Inheriting a home from a loved one can be exciting, but it can also require a lot of work. If you have recently inherited a House that you don’t need, you may want to consider selling it. It’s important to take the proper steps to ensure that you are able to sell the house as quickly as possible.
Table of Content
- Determine the Financial Situation on the House
- Have the Home Inspected
- Hire a Real Estate Agent
- Hire a Contractor to Determine if Changes Can Be Made
- Make Cosmetic Updates to the Home
- Have the Home Staged
- Put the House on the Market
- Be Willing to Try Alternative Options
- In Conclusion
Determine the Financial Situation on the HouseYou need to find out if any money is owed on the house or if your relative owned the house outright. There are times when people will take out second mortgages on their home, which leaves them upside down on it. You need to know the current financial situation so that you can determine later on down the line if it’s worth doing any upgrades to the property or if there is no chance of making a profit when you sell it.
Have the Home InspectedWhen you inherit the house, you need to have it inspected right away. There are times when the maintenance of a home can fall by the wayside for a family. If someone was elderly or had been battling an illness when they passed away, there is a good chance that the house was not as well maintained. Having an inspection done allows you to know if the home has any pests that need to be removed, pipes that need to be fixed, or roofing issues that need to be addressed.
Hire a Real Estate AgentNext, you need to hire a real estate agent to find out what your options are in the home. He or she will be able to help you determine the real value of the home and let you know of possible changes they feel you could make to the house to increase the potential amount of it. Some changes are worth making if they boost the value significantly or make it more palatable to today’s buying market.
The agent will also allow you to know about comparable homes that are for sale in the area. This will enable you to determine how much you could possibly get for the house that you have on the market and help to establish how long it would take for the house to sell.
Hire a Contractor to Determine if Changes Can Be MadeAfter you ad, the real estate agent has discussed all of the potential changes that could be made to the home, hire a contractor to give you an estimate for what the changes will cost you. You may have to go through the list and choose only a few changes to make so that you can stay within your budget and still turn a profit when you sell the house. It’s important to avoid spending a ton of money on upgrades only to have the house sell for a minimal gain.
If you plan to have changes made to the house, get a timeline form the contractor for how long the construction will take. You want to be sure that you are able to get the house on the market as soon as possible so that you can sell it quickly. Hire a contractor who can get started shortly so that the house can go on the market within a few weeks.