Are you trying to decide whether to sell or keep your inherited property in Connecticut? It can be frustrating spending money on a house in order to sell it, especially one that wasn’t yours. In our latest post, we help you learn more about your selling options!
Whether or not you knew about the inheritance, you might be faced with some unexpected challenges once the property is in your name. Owning a house can be expensive. The bills, the taxes, the maintenance, and the unexpected repairs can come as a shock to you and to your bank account. This is especially true if you currently own your own home too because now you have two house to pay for and maintain. As any investor will tell you, the longer you own it, the more it is costing you. Before you make a decision about whether to sell or keep the inherited property, ask yourself a few questions. Take the time to learn about the market and the property in question, to better help with your decision. Below, we will offer some tips to help you determine if you should keep or sell your inherited property in Connecticut. Will will also offer some insight into the best ways to sell.
Ask Yourself These Questions
Do you have a use for the property?
Holding onto it for sentimental reasons is fine if that’s what you want to do, but don’t feel as if you are obligated to keep the house. Only keep the property if you have a sincere use for it. There is no sense in holding onto a property that will just end up sitting there. And if a house just sits there vacant, you are more likely to have to deal with problems and repairs the longer it sits. And if you don’t make any upgrades or if it starts to fall into disrepair, you may also have problems with neighbors complaining about the house.
Are there other owners?
If there are other owners of the property, you will all need to sit down and come to a consensus. This might make the decision process easier or harder. It may be easier because it’s not all up to you to decide but if all involved have differing opinions that may make the process harder. Work together to decide if the home should be kept or sold. If there is an odd man out, consider buying them out as not to cause further disagreement. Remember, it is just a house, and the person who passed it down to you would never want to see their gift become an argument. It shouldn’t become a reason to cause problems between family members.
If you decide you want to sell, how much can you spend upfront?
If the home has not yet been cleared out, that should happen first and foremost. This will make showing the house later when it’s on the market easier and give you a better chance of finding a buyer. A traditional property listing will come with some upfront costs. You’ll likely need to make some repairs to the house and have it professionally cleaned. It’s tricky making repairs to a house you’ve never owned. You may not know what you’re getting into. It might be a good idea to spend a little bit of money to hire a home inspector so you have a better idea of what you’re up against. You don’t want to find yourself down a rabbit hole, spending thousands and thousands on a house you want to sell anyway, potentially washing away a lot of your profits. Depending on how you decide to sell, you could face not only repair costs but costs for marketing too.
Ways To Sell
List It
Listing your inherited property in Connecticut will require you to get the property ready for the MLS. Take a look at what other homes are selling for, and how your property stacks up. Be realistic with your prices, and don’t spend too much over-improving. When you list an inherited home, you may feel frustrated to suddenly have to spend money selling a house that isn’t yours.
Sell On Your Own
Selling the house using an FSBO listing will save you on the commission, but you will still need to pay for cleaning repairs, marketing, and other selling costs. In most cases, selling on your own to a regular buyer will take longer and ultimately put less in your pocket.
Sell To An Investor
When you sell your inherited property to Fair Home Offers CT, LLC, you will not need to spend a dime out of pocket. Nor will you have to pay expensive commissions, agent fees, or administrative costs. By selling the property directly, you will be able to quickly receive your profits and move on from the house without spending months making repairs and waiting for the property to sell.