Making Sure That Inherited Property Is A Windfall Rather Than A Washout
When our loved ones leave us property, they usually do so to ease our financial woes rather than increase them. It’s an act of love, and the chances are that they hoped their property would help you through a hard time. While inheritance can’t undo loss, it can at least ensure we’re able to honor loved ones with meaningful purchases.
The sad fact is, though, that inherited properties often cause more issues than they solve. The main reason being that we mainly lose family members in their older years. As such, there’s a chance their house has fallen into disrepair. The decoration may be outdated and shabby. There may even be extreme issues with things like roofing. After all, elderly relatives are rarely able to get up and take a look.
Before you know, then, you may face a property with questionable worth. Either that or you face repair work which will leave you out of pocket before you benefit. The chances are that’s not at all what your loved one had in mind. What’s more, an inheritance which costs is far from ideal.
Hence why you should consider the following paths to gain from that windfall without having to spend.
Accept a lower asking price
Repair work doesn’t mean that you can’t still put a property on the market. Far from it. It simply means you may have to be willing to accept a lower asking price. Most house hunters do their research when it comes to house value. Most also invest in surveys before committing to a purchase. As such, they’ll soon see if they need to spend a lot on a house. It then isn’t unusual for them to knock that amount off their asking price. Make sure you know how low to go by seeking your own surveys before hitting the market. Then, prepare to knock money off accordingly. At least you still gain without spending out of your pocket this way.
Consider alternative selling options
Even if you hit the market, it’s possible a house in awful condition will struggle to sell. Even in a competitive market, some properties don’t budge. In this instance, you may be better seeking alternative selling routes. Companies like Need To Sell My House Fast, for instance, buy houses up front in a matter of days. It’s also possible to sell directly to housing developers. This eliminates the need for an estate agent. It also has the benefit of saving you money on fees, which may be yet another cost your inheritance struggles to stretch to.
Is it worth renting?
You may also want to consider renting, at least in the short term. Many people avoid this as it means not getting a lump sum. However, renting for as little as six months could see you saving enough to cover repairs. Then, you’ll be in the position to fix up that property and sell at full price. If you have the patience to wait, then, this is well worth doing.