If you inherit a property from a loved one, you have to choose between a number of options.
Do you move in? Should you rent out the property? Should you sell the home?
It’s common for people to choose to sell an inherited home. Whether it’s because the home is out of state, you need the money, or plenty of other reasons, selling an inherited property can be a great idea.
However, it’s important to be able to get the most value when selling a home. As such, you should be sure to work with trustworthy professionals to avoid being taken advantage of.
Get an Appraisal
One of the first things you should do before putting your inherited home in the market is get an appraisal.
An appraisal will give you the fair, unbiased value that the property is worth. It will help you identify which areas can be improved in order to increase the property value of the home.
Getting an appraisal is pretty much a requirement when selling a home. Not only does it help you come up with a fair listing price, but it can also be presented to buyers as evidence that your asking price is fair.
Renovations
In some cases, you might be more concerned with selling the property as quickly as possible.
However, if time is not a major factor, making renovations to your property can maximize your profits. It will require you to make an initial investment, but the returns are often well worth it.
Simple renovations like bathroom remodels, upgrading kitchen appliances, replacing the roof, and other upgrades can add significant value to your home.
Finding a Trustworthy Buyer
Once you’ve gotten an appraisal and made any necessary improvements, you need to find a trustworthy buyer.
Selling a home is a complicated task on its own. Selling an inherited home, though, can present its own difficulties. Aside from dealing with estate laws, many buyers may try to take advantage of those who are grieving from a recent loss. It’s important to be able to recognize when someone is trying to lowball you.
Get a Realtor
Hiring a reputable realtor may be the easiest way to sell your home quickly and maximize the value of the sale.
Contact friends and family and read plenty of reviews online before choosing a realtor. Good real estate brokers aren’t difficult to find, but it’s important to do your due diligence in order to find the best one in your area.
Cash Buyers
If time is more of a concern than money, you can always consider selling your inherited property to a home buying company.
Cash buyers will buy your property as is based on the estimated resale value of the home. You may get less than you would by selling through a real estate agent; however, the transaction will be completed quickly and you won’t have to deal with the stress of renovations and other tasks.
Selling an inherited home can be difficult. Between dealing with estate laws and trying to maximize the value of the property, it can be a stressful process.
However, by sticking with reputable realtors and home buyers, you can be sure to sell your home in a timely manner without being taken advantage of.