I’ve Inherited a Home: Now What? Part 2
Did you inherit a home after a loved one passed? We know that this time may be traumatic. This is especially true if you’ve inherited a home that has a mortgage or needs extensive repairs. Trying to tie up these loose financial ends only adds to the stress. If you know you can’t afford to pay the mortgage you can rent it out or sell it. If you feel the home is beyond repair and just plain ugly, we can help because we buy ugly houses in Tampa, FL in any condition, price, or location. If you haven’t already, read part one of our article to learn more.
Rent Out the Home
If you already have a home that you’re happy living in or you don’t particularly like the inherited home, you can rent out the home if you don’t mind being a landlord. This will earn you extra income and tax advantages. On the other hand, you should be ready to deal with business expenses such as property and tenant management and a lack of renters at times.
Sell the Home
You can either sell the home for sale by owner, list it with a real estate agent, or sell the home to a real estate investor. This is especially a good idea if you don’t like the home or it’s in an unappealing neighborhood. At Ethical Home Buyers, we buy ugly houses in Tampa, FL and are more than happy to assist you with selling the home.
For Sale By Owner (FSBO): If you go the FSBO route, you won’t have to deal with a realtor or pay real estate commissions. However, you will have to do everything yourself including research, negotiations, marketing, and all of the paperwork.
Realtor: If you list the home with a real estate agent, you’ll benefit from a professional that understands the market, negotiations, home pricing, and marketing the home. Homes listed with a realtor could sit on the market for months and as long as a year or more. The condition of the home could also further prolong selling.
Investor: Selling your home to a real estate investor is appealing in different ways. We advise you to do some preliminary research to find a company that is trustworthy and responsive. Reputable investors can offer you an immediate buyer, a quick cash offer, and a fast closing. You won’t have to make repairs on the home and you don’t have to pay commission or any other hidden fees. However, your home will be purchased at a discounted but fair price.