GET STARTED | Get Your Fair Cash Offer Today

  • This field is for validation purposes and should be left unchanged.

I Inherited a House, What To Do? – Should I Rent or Sell?

You’re thinking, “I inherited a house, what to do with this house?” Should I rent it? Should I sell it?  How should I sell it?

Tons of options open for you, but…

… we can help.

We’re seasoned investors in Seattle real estate, and we’re looking to buy several houses each month in the Seattle WA area. Every month we get calls from those who have inherited a house and are looking to sell the house… so the info below are some tips to help you navigate the process.

I Inherited A House, What To Do Next?

Here’s a few important considerations to help you make the right decision:

1) Make sure the mortgage is paid.

Inheriting a house can be a mixed blessing, especially if the previous owner had a mortgage on the property. If the mortgage was paid off, then you’re in luck! However, if there is still a mortgage on the property, you will need to pay it off if you want to keep the property. Some banks may allow you to take over the loan, while others may require you to refinance into a new loan. If you’re unable to qualify for a new loan, renting out the property may not be a viable option for you.

2) The investment is only as good as the manager.

Inheriting a house can be a mixed blessing. While it can provide a source of extra income, managing the property can be a hassle. If you don’t have the time or inclination to deal with the day-to-day responsibilities of property management, it may be worth considering hiring a professional to help you. Alternatively, you could choose to cash out now and avoid the headaches altogether. Ultimately, the decision to keep or sell the inherited property will depend on your personal circumstances and goals.

3) Property ownership costs money.

It’s rare to see a building that’s been perfectly maintained. Most inherited houses need major improvements.

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 are very, very expensive.

4) Selling a property for top dollar costs money.

If you don’t want to deal with making repairs, updating kitchens, improving landscaping and overall cleanup, don’t worry. We buy Seattle houses for cash, as-is.

5) If the market will continue to grow faster than your other options, hang on to the investment.

If you’ve inherited a house, it’s important to consider your options. One option is to analyze the current value of the property and compare it to the potential long-term benefits of renting it out. If you can use the equity in the property for a better investment opportunity that outperforms the real estate market, it may be worth considering. However, if the neighborhood is experiencing growth and the property value is increasing, holding onto the property as a long-term investment could be a wise decision. It’s important to understand the market and make informed decisions to maximize the potential benefits of your inherited property.

6) Uncle Sam wants a piece of the action.

Before making any decisions about an inherited house, it is important to seek advice from tax and legal professionals. There are significant tax implications, both in terms of property and income taxes, that can greatly affect the financial burden of owning the property. It is crucial to have a clear understanding of these consequences before taking any action.

7) Consider all your options.

If you’ve inherited a house and are looking to sell it while also renting it out, a lease-option agreement may be the solution for you. This type of agreement allows you to rent out the property while also giving the tenant the option to purchase it at a later date. While these deals can be complex, our team in has the experience and expertise to help you navigate the process and come out on top.

8) Compare a few scenarios.

We’ll help you determine prices for any property near Bonney Lake – if you sold it today without doing any work, the highest price the market will bear, and the projected value of keeping it as a rental (along with the costs).

Just call us today at 253-888-5660 or contact us now for more information
on how we can make you a fair cash offer on your inherited house today!

Get More Info On Options To Sell Your Home...

Selling a property in today's market can be confusing. Connect with us or submit your info below and we'll help guide you through your options.

Get An Offer Today, Sell In A Matter Of Days...

  • This field is for validation purposes and should be left unchanged.

Leave a Reply

Your email address will not be published. Required fields are marked *