With utmost respect and condolences. This can be a very challenging time for many reasons, and dealing with property ownership is tough at the best of times.
Are you saying to yourself, “I’ve inherited a house, what can I do with it?” Should I rent it? Should I sell it? How should I sell it?
There are many options available for you, however, we can help.
We’re experience home buyers here in Las Vegas, and we buy several houses each month in the Las Vegas, Nevada area. Each and every month we get calls from those who have inherited a house and are looking to sell the house……we’ve provided a list of things that you need to consider.
I Inherited A Las Vegas House, What Can I Do With It?
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 property manager.
If dealing with brokers, maintenance, tenants, rent collection and all the nuances of property management isn’t the best use of your time, hire a professional to help you or cash out now. Some people who inherit homes decide to keep the house and rent it for extra income. That’s a great strategy for sure. You just need to be prepared to manage the property and the hassles that can go along with tenants and 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 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 Las Vegas Houses for cash, as-is.
5) If the market continues to appreciate 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 will always want 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) Compare a few scenarios.
We’ll help you determine prices for any property in Las Vegas – 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).