Owning an inherited property can be exciting or not, depending on where you live, what your circumstances are, and what is the condition of the property. If you recently inherited a house in Hampton, this article is for you. It will show you some pointers on what to expect and what can you do with the inherited property. You will learn your option son what to do with the house, as well as the selling options and certain costs associated with owning or the selling of that property.
Ask Yourself These Questions
Are there other owners?
This is very important. All the heirs need to sit down and decide collectively on what to do with the property. We know that you do not want to get into endless arguments with other family members, but it is still important to have a consensus as to what exactly to do with the house. We know, when a loved one dies you are dealing with grief the last thing you probably have on your mind is the need to argue with family, but this is important matter and sooner than later it must be dealt with. This must be done before anyone tries to do anything with the house, including spending any money on maintenance or repairs. The reason is, all money that can be spend on the house may need to be divided equally among the heirs… at least that is the fair way.
Do you have a use for the property?
So, you inherited a house in Hampton and you are pretty excited, right? Well, the first question is, have you gone through the probate process? If you are done with it, the next big question now is, do you have a use for this house? Also, can you use it “as is”, or repairs are needed? In many cases, inherited properties are not in the best shape, as elderly residents often have a hard time keeping up with the latest trends and repairs. If you have no use for the property, you need to make a quick decision about how and when to sell it, because a house that just sits there is a financial burden, not a benefit in any way. Why? Well, you need to pay maintenance costs, cut grass, clean debris, pay the property taxes, pay mortgages, if any, etc.
If you decide you want to sell, how much can you spend upfront?
So, more often that not the heirs would decide the sell the house, because money is much easier to divide than doing repairs, renting out the place, figuring out who is responsible for what (because it will take time and money). When a decision to sell is made, the big question now is, how much time and money is everyone willing to spend. If you want to sell for the highest price, you need to do a full rehab – you will need to get all the heirs together and make us a plan to hire contractors, buy materials, and do project management for months until the house is market ready. First, you will need to clean up the house inside and out. After months of repairs you will need to contact an agent, sign up a contract with them to represent you, then stage the house, then get ready for multiple showings. All this will require time, money and coordination. Repair estimate range for a 1,500 sqft house today in Hampton Roads can vary between $25,000 to $60,000. If the house needs a full gut, then the estimate would be even higher. We know this is a wide range, but in reality it simply depends on how old the house is, and how it has been kept up during the previous decades.
Ways To Sell
One of the choices is obviously to list the inherited house in Hampton with a realtor. Usually this way is better when the house is in good or excellent shape (rehabbed); it will entail cleaning, repairing, staging, multiple showings, and paying agent commissions too. It can be hard to spend money on a house you inherited. It is not your house and not you need to spend money and time… and if anything goes wrong with the contractors and their work, it will cost you more time and money…
Sell On Your Own
When you try to sell on your own – For Sale By Owner – you will save money from not having to pay agent commissions, but you will still need to spend extra time and money for marketing, inspections, cleaning, repairs, staging, and because you do not have much experience, it may take you longer to sell this way, which will also cost you more money.
Sell To An Investor
This 3rd way to sell an inherited property in Hampton is to sell directly to an investor, like Coastal Edge Homebuyers. IS this a good idea? Here is how this way is different – no need for cleaning, repairs, staging, multiple showings, or agent commissions. Absolutely no fees t pay of any kind. Yes, the offers from an investor like us will not be at retail pricing level, but you will save a great deal of time and money anyway, because we will buy he house with a fair, no low ball offer, “as is”, in the house’s current value and condition, and we’ll do a super quick closing, with cash.