I Inherited a House, What To Do? – Should I Rent it or Sell it in Florida?

This can be a very challenging time for many reasons, and dealing with property ownership is tough at the best of times. First off, we’re so very sorry for your loss.

You’re thinking, “I inherited a house, what should I do with this house?” Should I rent it? Should I sell it?  How should I sell it?

There are a handful of options open to you… some are more conventional or “main stream” than others…

we can help because we have several programs where we can pay full price for your house, condo, townhome, or multi-family dwelling. We pay way more than other investors because we aren’t just looking for one particular type of home to buy… We buy homes in any condition or area and buy homes  whether they are fixer-uppers needing tons of work , move-in ready homes, rental area tyoe homes or pretty houses in pretty neighborhoods.

We are seasoned investors throughout the Florida real estate market, and we’re looking to buy several houses each month in any almost area of Florida. Every month we get calls from those who have inherited a house and are looking to sell the house… so the info below is some tips to help you navigate the process.

I Inherited A House, What To Do Next?

Here are a few important things to consider when inheriting a house, 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 lenders 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 or cash out now.  Some people who inherit homes decide to keep the house and rent it for extra income. That’s a great strategy for sure. You just need to be prepared to manage the property and the hassles that can go along with tenants and toilets.

3) Property ownership costs money.

It’s rare to see a home that’s been perfectly maintained. Most inherited houses need major improvements and property clean-up. Sometimes there are even violations with the city, county, or code enforcement. These violations can increase daily and should be handled as soon as possible. When working with us, you won’t have to come out of pocket to pay these penalties as we can arrange to have them paid out of the proceeds at closing.

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 and deferred maintenance are very, very expensive.

4) Selling a property for top dollar costs money.

If you don’t want to deal with making repairs, updating kitchens, improving landscaping and overall cleanup, don’t worry. We buy Florida houses for cash, as-is. We can pay all cash, close quickly or on your timeframe and we always cover all the closing costs, deed stamps, settlement fees, and title insurance… which can easilyadd up to be 2% of the sales price.

5) If the market will continue to grow faster than your other options, hang on to the investment.

We can help you analyze the value of your property today versus the long-term benefits of renting it out. If you can use the equity in your property in another way that outpaces the performance of the real estate market, you should. If you don’t have anything better to do with the money and the neighborhood is rising in value, hang on to the home if you can still realize a reasonable cash flow it after all the property expenses, maintenance, property taxes and insurance – real estate can be a great investment if you know how to correctly read the market.

6) Uncle Sam wants 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 home.

7) Consider all your options.

In certain situations, we may be able to help you structure a lease-option agreement that allows you to rent the property and sell at the same time – capturing the best of both worlds. These kinds of deals can seem a little complicated at first, but our Florida-wide investment experience can help you achieve your goals.

8) Compare a few scenarios.

We’ll help you determine values for any property in Florida- if you sold it today without doing any work, the highest price the market will bear, and the projected value of keeping it as a rental property.

If it’s time for you to sell your home or condo in Florida, then look no further. We buy houses in Florida in “as-is” condition. We buy throughout Florida and you can sell your home in Florida in its current condition and we’ll still pay you a fair price for it.

When you sell direct to us, you’ll save time, money and not be burdened with not knowing when it will sell or for how much. We make it a simple, transparent and hassle-free process.

There are no commissions or fees to worry about because we’re not real estate agents who want to list your house… We can pay all cash, take over house payments, buy on terms or come up with a custom win-win solution that suits your needs.

Just call us today at 888-408-1002 or fill out the form below for more information
on how we can make you a fair cash offer on your inherited house today!

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