Selling vs. Renting an Inherited House in Fort Worth

If you’ve inherited a property, you have some big decisions to make. Should you move in and make it your own? Should you sell it? What about renting it out? In this article from cash house buyers in Fort Worth, we look at two of these options and talk about the pros and cons of selling vs. renting an inherited house.

Renting Out an Inherited Property

Let’s start with the pros of renting out the property:

It creates an opportunity for additional long-term, monthly income.
Selling through a real estate agent can be time-consuming and stressful, especially if you live far away.
If the market does well years or even decades down the line, you can sell the house at a later stage for more profit.
Rental income can be split between multiple heirs or used to support other family members.
You may avoid capital gains tax (CGT) and be able to claim tax deductions on the rental property.
Texas has no income tax, so your earnings from the rental income will be tax-free.

Sounds good so far! But here are the cons:

You will have to pay property taxes each year. In Fort Worth, these taxes are 2.18% of the home’s value – approximately $5,250 per year on a $250,000 home, with stiff penalties for delinquent property taxes.
It may need repairs and improvements before it can be rented. Unless the home is in very good condition, you may need to upgrade the kitchen and bathrooms, add safety features, repaint, and repair the property to make it compliant and appealing.
You will have to manage and maintain the property, which requires time and resources, from insuring the property (including landlord’s insurance) to organizing or carrying out repairs, and paying bills.
Rental income is risky. You may get bad tenants, they may be unable to pay their rent, the market may go down, or your tenants may damage the property. You may also have gaps with no income between tenants.

Selling an Inherited Property

Alright, so let’s look at the pros of selling:

You get access to a lump sum that you can immediately use however you want to, from paying off your mortgage to starting a business or buying a new home.
Texas does not have an inheritance tax, so you won’t pay inheritance tax on the property’s sale.
It can allow you to move on emotionally.
It is easy to split the proceeds of a sale to multiple heirs and family members as a once-off transaction.
You can invest the money into something else and grow the proceeds more effectively than if they were locked into the property.
You won’t have to manage the property, clean it, repair it, or upgrade it.
You won’t have to source tenants, insure the property, or pay bills/property taxes on it.

But what are the cons?

You may have to pay CGT on the property, but only if you sell for considerably higher than the stepped-up basis. You can read all about the tax implications of selling an inherited property here.
You get a lump sum rather than a continuous income. Again, this depends on what you want to do financially, and how reliable your tenants are.
Selling a house can be time-consuming and stressful. It can take months to find the right buyer, you have to clean out the property or hold an estate sale, and it can take a long time for the money to clear in your account. It can also be expensive if you use a realtor or real estate agent, as they can take up to 6% of the sale price as commission. However, we have a solution…

Affordable, Easy, and Quick – This is the Best Way of Selling an Inherited House

If you have decided that the best course of action is to sell the inherited property, then we are here to help. Our team of cash house buyers works to make this process easy for 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 a real estate agent and paying their commission, or even emptying the house, then the best option is to sell directly to cash house buyers in Fort Worth.

We can sell your house in 24 hours, putting a lump sum into your account in just a few days. 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 FREE 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 house
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 house in 24 hours.

Chat to Our Cash House Buyers in Fort Worth Today

Our team is compassionate and highly motivated to offer you the best possible market-related price for your house, so you can sell your house 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 to sell an inherited house. To find out more about our cash for houses Fort Worth service for selling inherited property, please contact us today and speak to one of our friendly team members.