About 1 in 5 households will receive an inheritance at some point. One of the most common examples is inheriting a house. Although this may seem like an amazing windfall, that’s not always the case.
One example is if you inherit a house that’s in bad condition. This can put you in a position where paying for repairs is going to significantly offset any gains from the home.
Another common example is simply being unsure of what to do with a home. If you’re already happy where you live, you may be wondering what you can do to maximize the financial value of this inheritance.
To provide more insight into this situation, we’ve outlined four paths you can follow if you inherited a house.
1. Keep the House
The first option is to literally do nothing and simply keep the house. There are a few scenarios where this can make the most sense.
One is if you have reason to believe the value of the house will significantly increase in the coming years. Another possible scenario is if you inherited the house with siblings and are unable to agree on any other course of action.
You may also want to keep the house for the foreseeable future if there’s any reason to believe that issues like taxes or a contested inheritance could create issues for you upon selling.
2. Invest in Renovations
This option will require crunching some numbers. It may be the case that investing in renovations will provide a far greater return than if you sold the house in the current condition.
Before going down this path, just be aware that most forms of substantial home renovations will almost always cost more and take longer than expected.
3. Make It a Rental Property
Owning a home that you don’t need to live in opens up the possibility of turning it into a rental property.
The big upside of this option is monthly cash flow. But the potential downside is having to deal with problematic tenants. So be sure to think carefully before opting to rent out the house you inherited.
4. Finish Inheriting a House By Selling
Of all four options, this is the most popular. You can extract an inherited home’s value in a single transaction by selling. However, the specific approach you choose will impact how much money you actually get.
Choosing to sell through a real estate agent means you’ll give up a significant amount in commissions. Trying to list the house yourself will save that money but likely cost you more time.
How to Sell an Inherited Home Fast
There is an option for selling after inheriting a house that avoids both previously mentioned pitfalls. This option is to sell for cash to a professional home buyer. At Florida Cash Home Buyers, we specialize in these exact deals.
Regardless of the condition of an inherited home, we will make a fair cash offer. We also have the resources and experience to close the deal in just a matter of weeks.
To see exactly how much you can get from selling your inherited home, use our online form to get a cash offer within 24 hours. You can also get an offer by calling or texting us at (954) 477-8243.