What Happens When I Inherit a House?

 
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What options do I have when I inherit a house in Florida?

  1. You can move in and make the house your home.
  2. You can rent the property. If you choose to rent a house you’ve inherited, you’ll need to consider whether you will manage the property yourself or use a property manager. If you choose to manage the rental property yourself, screening tenants and addressing any issues they have while renting from you will become part of your daily life. While property managers do take a portion of the money you make off the rental property (they will want to be paid, after all), they also deal with the tenants for you. Ultimately, you’ll need to decide which will work best for you.
  3. You can sell the house (or property). Selling a house presents multiple options, too. Will you hire a realtor? Will you give “For Sale by Owner” a go? Or will you sell to an investor? 

How do I decide what to do with my inherited property?

To guide you toward the best decision for you, we’ve created a quick list of things to consider when you inherit a house:

  • Other heirs. If there are other heirs, you must all come to consensus on what to do with the property.  
  • Tax implications. All three options (keeping the house, renting the house, and selling the house) have tax implications. Get in touch with a tax professional that can explain how each of these options will impact you financially. 
  • Legal implications. Has the property been through probate? Do you legally have the right to make decisions? If not, who does?
  • Property Title. Does the property have a clear title? Are there any unresolved liens on the property? 
  • Financial obligations. Are the mortgage payments current? What taxes are owed? Are repairs needed on the house? A professional inspection will help you estimate repairs and plan for them. Will you need to renovate? Is the house covered by homeowners insurance? The property will likely have miscellaneous expenses, too–like utilities, lawn care, or pool service. 

I want to sell the house I inherited. Why is selling my house to an investor the best option?

Well, it may or may not be. Here are some reasons you might choose to sell your inherited house to an investor:

  1. You want to sell your house and close on it quickly (or on a specific date you’ve chosen).
  2. You want cash for your house. 
  3. You need to sell your house AS-IS. You don’t want to waste time and money repairing or renovating a house only to sell it. OR you don’t want to clean out the house before you sell it. 
  4. You want a hassle-free sale. When you sell your house to an investor, you don’t have to worry about contingencies. The deal won’t fall through. The investor will put together an offer and schedule an inspection. Quick and easy. 
  5. You crave transparency. When you sell your house to an investor, you know exactly how much cash you’ll have at closing. Angie Buys Houses Central Florida covers all fees, closing costs, inspections, etc. The offer is what you will walk away with. Period.

 

 

Photo by Jens Lindner on Unsplash

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