First, we’re so sorry for your loss. This can be a very challenging time for many reasons, and dealing with property ownership is tough at the best of times.
You’re thinking, “I inherited a house, what to do with this house?” Should I rent it? Should I sell it? How should I sell it?
Tons of options open for you, but…
… we can help you sell your house fast for cash
We’re seasoned investors in Crystal Lake real estate, and we’re looking to buy several houses each month in the Crystal Lake IL area. Every month we get calls from those who have inherited a house and are looking to sell the
I’m truly sorry for your loss. During such a difficult time, dealing with the responsibilities of inherited property can feel overwhelming.
You might be wondering, “I inherited a house, now what should I do with it?” Should I rent it out? Should I sell it? What are the best steps to take when selling?
There are many paths you could take, and we’re here to guide you.
As experienced investors in Crystal Lake real estate, we buy several houses each month in the Crystal Lake IL area. We frequently work with individuals who have inherited properties and are considering selling. Below, you’ll find some practical tips to help you understand your options and make informed decisions.
house… so the info below are some tips to help you navigate the process.
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 might seem straightforward, but if the property you inherited still carries a mortgage, you’ll need to continue making payments if you plan on keeping the property. Some lenders may permit you to assume the existing mortgage, whereas others might require you to refinance into a new loan. If securing a new loan is not feasible for you, renting out the property might not be a viable option.
2) The investment is only as good as the manager.
Managing a property involves coordinating with brokers, handling maintenance, dealing with tenants, and overseeing rent collection. If these tasks don’t seem like the best use of your time, consider hiring a professional property manager or deciding to sell your house fast for cash. While renting out an inherited home can provide additional income—a fantastic strategy—it requires readiness to handle the everyday challenges associated with managing tenants and property upkeep.
3) Property ownership costs money.
It’s uncommon to find a property that has been impeccably maintained. Many inherited homes often require significant upgrades and repairs.
It’s wise to hire a professional property inspector to conduct a thorough evaluation of the property. They can offer a detailed report on necessary repairs or updates for the next five years, along with estimated costs. This can help you avoid expensive surprises down the road.
4) Selling a property for top dollar costs money.
If the thought of making repairs, updating kitchens, improving landscaping, and general cleanup seems overwhelming, don’t worry. We buy Crystal Lake houses for cash, as-is.
5) If the market will continue to grow faster than your other options, hang on to the investment.
We can assist you in evaluating the current value of your property compared to the potential long-term benefits of renting it out. If you can leverage the equity in your property in ways that yield returns surpassing those of the real estate market, it’s wise to do so. However, if you don’t have a better use for the funds and the neighborhood’s value is appreciating, consider holding onto the property. Real estate can be a lucrative investment if you understand how to effectively analyze market trends.
6) Uncle Sam wants a piece of the action.
Don’t overlook the importance of consulting with tax and legal professionals regarding your inheritance before making any decisions. Property and income tax implications can significantly affect the cost of owning your investment, so it’s crucial to understand these aspects thoroughly.
7) Consider all your options.
In some cases, we can help you set up a lease-option agreement, which allows you to rent out your property while simultaneously putting it on the market for sale—offering you the best of both worlds. These arrangements can be complex, but with our investment experience in Crystal Lake, we’re equipped to guide you towards a successful outcome.
8) Compare a few scenarios.
We’ll assist you in determining the pricing for any property near Crystal Lake—including its current as-is market value, the maximum price it could fetch without any renovations, and its potential value if retained as a rental, factoring in all associated costs. This comprehensive analysis aims to provide you with a clear understanding of your options.