The decision to sell your inherited house can pose its challenges for homeowners. It comes with a mixture of emotions and responsibilities, like taking care of the insurance, mortgage, maintenance, etc. Once you’re finished with all these tasks, your house will be eligible for sale. But what if you’re looking to sell your inherited home quickly, and don’t have the time or resources to complete those tasks? That’s where cash home buyers come in!
Here are some of the common challenges homeowners with inherited properties face:
Empty houses are costly.
Even a free house can be costly. An empty house that is just sitting there creates mounting costs and ongoing expenses. Property taxes, homeowners insurance, and utilities are just a few problems homeowners will have to deal with. And doing work in general wear and tear could put a dent in your budget. If it sits for too long, it will also slowly deteriorate over time, which could decrease the home’s value.
Rental properties take time and effort.
If there is more than one person that’s an heir to the house, chances are you’re probably not going to live in it together. This gives you two options: sell it or rent it out. It might be tempting to turn the house into a rental property, but this is no easy task and should be thought out properly. Becoming a landlord is costly and time consuming, and there are a ton of other contributing factors that go into how successful the rental property will be.
Inherited houses are typically in bad shape.
In most cases, homes have been inherited because the homeowners were elderly, sick, or unable to give the house the maintenance it deserves. That means the beneficiaries will be responsible for all the repairs, whether you’ll be living in it, selling it, or renting it. Repairs are costly, and even if you go into it with a strict budget, you’ll almost always go over.
You’ll endure probate expenses.
When someone passes away, their property is put through a court process called probate. This entails a legal proceeding used to settle a person’s estate after death, and it’s a complicated process. It often poses legal and financial issues, and can be particularly overwhelming in a time of grief.
You won’t benefit on taxes.
Unfortunately even if you sell the house quickly after inheriting it, you won’t pay capital gains tax. This is because the property’s tax basis is set at the current market value when the previous owner passes away. This means you will inherit the house at whatever value it was at at the date of their death. And when you sell the property, any tax you owe will be based on the increase in value once it’s in your hands.
And what’s the easy way to avoid all these problems you ask? Sell your inherited house for cash! At Home Buyers Express, our mission is to give homeowners like you a smooth home selling experience. We aren’t listing your house and waiting for a buyer, we are the buyer, and we pay cash. With over twenty years of experience, we know how to streamline the process. Visit our “how it works” page for more info, and contact us today!