Are you trying to decide whether to sell or keep your inherited property in San Antonio? It can feel like a difficult decision and both choices have their upsides and downsides. In our latest post, we help you decide if you should sell your inherited house and learn more about your different selling options!
Whether or not you knew about the inheritance, you might be faced with some unexpected challenges once the property is in your name. Owning a house is expensive. The bills, the taxes, the maintenance, insurance, and the unexpected repairs all add up and can come as quite a shock.
As any investor will tell you, the longer you own it, the more it is costing you. Before you make a decision about whether to sell or keep the inherited property, ask yourself a few questions. Take the time to learn about the market and the property in question, to better help with your decision. Below, we will offer some tips to help you determine if you should keep or sell your inherited property in San Antonio. Will will also offer some insight into the best ways to sell.
Ask Yourself These Questions
Do you have a use for the property?
Holding onto it for sentimental reasons is fine if that’s what you want to do, but don’t feel as if you are obligated to keep the house. You really should only keep the property if you have a sincere use for it. There is no sense in holding onto a property that will just end up sitting there. As properties sit, they become more and more worn down and can often become a target for trouble as more people learn they are vacant.
Are there other owners?
If there are other owners of the property, you will all need to sit down and come to a consensus. Work together to decide if the home should be kept or sold. If there is an odd man out, consider buying them out as not to cause further disagreement. Remember, it is just a house, and the person who passed it down to you would never want to see their gift become an argument.
Try to consider the thoughts of all the owners. Would selling the property be very helpful for one of the heirs or if only one person wants to keep the property then they should be willing to buy the others out.
If you decide you want to sell, how much can you spend upfront?
A traditional property listing will come with some upfront costs. You’ll likely need to make some repairs to the house and have it professionally cleaned. You may not know what you’re getting into. If the home has not yet been cleared out, that should happen first and foremost.
It’s tricky making repairs to a house you’ve never owned. You don’t want to find yourself down a rabbit hole, spending thousands and thousands on a house you want to sell anyway. Depending on how you decide to sell, you could face not only repair costs but costs for marketing too. You need to make sure that you are going to get back more than you are going to spend. Otherwise, you can find yourself wasting time and money.
Ways To Sell Your Inherited Property
Listing your inherited property in San Antonio will require you to get the property ready for the MLS. Take a look at what other homes are selling for, and how your property stacks up. Be realistic with your prices, and don’t spend too much over-improving. When you list an inherited home on the MLS, you may feel frustrated to suddenly have to spend money selling a house that isn’t yours.
If you are thinking of listing the home for sale, make sure you factor in the cost of real estate agent fees and closing costs.
Sell On Your Own
Selling the house using an FSBO listing will save you on the commission, but you will still need to pay for cleaning repairs, marketing, and other selling costs. In most cases, selling on your own to a regular buyer will take longer and ultimately put less in your pocket.
This option will likely take more time on the part of the seller but it will save you from many of the costs of listing on the MLS. It is usually helpful if one of the sellers is familiar with the sales process and the standard contracts used for selling real estate.
Sell To An Investor
When you sell your inherited property to Sell My San Antonio House, you will not need to spend any money out of pocket. Nor will you have to pay expensive commissions, agent fees, or administrative costs (we don’t have those).
By selling the property directly, you will be able to quickly receive your profits faster and move on without spending thousands of dollars and waiting months for reapirs to be complete and then waiting for the property to sell.
If receiving a cash offer for your inherited property would be helpful for you then you should consider selling directly to an investor.