We want to start by expressing our condolences for your loss. We understand that dealing with property ownership can be challenging, especially during such a difficult time. As you consider your options for the property you inherited in Chico, you may be wondering whether to sell or rent it out, and if you do decide to sell, what the best approach would be.
Fortunately, you have several options available, and we’re here to help you navigate the process. As experienced investors in Chico real estate, we’re actively seeking to purchase several properties each month in the Butte County area, and we often receive calls from those who have inherited a house and are looking to sell it.
To assist you in making the best decision for your situation, we’ve compiled some useful tips and advice. We understand that every situation is unique, and we’ll work with you to create a tailored solution that meets your specific needs.
Selling an inherited property can be an overwhelming task, and there are many factors to consider, such as the property’s current condition, the local real estate market, and any legal or financial obligations that need to be addressed. We can help you assess the value of your property, explore the best selling options, and help you navigate the legal and financial requirements.
Whether you decide to sell the property or consider renting it out, we can offer you valuable insights and expertise to make the process as smooth and stress-free as possible. So, don’t hesitate to reach out to us to discuss your options and explore how we can help you achieve your goals
I Inherited A House, What To Do Next?
Here’s a few important considerations to help you make the right decision:
1) Make sure the mortgage is paid.
It may seem like a no-brainer, but if the individual who bequeathed the property to you had a mortgage on the property, then you will be responsible for paying it off if you decide to keep the property (unless the property is paid off, in which case you don’t have to worry about it). Depending on the bank, you may have the option to assume the existing loan, or you may be required to refinance the property into a new loan. If you do not qualify for a new loan, then renting out the property may not be a viable option for you.
It’s important to understand the financial obligations associated with inheriting a property, including any outstanding debts or mortgages. We can help you assess your financial situation and determine the best course of action for your circumstances. Whether you decide to sell the property, keep it, or rent it out, we can assist you in navigating the process and addressing any financial or legal requirements. Don’t hesitate to reach out to us for guidance and support.
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 uncommon to come across an inherited property that has been impeccably maintained. In most cases, significant improvements will need to be made. To gain a thorough understanding of the property’s condition, it’s advisable to engage the services of a professional property inspector. The inspector can provide you with a detailed report outlining any necessary repairs and estimated costs for addressing them within the next five years. Being aware of any issues in advance can help you avoid costly surprises down the line.
Property inspections are an essential step in the process of inheriting a property, as they can provide valuable information about the property’s condition and any necessary repairs or improvements. At Butte Home Buyers, we have a network of trusted professionals who can assist you with property inspections and related services. Contact us today for more information on how we can help you manage your inherited property.
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 Butte County houses for cash, as-is.
5) If the market will continue to grow faster than your other options, hang on to the investment.
Our team can assist you in assessing whether selling or renting your property would be more advantageous in the short and long term. We can help you analyze the current market value of your property and compare it to the potential long-term benefits of renting it out. In some cases, you may be able to use the equity in your property for other investments that offer better returns than the real estate market. However, if you don’t have any immediate plans for the proceeds from the sale, and the neighborhood’s property values are rising, it may be more beneficial to hold onto the property. With the right knowledge and understanding of the market, real estate can be a lucrative investment. At Butte Home Buyers, we can help you make informed decisions about your property and guide you towards the most profitable option.
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.
7) Consider all your options.
We may be able to assist you in creating a lease-option agreement that enables you to both rent out and sell your property at the same time in specific situations, which can be advantageous. These types of arrangements can be complicated, but with our investment experience in Chico, we can help you achieve success.
8) Compare a few scenarios.
We’ll help you determine prices for any property near Chico- 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 (along with the costs).
Just call us today at (530) 230-3560 or contact us now for more information
on how we can make you a fair cash offer on your inherited house today!
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