You Inherited A House But Don't Know What to Do: Here Are Your Options
If you’ve recently inherited a house, you may be wondering what your options are. You have several options at your disposal which can make deciding what to do with your inherited house a difficult decision.
Before you do anything with the house, you need to make sure you take the proper steps to establish your ownership. Additionally, you will want to make sure you get insurance to sufficiently cover the house. If the home will be vacant, make sure you let the insurance company know because they treat vacant houses a little differently. Once this is done, then you can review your options, like selling the house for cash and moving on. Weigh the pros and cons and then choose the option that best fits you and your situation.
Probate The Will For Your Inherited House
The first step you need to take is to probate the will. This will give you legal ownership of the property and allow you to take the next steps with what you want to do with it. You may want to consult with an attorney to help you with this process as there may be some complexities involved, especially if the estate is large or there is a dispute over the will.
If the inheritance is strictly the house, you may be able to skip the probate and use the inheritance laws in Texas to establish your ownership without the time and costs associated with probating the will.
Once you have established your ownership of the inherited house, then you can take the next steps.
Determine if the Inherited House Needs Repairs
The condition of the inherited house will play a role in what you can do with it. If the house is in good condition and does not need any repairs, then you have more options available to you. However, if the house needs repairs, this may limit your options and what you can do with the property.
If the property needs repairs and you don’t have the money to make those repairs, then selling the property may be your best option. You can sell the property “as is” and let the new owner deal with making any necessary repairs.
Your Options For Your Inherited House
#1 Refinance the Inherited Property and Move-In
If you’ve inherited a house that is in good condition and you’d like to move in, then your best option may be to refinance the property. You’ll need to get an appraisal of the property to determine the value and make sure there is enough equity to refinance.
You may be able to take advantage of the low mortgage rates available and get a lower monthly payment than you are currently paying. This can free up some extra money each month which can come in handy, especially if you are inheriting other debts along with the house.
If you have good credit, you may even be able to do a cash-out refinance on the inherited property and use some of that money for upgrades or other personal projects.
#2 Renovate the House and Sell For Top Dollar
If the house needs some repairs, you may want to consider renovating it and then selling it for top dollar. This can be a great way to get more money out of the sale of the property and use that money to help with your other financial obligations.
Of course, you’ll need to factor in the cost of renovations as well as the time it will take to complete those renovations. You don’t want to end up spending more on renovations than you will ultimately make from the sale of the property.
If you are handy and can do some of the work yourself, this can help keep costs down. However, even if you hire contractors to do the work, there is still the opportunity to turn a profit.
Make sure to budget for things like closings costs and Realtor fees unless you plan on selling your house without a Realtor.
#3 Rent the Property Out
If you don’t need the money from the sale of the property right away or you want to keep the property as an investment, then renting it out may be a good option. This can provide you with a steady income each month and can help offset some of your other financial obligations.
Of course, being a landlord comes with its own set of responsibilities. You’ll need to find good tenants, collect rent, and deal with any maintenance or repair issues that come up. If you’re not prepared to handle these responsibilities, then this may not be the best option for you.
#4 Sell the House With Owner Financing
If you need to sell the inherited property quickly and you value a monthly income stream, then selling it with owner financing may be the best option. This means that you will essentially act as the bank and provide financing for the buyer.
The downside is that you will be responsible for making sure the buyer makes their payments each month and if they default on the loan, it will be up to you to evict them from the property.
#5 Donate the Property to Charity
If you’re not interested in selling the property or dealing with any repairs that need to be made, then you may want to consider donating the property to charity. This can provide you with a tax deduction and can help you get rid of the property without having to go through the hassle of selling it.
Of course, you’ll want to make sure that you donate the property to a qualified charitable organization in order to take advantage of the tax deduction. You’ll also want to get an appraisal of the property so that you can determine the value of the donation.
#6 Sell the Inherited House As-Is For Cash
If you need to sell the house quickly and don’t want to deal with making any repairs, then selling the property as-is for cash may be your best option.
Selling as-is for cash can be a good option if you’re looking for a fast and easy sale. You also won’t have to worry about evicting tenants or dealing with any other responsibilities that come with being a landlord.
These are just a few of the options available to you when you inherit a house. Be sure to consider all of your options. If you have a house in San Antonio, consider contacting Capstone Homebuyers. We can cover all of your options and help you if you would like to sell your inherited house. We can help with the probate or heirship process and will handle all of the paperwork. Contact us for more information!
Selling Your Inherited House Fast
Dealing with an inherited house can be tough. You don’t know what to do with it and you don’t want to spend the time or money on repairs.
Selling your inherited house doesn’t have to be stressful. Capstone Homebuyers will take care of everything for you- from repairs to paperwork. We pay all cash, so you won’t have any headaches waiting for a check in the mail.
Contact Capstone Homebuyers if you’re looking for a fast, easy sale of your inherited property