If you’ve inherited a property and you’re planning to sell it, make sure you read this blog post for 3 tips about how to price your inherited home in Connecticut for sale…
Did you inherit a property that you’re now thinking about selling? While an inherited property can be a wonderful gift from a loved one who has passed on, it can also (quite frankly) be a costly burden. So selling it makes sense and allows you to use the gifted equity for some other purpose. But selling an inherited property may not come easy to you, especially if you haven’t sold a property in a while. So here’s how to price your inherited home in Connecticut for sale…
Tip #1: Price Quick To Sell
Some people price their inherited property at an amount they think the market might pay for the house. However, there are many factors that go into this price and one of the biggest considerations is: how fast do you want to sell? Selling through an agent “on the market” can take a long time. Eventually, in a matter of months hopefully the right buyer will come along and buy the house. But did you get the amount you really wanted? All the up keep and holding expenses would need to be considered that you paid out while waiting for this “right” buyer to come along.
Many property owners quickly learn that they’re almost better off to price slightly lower for a faster sale… they might get less for the house but they also pay less on repairs, carrying costs, effort, and time, so it’s ultimately a trade-off that might turn out to be a total wash. Pricing it slightly lower may benefit you as well because you might be able to bring several interested buyers to the table at a lower price, who will then need to compete with each other and bring forward their best offers, which will ultimately benefit you in the end!
Tip #2: Avoid Pricing Based On Fond Memories Or Emotion
One of the biggest challenges that property owners of inherited property face when trying to price their property for sale is separating the happy memories from the true value of the house. The house might be worth a certain amount on the market but you may have such fond memories of growing up in the house or of happy times in the house that you accidentally use that emotion to increase the price. (This is VERY common.)
A better approach would be to work with a real estate company and find out what they can offer you, and recognize that the price might be lower than you were expecting… not because the house isn’t worth as much but because your wonderful memories have accidentally inflated the price! The house will get sold and someone else will live in it, but your memories will still be with you!
Tip #3: Build In Discounts For Repairs
If you inherited the property from a loved one who had lived in the property for many years then you might find out that the property needs some repairs and/or updates. You could choose to do this work yourself and then ask for a higher price but why do that when you could save yourself the time and effort (and what you’d have to pay for equipment, supplies, or a contractor) and instead just ask for less and give a “repair discount”. That way you avoid the hassle of the work, and you still come out the same financially. There are definitely buyers out there who need to keep their purchase amount down and are ok with moving into a house and putting in some sweat equity. Also, many companies like ours look for and buy houses that need repairs. For many people, its much simpler and faster to sell for a slightly lower amount knowing that you don’t have to worry about taking care of all the costly repairs and updates yourself.
An inherited house can be a lot of work so if you’re thinking of selling it, you’re certainly not alone. But how do you price an inherited house? These tips will guide you on how to price your inherited home in Connecticut for sale.