Published April 23, 2019
Five Signs you Should Sell an Inherited Home
When parents or other relatives pass away, one of the biggest inheritances the adult children receive is the family home. Settling the estate of a parent is a major undertaking and the family home is at the center of decision making. Surviving relatives must come up with a plan about what to do with the home. After all, there are decades of memories in that home. The thought of not having it may be unnerving – extremely sad at the very least.
Nonetheless, it is a decision that must be made, and there are only three options: keep it, rent it, or sell it. For children grieving the death of their parents, making this decision can be very overwhelming. If you find this predicament familiar, here are five signs you should sell an inherited home:
You Know There is a Mortgage on the Property
Hopefully, you know what is going on with the property you inherited in terms of whether there’s a mortgage or other type of lien on it. It’s easy to find out by checking with the county’s tax collector. This is probably one of the first things to determine about the property when deciding whether you should sell an inherited home.
If there is indeed a mortgage or other lien, it is typically one of the first things that must be settled. Selling your house fast allows you to pay off the debt and continue to settle the remainder of the estate.
You Don’t Have the Cash Flow to Maintain the Home
If you are a homeowner, you know the expense involved in maintaining the property. Trying to keep a home in the family on top of your own home, even while you try to decide what to do, can be costly. There are expenses involved in the upkeep – household bills, lawn maintenance, and other costs to keep the home itself in good condition. If you don’t have the cash flow for the expenses, selling your inherited home may be the wisest choice. Reputable companies buy houses for cash no matter the condition to remodel or rebuild to be new again.
You Need Cash Fast
Whether you need cash for expenses in your own life or to settle the estate of the deceased, selling your house fast is often a viable option. Not only does it help you with your cash flow, but it also alleviates the pressure of the outstanding bills and other obligations that may face the recipient or executor of the deceased’s estate.
You Know There is Damage to the Property
As people age, maintaining a home becomes more difficult and expensive. When small issues are left alone, they often turn into major problems. Suddenly, the cost to repair the problem becomes quite large – even impossible to handle. Think about something as small as a leak in a pipe. When left alone, it can lead to major water damage or worse – mold. Once this happens, the expense taken on for the restoration may be too much. If this happens, selling your house fast to cash buyers may be the best step to take. Many cash buyers look for properties to buy, restore and update.
You Don’t Live Locally
If you don’t live in the same locale as the inherited home, selling a home fast for cash is an excellent option. Trying to maintain a home from a distance is difficult. Listing it to sell traditionally may take longer than you anticipate especially if it is not in good condition. Investors who buy homes for cash provide people with the opportunity to sell the inherited homes quickly no matter the condition of the property.
Consider selling your inherited property for cash to an investor
New Again Houses buys houses in any condition for cash. From there, we remodel and rebuild the houses to make them new again. If you are trying to decide whether you should sell your inherited home, it may be an excellent time to talk with one of our team members to help you make an informed decision.