Have you recently inherited a house that you have no idea what to do with? Maybe you’re considering selling your inherited house fast, or would rather rent it out and make money over the long run? Whatever your desires, it’s always great to have options, and understand your options a little better before pulling the trigger with anything in relation to your recently inherited house.
Below, we are going to explore this topic in a little more depth and show you how you call sell your inherited home fast, rent it out, or do a number of other things that may help you ease the responsibility of owning a second property.
What to do with a Recently Inherited House in Minneapolis MN
But first, we’d like to say that we are so sorry for your loss. Losing a family member can be a very challenging experience. If you and your family are in a painful period of mourning due to your loss, from the family here at FastPath Home Buyers, we offer you our deepest condolences. May your loved one rest in peace.
That said, selling a house can be a very difficult experience under normal circumstances. However, doing so while facing the added strain from a recently lost loved one makes everything that much harder. As such, if you’re thinking, “I inherited a house. What should I do with it?”, we might be able to help you with that question.
There are tons of options we could help you decide over. But in this blog, we are going to keep it simple and highlight all of the things
1) Make sure the mortgage is paid.
This may sound obvious but bear with us. If the person who left you the property also had a mortgage (unless the house had no mortgage and was paid off, which is great!), you will have to pay it (assuming you want to keep the property). Some banks will allow you to assume the loan, while others may force you to refinance into a new loan. If you don’t qualify for a new loan, renting may not be an option for you.
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 may decide to keep the house and rent it out for extra income. This is a great strategy. However, you need to be prepared to manage the property. This could mean endless hassles that can come along such as: regular repairs, remodels, problem tenants etc.
3) Property ownership costs money.
It’s rare to see a building that’s been perfectly maintained. Most inherited houses need major improvements.
As such, you should 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 repairs are very, very expensive.
4) Keep your property as an 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 for those who know how to correctly read the market.
5) 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.
6) Consider all your options.
And last but not least, we’d like to encourage you to consider your options a little more widely before deciding on whether to sell or rent an inherited house. In certain situations, we may be able to help you structure a lease-option agreement that allows you to rent and sell at the same time – capturing the best of both worlds. These kinds of deals can be complicated, but our Minneapolis investment experience can help you win.
Here at FastPath Home Buyers, we’re seasoned investors in Minneapolis real estate. We’re looking to buy several houses each month in the MN area, and help local home sellers navigate their way through a turbulent real estate market in the process. If you’ve recently inherited a house, we are prepared to close in as little as 7 days. However, most of all, If you would simply just like to move on with your life without thinking about an agent, agent fees, open house, home repairs… we are prepared to help you get that house out of your hands at a fair price.
So feel free to contact our company, either by filling in the short form below or calling (612) 351-2384.