Selling an Inherited House Made Simple
Inheriting a property is a bittersweet experience. Although it might mean acquiring a house that could drastically improve your life, it also means that a loved one has passed away.
Grieving is a difficult process, and dealing with your newly acquired property might be the furthest thought from your mind. However, it’s important to manage your inherited property before it becomes not only an emotional stressor, but a financial one too.
The sudden acquisition of an inheritance can leave you with many questions. As a benefactor, you might ask yourself: what do I do when I inherit a property, or how do I sell an inherited home?
What are your Options?
An heir has three options when deciding what to do with their inherited home: they can rent out the property, move into it, or sell. Although it’s a personal choice and all options have their positives, selling an inherited house will provide the seller with the ripest rewards.
Should you rent or sell the house?
Renting out an inherited property may help you keep the home in the family, but it also comes with a hefty cost and high risk.
Rental properties are hard to maintain: a landlord needs to interview prospective tenants, collect rent, pay for upkeep, and be on-call for complaints often 24 hours a day.
That’s why many landlords hire property management companies, especially if they live too far from the rental property. These companies can be unreliable and neglectful if you choose the wrong one. They’re an unnecessary risk when handling your loved one’s home.
You might want to move in if the inherited home is a vast improvement to your current residence. But with an upgraded home comes an upgraded price tag. Living in your inherited property may result in an increase in council tax and utilities.
Selling an inherited house is generally the best option when dealing with a new property. Once the home sells, a benefactor will be able to pay off the home’s mortgage, will save money by avoiding capital gains taxes, and may even see a profit of their own.
Before the Sale
Before selling an inherited house, its important that you are realistic about your new house. There’s a lot to consider when accepting an inheritance and its often not as straightforward as you’d hope. Becoming familiar with the property, assessing the housing market, and hiring help when needed are all viable considerations before you sell an inherited home.
First, know where you stand. Familiarise yourself with the inherited home’s condition. The property might have been the home where you spent a large proportion of your life, but you might not know everything about it. For example, what condition are the major features of the home in? Are there any mortgages or secured loans on the property? How does it compare to other homes in the neighborhood? Knowing the answers to these questions will help you estimate your inherited property’s worth.
Assessing the current market might also help you decide how to sell an inherited home in Goole, Hull, Skegness, Yorkshire or Lincolnshire. If the market is favorable and the house has rise in value, you’ll likely gain a profit at completion.
Hiring a professional to help you remove sentimental possessions is important. After a loved one passes, it’s hard to imagine going through their items and sorting out what’s valuable enough to keep and what needs to be donated or removed. Yet, the property needs to be emptied and cleaned before making any kind of sale. People often prefer to hire professionals to help to do this, rather than carry the emotional burden of cleaning out belongings and sentimental items from the home you have inherited, so that it is in a saleable condition.
Estate Agents, Auction, or House Buyers
So, you’ve decided to sell, researched your inherited home, and cleaned out your loved one’s property. Now what? The three most common options when selling an inherited house: listing with an estate agent, sell at an auction, or use a cash buyer.
Hiring an Estate agent is common practice when selling a property. Yet, it may not be your best option. Since Estate Agents cannot guarantee a sale, a home can stay on the market for months. This requires money and time to keep the house in excellent condition. Unless you can afford several months’ worth of insurance, utilities, and council tax, not to mention estate agents fees, using an agent to sell your inherited home is out of the plan.
It’s also risky believing an estate agent’s honest opinion about what your inherited home is worth. There is always the concern that estate agents might just be telling you what you want to hear in order to get another listing. Your loved one’s property will not be handled with care if considered just another sale by an unsympathetic agent.
Auctions offer similar problems when using them to sell your inherited home. There’s no guarantee of sale, and every day not sold means additional expenses. Also, auctioneers may to mishandle your inherited house if not managed properly. Although the house might sell quicker than if sold by an estate agent, you can pay high amounts of fees.
Selling a house you inherited to a house buyer is the quickest, simplest option if available.
House buyers usually offer cash for homes, allowing you to avoid prolonged time on the housing market. Sometimes they cover selling costs to expedite the sale.
It means you don’t need to spend money on sprucing up your loved one’s home and fixing any major repairs; house buyers buy as-is. They also allow you to skip using a realtor and communicate with you directly. If you have questions about the selling process or want to make sure your parents’ home is getting the attention it deserves, house buyers are more open to discussing anything that is worrying you. Unlike estate agents, house buyers have experience with inherited property and know how to be sympathetic to grieving homeowners.
Selling an inherited house can be emotionally and financially daunting, even in Goole, Hull, Skegness, Yorkshire or Lincolnshire. Don’t make it harder than it already is. Considering your options, familiarising yourself with the market, and sorting the estate before a sale will reduce time on the market. Deciding to sell gives you options, but accepting a cash offer is the surest way to have your loved one’s home taken care of and sold with ease.
We Are Cash House Buyers
K&G Lettings Limited is a cash house buyer in Goole, Hull, Skegness , Yorkshire and Lincolnshire. We’ve been buying houses since 2006 and have helped lots of homeowners sell their houses fast.
K&G Lettings Limited buys houses in Goole, Hull, Skegness, Yorkshire or Lincolnshire and want to make an offer to buy your house. Give us a call today at 01482 961961 to get started. You can have a no-obligation cash offer for the house within 24 hours.
