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

First, we’re so sorry for your loss. This can be a very challenging time for many reasons, and dealing with property ownership can be 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?

A lot of options are available to you, but…

… we can help.

We’re seasoned investors in Brevard County real estate, and we’re looking to buy several houses every month in the Brevard County Florida area.  We often get calls from those who have inherited a house and are looking to sell it.  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, 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.  In that case you may wish to sell it, but still keep up with the mortgage payments or the bank could decide to foreclose and take the property.  Of course if the property had no mortgage that’s great!  If you still wish to sell it, it’s one less headache not having to keep making payments until it sells or worrying about having funds left over after the bank is paid at closing.

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

If you plan to keep the property and rent it, you will need to deal with maintenance, tenants, rent collection, brokers, and all the nuances of property management.  You can hire a professional property manager to help you, or you can sell your house for cash now.  Deciding to rent out a home you inherit for extra income is 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 clogged toilets.

3) Property ownership costs money.

It’s rare to see a building that’s been perfectly maintained, especially in probate.  Most inherited houses need major improvements, repairs, and just general updating.

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 can be 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 Brevard County 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.  Sometimes you can use the equity in your property to outpaces the performance of the real estate market.  If  the neighborhood is rising in value, it may be worth your while to hang on.  Real estate can be a great investment if you know how to correctly manage the property, and read the market.

6) Uncle Sam wants a piece of the action.

Remember to always 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.

There are several options available to make money with real estate.  We can help you sort through your options and help you determine the right move for you.  What are the advantages and disadvantages of keeping it as a rental?  If you sold it today without doing any work, what’s the highest price the market will bear?  We can help you determine prices for any property near Palm Bay.

Just call us today at (321) 549-8686‬ 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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