Selling your inherited home can be a complicated and often emotional process. You may be tempted to sell the property “As-Is” and be done with it.
However, when it comes to increasing your home value, there are a few things you could do first to get the most value for your inherited property. With a little preparation, you can maximize the sale price and make the selling process much less stressful.
Clean out the property and remove any personal belonging
When you inherit a house, you may find yourself with a valuable asset – but an inherited house can also come with its share of problems. Before you can sell an inherited property, you’ll need some work done to get it into shape.
The first thing you’ll want to do is clean out the property. This may mean hiring a professional cleaning company, or it may mean doing it yourself. If you decide to do it yourself, make sure to go through every nook and cranny so potential buyers can see a blank slate they can imagine making their own.
Once the property is clean, you’ll want to remove any personal belongings from the premises. This includes things like family photos, heirlooms, and personal mementos. The goal is to allow potential buyers to be able to imagine themselves living in the house. Which isn’t easy to do when it’s full of someone else’s belongings.
With a bit of elbow grease, you can turn your inherited property into a profitable investment.
If you want to know how can home staging help you sell your home, read our article:
Renovate and make the necessary repairs
You must make any necessary repairs before putting the inherited house on the market. Buyers are often hesitant to purchase an inherited property. This is because they may be worried about hidden issues that could cost them a lot of money down the road.
By fixing any problems before listing the house, you can help to put buyers’ minds at ease. Of course, you’ll also want to consider the cost of the repairs and make sure that you’re still able to turn a profit on the sale. With some planning and effort, you can make the inherited property sale a success.
This may involve anything from fixing a leaky faucet to repairing structural damage, maybe even doing roof repairs or replacing old plumbing fixtures.
The more move-in ready you can make the property, the higher the price you’ll be able to command. Buyers are often willing to buy properties that they don’t have to put any work into before moving in. Renovations are guaranteed to help you do exactly that and sell your inherited property faster.
However, renovations can be costly; home renovations and remodels average $47,970, with most projects falling between $17,914 and $78,163.
If you want to know if you should renovate your home before selling it, read our article:
Remember that not all upgrades will pay off. Suppose you need help determining the cost of renovations. In that case, you can always rely on us – simply order your Virtual Estimate and instantly get pricing estimates for your project so that you can budget accordingly.
Access the Renovation Portal
Homescala’s Renovation Portal is another service we offer that will save you a lot of time and effort. It is the perfect tool for planning and managing the renovation of your inherited house.
With our cutting-edge software, you can get instant access to the most important details about your home renovation. Information that would otherwise take weeks and months to research.
You can also view photos of completed projects, which is a great way to get inspiration for your renovation. We can even help you find the best contractors to handle your renovation projects.
Determine the value of the inherited property
Determining the value of the house can be an important factor when it comes to estate taxes. When you inherit a house, you will have to pay an inherited house tax or otherwise known as inheritance tax. Make sure to take this into account when you determine the market value of the inherited property. The fair market value is generally the price that a willing buyer wants to pay for the property, and a willing seller wants to accept for it, while neither of them is under any compulsion to buy or sell.
This can be done in a few ways, but usually, the house is appraised by a professional. Appraisers consider many factors when estimating the value of the inherited property, such as location, physical features, and recent sales prices of similar properties. The appraiser will also take into account any improvements that have been made to the inherited property.
Also, you can choose to have a real estate agent conduct a Comparative Market Analysis (CMA). This involves looking at recent sales of similar properties in the area to determine what the inherited property is worth. Once the value of the inherited property has been determined, it can be distributed among the heir(s) according to the terms of the will or trust.
Price the property correctly and be prepared to negotiate
A very important thing to consider when selling an inherited house is pricing the property correctly.
It can be tempting to try to maximize the sale price by pricing the house high, but this can often lead to a longer selling process and, ultimately, a lower final price. Instead, when selling an inherited property, it is usually better to start with a fair asking price and be prepared to negotiate with potential buyers.
Another thing to remember when selling an inherited house is that there may be hidden costs, such as repairs or back taxes. Be sure to factor these costs into your asking price so that you don’t end up losing money on the sale. By following these simple tips, you can help ensure that you get the best possible price for your inherited property.
List the property
If you’ve decided that selling your inherited property is the right decision for you, there are a few different ways that you can go about doing so. One option is to list it on the open market with a real estate agent. This option will likely net you the highest sales price but will also come with some fees, such as a commission for your real estate agent.
Another option is to sell the inherited house directly to a cash buyer, such as a local investment firm. This option will typically result in a lower sales price but can be a quick and easy way to offload an inherited property that’s been weighing on your mind.
Or, you can always check out Homescala and our affiliates. With our help, you could increase the value of the inherited property, get the best deal, eliminate escrow delays, and sell inherited property hassle-free!
Before you list your property for sale, here are some things you need to know:
Selling your inherited house doesn’t have to be complicated or stressful. By taking some time to prepare the property beforehand, you can maximize its sale price and make the selling process much smoother.
There are several practical considerations that we covered above. Still, the most important thing is creating an inviting space in which potential buyers can picture themselves living.
Keep in mind that the key is ensuring that any renovations you do will likely increase the property’s value, which is where we can help. With Homescala as your ally, you can close on the sale and transfer ownership to the new buyer fast, easy, and stress-free.