating the property to a charitable organization or nonprofit can be a way to support a cause you care about and potentially earn a tax deduction.
  5. Renovate and Flip:
    • If the inherited house needs substantial renovations and you have the time and resources, you could renovate it and then sell it at a higher price, similar to a house-flipping project. Keep in mind that even though it looks so easy on TV, this can be a huge and expensive ordeal if it is not done correctly.

Inherited House – Things to Consider:

  1. Consider Tax Implications:
    • Be aware of potential tax consequences associated with inheriting and selling property. Consult with a tax advisor to understand how these might affect your decision.
  2. Let It Go Through Probate:
    • If you do not take any action, the property may go through the probate process, and the court will determine its disposition.
  3. Sell to an Investor:
    • You can sell the property to a real estate investor or a “we buy houses” company (like us), which may offer a quick sale but often at a lower price compared to the market value.

It’s essential to carefully evaluate your options and consider your and your family’s financial and tax situations, the property’s condition, and your short or long-term goals. Each choice has its advantages and disadvantages, so it’s wise to consult with professionals, we love to help people with real estate problems to make an informed decision that aligns with your needs and circumstances. If you have any questions please reach out we would love to chat. Contact Hello Avenue