When you inherit a house, it’s an emotional experience that can add a lot of responsibility to making some big decisions – including whether you should sell or keep the property. Here are some things to consider to help you make the right decision, as well as a quick guide on selling inherited property fast from our cash for houses Fort Worth team.
What to Consider If You Want to Keep the Property
An inherited property can become your family home, or you can rent it out as a property investment, both of which are good options. As with all major decisions, finances play an important role in deciding which choice is viable for you, so be sure to consider:
- Local property taxes and whether these taxes have been paid. In Texas, property taxes are amongst the highest in the country, with an effective property tax rate of 2.18%.
- Any damage to the property or repairs and upgrades that need to be made.
- Clearing out the property – Sorting and selling items belonging to the previous owner, and generally clearing out the home for occupation.
- The cost of homeowners insurance – As a new owner, you cannot take over the existing policy and need your own, new policy. If you plan to use it as a holiday home, it will need second home insurance, which can be higher than standard home insurance because of the risk facing unoccupied homes.
- How much equity is in the home – Is the home paid off or is there a mortgage on the property?
- Moving costs – If you plan to live in the home, be sure to get quotes from reputable companies to get an idea of the moving costs, especially if you live out of state.
- Rental income – If you plan to rent out the home, you need to get a good idea of what kind of rental yield you can expect, the cost of insurance policies (homeowners insurance, landlord insurance and liability insurance), potential vacancy costs, maintenance and repair costs, implications for your income tax, and rental management costs if you want to use a professional service to manage the property.
What to Consider If You’re Thinking of Selling Inherited Property
Selling inherited property can be a good option if you don’t want to live in the property or rent it out, but there are some key factors to consider.
- Value – Get a few estimates on the value of the property to get a clear idea of how much it may sell for.
- Taxes and repairs – If there are outstanding property taxes, a lien that needs to be paid, or repairs that need to be made to the property, you need a clear idea of how much this will cost. This will give you a much clearer idea of the true value of the property and how much you will get from the sale.
- Clear out costs – Before you sell, the house will need to be cleared out. This can mean spending a considerable amount of time sorting and selling items or paying a third-party service provider to clear out the property for you.
- Real estate agent fees – Realtors and real estate agents will take a cut of the final sale amount as commission, so be sure to calculate this into your budget. This amount differs from agency to agency but is typically around 6%. This means that on a $250,000 sale, you will pay $15,000 to the estate agency.
Simply the Best Way to Sell Property Fast
As you can see, there plenty of costs and implications that come from either of these decisions. At Shiny Key Properties, we’re trying to make this a little easier on our clients by simplifying the selling process and handling it all for you, from clearing out the property to selling it as is, taking a load off your shoulders.
If you want to sell property fast without the hassle of looking for a buyer, dealing with real estate agent, or even emptying the house, then the best option is to sell directly to cash home buyers in Fort Worth.
We can sell your home in 24 hours. Here’s how our process works:
- You enter your information on our website. We’ll contact you directly to discuss an offer for your property (you can also get a free property evaluation from our website)
- You can accept or reject the NO-OBLIGATION offer
- Cash will be deposited into your bank account – with no real estate agent fees
- We can handle all aspects of the process, including clearing out the home
- You can also call us directly on 469-858-008
That’s all there is to it!
You can also download our FREE eBook for more information on how to sell your home in 24 hours.
Our team is compassionate and highly motivated to offer you the best possible market-related price for your home, so you can sell your home in 24 hours. Not only does this cash go straight into your bank account as soon as the sale goes through, but you also pay zero real estate agent commission.
At Shiny Key Properties, our trained consultants have years of experience in assisting local and out-of-state homeowners sell an inherited home. To find out more about our cash for homes Fort Worth service for selling inherited property, please contact us today and speak to one of our friendly team members.