First and foremost, please accept our heartfelt condolences for your loss. We understand that this can be an incredibly challenging time, and dealing with property ownership during such moments can be especially tough. Rest assured, we are here to assist you with empathy and professionalism as you navigate through this process.
If you find yourself asking, “I inherited a house, what to do with this house?” – know that you are not alone. Many individuals in similar situations face this dilemma. The good news is that you have numerous options available, and we are here to guide you through them.
As seasoned investors specializing in Morgantown real estate, we have a sincere interest in buying several houses each month within the Morgantown, West Virginia area. It’s not uncommon for us to receive calls from individuals who have inherited a house and are seeking to sell. This is where our expertise comes into play, and we’d like to offer some valuable tips to help you navigate this process with ease.
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.
Alright, let’s get serious… just kidding! But seriously, one of the first things you gotta do is make sure that mortgage is paid. Now, we know this may sound like a no-brainer, but trust us, it’s worth double-checking. Unless you’ve hit the jackpot and inherited a mortgage-free property (lucky you!), you’ll need to handle that pesky mortgage if you want to keep the place.
Now, here’s where it gets interesting. Some banks might let you assume the loan, like a ninja silently taking over the payments. Sneaky, right? But watch out, others might force you into a wild ride of refinancing into a whole new loan. Hold on tight!
And hey, let’s be real – if you’re not exactly rocking the credit scores, getting a new loan could be trickier than solving a Rubik’s Cube blindfolded. Renting? Well, that may not be your superhero move just yet.
So, remember to put on your financial cape and figure out the mortgage situation first – we believe in you! And if things get tough, don’t worry, we’ve got your back with some awesome tips to tackle this inheritance adventure. Stay tuned!
2) The investment is only as good as the manager.
Ah, the age-old wisdom – the investment is only as good as the manager! And hey, we get it – being a superhero property manager may not be everyone’s idea of fun.
Dealing with brokers, maintenance, tenants, rent collection – it’s like juggling flaming torches while riding a unicycle on a tightrope! Okay, maybe not that extreme, but you get the picture. It’s a lot to handle, and if you’ve got more exciting things to do with your time (like binge-watching your favorite show or mastering the art of pancake flipping), then consider bringing in the professionals.
Cash out, anyone? Yep, that’s right, sometimes it’s better to enjoy the fruits of your inheritance and let someone else handle the day-to-day circus of property management. We totally understand – life is too short to be knee-deep in tenant troubles and toilet tantrums.
But hey, if you’re up for the challenge and want to be the landlord extraordinaire, go for it! Renting that house for extra income can be a fantastic strategy. Just make sure you’re prepared to wear that landlord hat and handle all the quirky quirks that come with it.
Whatever you decide, we’re here to support you. So, put on your thinking cap and consider your options – superhero manager or carefree cash out? The choice is yours! And remember, we’re just a call away if you need some friendly advice or a good laugh along the way. Happy property adventures!
3) Property ownership costs money.
It’s rare to see a building that’s been perfectly maintained. Most inherited houses need major improvements.
Consider hiring a professional property inspector to give you a detailed rundown on what you’ll need to do within the next five years, along with estimated costs. Surprises are very, very expensive.
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 Morgantown 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 help you analyze the value of your property today versus the long-term benefits of renting. If you can use the equity in your property in another way that outpaces the performance of the real estate market, you should. If you don’t have anything better to do with the money and the neighborhood is rising in value, hang on – real estate can be a great investment if you know how to correctly read the market.
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.
In certain situations we may be able to help you structure a lease-option agreement that allows you to rent and sell at the same time – capturing the best of both worlds. These kinds of deals can be complicated, but our Morgantown investment experience can help you win.
8) Compare a few scenarios.
We’ll help you determine prices for any property near Morgantown – 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).