First, we’re so sorry for your loss. This can be a very challenging time for many reasons, and dealing with property ownership is tough at the best of times.
You’re thinking, “I inherited a house, now what do I do with this house?” Should I rent it? Should I sell it? HOW should I sell it?
Tons of options open for you, but… we can help.
We’re seasoned investors in Riverview real estate, and we’re looking to buy houses each month in the Riverview Florida area. Below are some tips to help you navigate this process.
Here’s a few important considerations to help you make the right decision:
1) Make sure the mortgage is paid.
This may sound obvious, but if the person who left you a property also had a mortgage (unless it had no mortgage and was paid off, which is great!), you have to pay it (assuming you want to keep the property). Some banks will allow you to assume the loan, while others may force you to refinance into a new loan. If you don’t qualify for a new loan, renting may not be an option for you.
2) The investment is only as good as the manager.
If dealing with brokers, maintenance, tenants, rent collection and all the nuances of property management isn’t the best use of your time, hire a professional to help you manage the property. Some people who inherit homes decide to keep the house and rent it for extra income.
3) Property ownership costs money.
It’s rare to see a building that’s been perfectly maintained. Most inherited houses need major improvements.
Consider hiring a professional property inspector to give you a detailed rundown on what you’ll need to do within the next five years, along with estimated costs. Surprises are very, very expensive.
4) Selling a property for top dollar costs money.
Selling a property often requires FIRST making repairs and updating the interior to current styles. If you don’t want to deal with making repairs, updating kitchens and bathrooms, and overall cleanup, don’t worry. We buy Riverview houses for cash, AS-IS.
5) Uncle Sam may want a piece of the action.
Don’t forget to discuss your inheritance with tax and legal professionals before you take action. There are major property and income tax consequences that will dramatically impact the cost of owning your investment.
6) Consider all your options.
If you decide you’d just rather sell the house in Hillsborough County, we can help. You don’t have to do any of the work of emptying the house, cleaning it, updating it, or making repairs. We pay closing and can close quickly. Give us a call if you’d rather lay in a hammock than deal with your property. No pressure. If we can’t help you, we’ll try to point you in the right direction.