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I Inherited a House, What To Do? – Should I rent or sell in Fort Myers?

First, we’re so sorry for your loss. This can be a very challenging time for many reasons, and dealing with property ownership is tough at the best of times.

You’re thinking, “I inherited a house, what to do with this house?” Should I rent it? Should I sell it?  How should I sell it?

Tons of options open for you, but…

… we can help.

As seasoned investors in Fort Myers‘s real estate, we actively acquire multiple properties monthly in the area. Often, we’re contacted by individuals inheriting property and considering a sale. Here, we offer valuable tips for a seamless process: Understand the inherited property fully, seeking professional advice to navigate legal and financial complexities. Evaluate sale options carefully, whether listing, auction, or selling to investors. Consider property enhancements but avoid overspending. Partnering with experienced investors like us can streamline the process, offering valuable insights and a swift transaction.

I Inherited A House, What To Do Next?

Here’s a few important considerations to help you make the right decision:

1) Make sure the mortgage is paid.

It may seem evident, but if the individual who bequeathed you a property had a mortgage (unless it was mortgage-free, which is favorable), you’ll be responsible for handling it if you wish to retain the property. Some banks may permit you to assume the existing loan, while others may require you to refinance into a new loan. If you are ineligible for a new loan, renting out the property might not be a viable option for you. Additionally, managing a property with an existing mortgage requires careful financial planning to ensure you can cover the mortgage payments, property taxes, insurance, and any maintenance costs that may arise. Consider seeking advice from a financial advisor or real estate professional to explore your options and make an informed decision about what to do with the inherited property.

2) The investment is only as good as the manager.

If dealing with brokers, maintenance, tenants, rent collection and all the nuances of property management isn’t the best use of your time, hire a professional to help you or cash out now.  Some people who inherit homes decide to keep the house and rent it for extra income. That’s a great strategy for sure. You just need to be prepared to manage the property and the hassles that can go along with tenants and toilets.

3) Property ownership costs money.

It’s rare to see a building that’s been perfectly maintained. Most inherited houses need major improvements.

Consider hiring a professional property inspector to give you a detailed rundown on what you’ll need to do within the next five years, along with estimated costs. Surprises are very, very expensive.

4) Selling a property for top dollar costs money.

If the thought of managing repairs, updating kitchens, enhancing landscaping, and overall cleanup is unappealing to you, there’s no need to worry. We specialize in buying houses in Fort Myers for cash, just as they are. Selling a house can be a daunting task, especially when it comes to the time and effort required to prepare it for sale. From minor repairs to major renovations, the costs can quickly add up, not to mention the stress of coordinating contractors and ensuring the work is done to a high standard. But with our cash buying service, you can skip all of that. We’ll take your house off your hands in its current condition, no repairs or renovations necessary. Just tell us a bit about your property, and we’ll make you a fair cash offer. It’s that simple.

5) If the market will continue to grow faster than your other options, hang on to the investment.

We can help you analyze the value of your property today versus the long-term benefits of renting. If you can use the equity in your property in another way that outpaces the performance of the real estate market, you should. If you don’t have anything better to do with the money and the neighborhood is rising in value, hang on – real estate can be a great investment if you know how to correctly read the market.

6) Uncle Sam wants a piece of the action.

Don’t forget to discuss your inheritance with tax and legal professionals before you take action. There are major property and income tax consequences that will dramatically impact the cost of owning your investment.

7) Consider all your options.

In specific circumstances, we have the expertise to assist you in structuring a lease-option agreement, enabling you to both rent and sell simultaneously – providing the benefits of both scenarios. While such deals may be intricate, our investment experience in Fort Myers positions us to guide you effectively and secure a favorable outcome.

8) Compare a few scenarios.

We’ll help you determine prices for any property near Fort Myers – if you sold it today without doing any work, the highest price the market will bear, and the projected value of keeping it as a rental (along with the costs).

Just call us today at (239) 360-3176 or contact us now for more information
on how we can make you a fair cash offer on your inherited house today!

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