![sell my house [market_city]](https://cdn.carrot.com/uploads/sites/41658/2024/09/Sell-My-House.webp)
First off, our condolences – inheriting a property often comes during an emotional and hectic period. Beyond the family considerations, you’re suddenly responsible for taxes, insurance, maintenance and mortgage obligations you might not want.
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 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… 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.
This may sound obvious, but if the person who left you a 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 banks will allow you to assume the loan, while others may force you to refinance into a new loan. If you don’t qualify for a new loan, renting may not be an option for you.
2) The investment is only as good as the manager.
If handling brokers, repairs, tenants and all the moving parts of being a landlord isn’t your jam, bringing in a property manager or cashing out might be the better path. At Home Buying Guys we’ve helped many families turn inherited properties into passive income, but we’ve also seen folks overwhelmed by the calls and maintenance. Decide if you have the time and appetite to be a landlord. If not, we’re here to buy your house outright so you can skip the headaches.
3) Property ownership costs money.
Owning a house means more than just collecting rent checks. Real estate taxes, insurance, utilities and maintenance all keep coming, whether the property is occupied or not. Inherited homes often need repairs that cost money upfront, plus ongoing property management expenses. If you’d rather not sink time and money into an older home, selling for cash lets you move on without worrying about surprise expenses.
Before making any decisions, it’s wise to have a professional inspector walk through the property. They’ll give you a realistic picture of what repairs are needed now and what might come up in the next few years. That way you can weigh the costs of fixing up the house versus selling it quickly for cash.
4) Selling a property for top dollar costs money.
Getting the highest price often requires spending money on repairs, renovations, landscaping and staging. Paint, flooring and a fresh kitchen can run into the tens of thousands. If you prefer to skip that investment and still walk away with cash, Home Buying Guys will purchase your house as‑is. We’ll handle any needed updates so you don’t have to come out of pocket before selling.
5) If the market will continue to grow faster than your other options, hang on to the investment.
You might decide to hold onto the property if the local market is booming and you believe values will continue to rise. In some cases, tapping the equity for another investment makes more sense than selling. We can review comparable sales and neighborhood trends with you so you can decide whether hanging on or taking a cash offer is smarter. Real estate can be a great asset if it performs better than other investments in your portfolio.
6) Uncle Sam wants a piece of the action.
Work with your accountant and attorney before making any moves—inheritance can trigger capital gains, property taxes and even estate issues. Understanding the tax implications ahead of time will help you decide whether renting, renovating or selling quickly is your best option.
7) Consider all your options.
Sometimes a hybrid strategy, like a lease-option, can provide monthly income while giving the tenant an option to buy later. These arrangements can be tricky, but our DFW team has structured them successfully for families who want the best of both worlds. Explore all paths—renting, selling, or working with a cash buyer—to find what aligns with your goals.
8) Compare a few scenarios.
Crunch the numbers before you decide. We’ll look at what you could net by selling as-is today, what you might make after repairs and listing on the MLS, and what you could earn from renting the house for a few years. Comparing these scenarios helps you make an informed choice.