I Inherited a House, What To Do? – Should I Rent or Sell?

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.

We’re seasoned investors in South Florida real estate, and we’re looking to buy several houses each month in the area. Every month we get calls from those who have inherited a house and are looking to sell the house… if you are one of them, the info below might give crucial 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 choice:

1) Make sure the mortgage is paid.

This may sound quite obvious, but if the person who left you the property also had a mortgage (unless it had no mortgage and was paid off, which is great!), you have to pay it (assuming you want to keep the property). Some lenders will allow you to assume the loan, while others may force you to refinance into a new loan. You have to qualify to refinance into a new mortgage, otherwise renting may not be an option for you.

2) The investment is only as good as the manager.

If dealing with brokers to list, maintenance, tenants, rent collection and all other nuances of property management doesn’t suit you, hire a professional to help you dealing with all of it at once.  Some people who inherit homes decide to keep it and rent for extra income. That’s a great strategy for sure. You just need to be prepared to manage the property and the hassles that come go along with tenants and clogged toilets.

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 an expert 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 pricey.

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 South Florida 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 estimate 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 need quick cash and the home values in the neighborhood are rising, hang on – real estate can be a great asset if you know how to correctly read the market.

6) Uncle Sam wants a piece of the action.

Don’t forget to reach out to tax and and legal professionals about your inheritance before taking any action. There are major property and income tax liabilities that will dramatically impact the cost of owning your piece of real property.

7) Consider all your options.

Depending on certain circumstances, 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 vast investment experience can help you win.

8) Compare a few scenarios.

Even though you might decide not to sell to us now, good to have a Plan B for the future. We help you determine price increase forecasts for your property – 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 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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