I just inherited a house in Atlanta. What do I do now?
Inheriting a house is never an easy process. On top of all the issues of home ownership, you’re also. spending time in bereavement.
So now you’re left thinking, “I’ve inherited a house. What should I do with it?“ There are a lot of options when you own a home. Should you sell it? Should you rent it? How should I go about getting a client to look at my home? How do I get potential buyers interested?
You’ve got a lot of different options open, but luckily we’re here to help you sell your home in Atlanta.
We’re experienced and seasoned investors in real estate. Every month we help buy or sell multiple homes in Atlanta. In many cases, we’ll buy your home directly from you as an investment. We get tons of calls every month from people like you asking us for help selling their home. If you’ve recently inherited a home in the Atlanta, take a look at the tips below so we can help you get started.
I Just Inherited A House, What Now?
Our tips below will help you decide what you should do with your newly inherited home.
- Check on the status of the mortgage.
Even if this seems obvious, but if the person who left you the home has a mortgage they were paying off, you have to pay it when you inherit the home. If there’s no mortgage at all, consider yourself very lucky, because you won’t have to pay one off. Some banks will allow you to just take over the loan at whatever rate it was being paid previously. But some banks will make you refinance the loan. If you don’t qualify for a new loan or can’t pay the amount, then renting the home won’t be an option for you.
- The investment is only as good as who manages it.
If you don’t have the time or energy to deal with maintenance, tenants, rent collections, brokers, and overall upkeep of the home, then you might want to hire a professional to help you if you rent your home. A property manager can take care of all of that for you for a small fee or amount of the rent. However, if you don’t want to deal with the hassle of renting, as well as the upkeep and maintenance of the home, setting out leases and everything it entails, selling the home outright might be your best idea. Consider whichever of these options would be a better investment for you, or whichever one you can simply handle better.
- Property ownership is expensive.
The chances of you inheriting a home that’s been perfectly maintained are slim to none. In fact, more often than not, a home that’s been inherited will need a significant amount of work.
Hiring a professional property inspector to give you a good rundown on what exactly needs to be maintained or fixed in the home can be one of the best investments for you. They’ll even give you the estimated costs of what those services would be, and may even be able to recommend you to companies or individuals who can perform those services.
- Selling a house for top dollar costs money.
If you go through a normal real estate agent, you’re going to be paying real estate fees, investment fees, paying to have the house renovated or fixed, and paying to have the landscape look good too. All of those costs are going to come directly out of pocket for you. If you need to sell your house quickly without those issues, contact us because we will buy your Atlanta home for cash.
- If the market is growing, hold on for a bit!
We’re happy to help you figure out how much your property is going to be worth today against how long it’s going to be worth in the future. We can also help you figure out if it’s worth it more to sell or to start renting your home. If you aren’t strapped for cash and don’t need to sell the house immediately, it can be a good idea to hold on to the house, especially if the other houses in the neighborhood are starting to increase in price as well. Waiting even a year or two can result in a much larger payout when you sell or rent your home. Real estate is a lucrative business for a reason.
- Uncle Sam always visits.
When you inherit a home, there’s going to be quite a bit of paperwork and taxes involved in it as well. Don’t try to start selling or renting your home before all of that is settled, because you may have some fees or other paperwork to deal with that you aren’t expecting. When it comes to real estate, the fees and taxes can seem to come out of nowhere, so talking with us will get you more prepared for that as well.
- Don’t start until you consider every option on the table.
There are a ton of different options when it comes to selling a house you just inherited. Making sure that you check every single one of them and you don’t leave any opportunity out is vitally important for getting the most out of your newly inherited home. Talking with us can give you all the options to look at so you can make a more informed decision.
- Compare your options.
When you talk to us, we’ll give you all the possible prices for your home. That includes the price if you sold it today as is, or if you renovated it a little bit to get it looking better, or even if you waited a few years down the road to see what it might be worth. Selling now or selling later can make a huge difference in how much you get out of your home. We can help you get the most out of your Atlanta home.