Losing someone you love is a devastating experience. When this experience becomes paired with the inheritance of their house, the situation becomes even more difficult. Whether you’re trying to learn the best way to handle your NJ inherited property or just trying to sell your house, it’s helpful to seek guidance from people around you who understand the different options available to you.
Did you inherit a house, but already own a house? What if you don’t want to sell your inheritance? Is there a way to get cash for the property? How do you decide between living in the house or renting it out? How do you calculate how much you can afford on a house?
We know that there are thousands of these questions circulating in your head right now. When it comes down to it though, there are only three options you have to choose from: living in a property, renting out a space, or selling a house. Let’s dive into each one.
In this article, our NJ experts will go through this process with you step by step. We will consider the various predicaments that often come with the inheritance of a house and will explain how to make wise choices regarding your property.
It is time to sit back, relax, and let us take care of things for a moment.
What Are Your Options?
Living In The Property
Once you inherit a property, it is yours to live in––if you want to. While this may be a challenging task if you already have a house or are not in a suitable condition to move, it is always an option.
It is important to remember that keeping this additional property might be financially straining, however, since the property likely has additional house payments and/or mortgage. Additionally, you may not love the style of the house, the location, or living in the space may just be too challenging.
Renting Out The Space
You may find it unrealistic or inconvenient to box up your life and rush to move into an inherited property, but that does not mean it is completely invaluable. In fact, you can keep the property and rent it out to those in NJ.
Of course, there are challenges that come along with every option. Be sure to ask yourself if you are ready to take on the responsibility of being a landlord, the prospect of non-interested buyers, and unsuitable land.
Selling The Property
If neither living in the property or selling out the space seem like the path for you, you might want to look into selling your house fast. However, traditional selling is not a simple task either.
First, you must find a reliable real estate agent or real estate investor to help you sell your property. Then you must undertake possible months of stress and negotiation. We’re getting a headache just talking about it.
Selling process aside, you also need to be wary of potential buyers who seek to take advantage of grieving homeowners––this has occurred far too many times. It’s vital to enlist the help of someone honest and knowledgeable if you decide to sell your property.
Hint: At the end of this article, we will tell you how you can sell your house for cash!
Should You Sell Your Inherited Property?
It is no secret that selling inherited property is one of the most common avenues taken by those who inherit houses. The prospect of extra money in the pocket can be attractive; however, there are plenty of hidden costs that can actually leave sellers with deeper holes in their pockets than what they started with.
If you are considering putting your house on the NJ market, there are two essential questions you must ask yourself first:
Does It Need Renovation?
Right off the bat, you need to assess if the property requires renovation. This can include things such as fresh coats of paint, updated appliances, or reconstructed guts (such as heating or plumbing). If it does, you will need to commit a substantial amount of money and time to prepare the house for sale. This step may prevent you from being able to sell quickly and could prolong a closing date.
Will There Be A Delay In Entering The Market?
Up next, you must determine whether the house is prepared to enter the market. You must file taxes, complete the probate process, and calculate if the sale of the property will make up for accompanying expenses. The entire real estate transaction can be overwhelming.
Undertaking these other tasks or getting caught in an ugly financial situation or only makes it more exasperating and drawn out.
Don’t panic: there are steps you can take to improve your experience.
Your Next Steps
While selling your house could be the best decision for you, it’s often difficult to sell through a traditional route. If financial reasons are holding you back, or if you simply don’t have the time, selling your inherited house to a house-buying company is typically the best alternative.
One of the most important factors to consider when selling to a house-buying company is trust. When you work with real estate investors, especially in Atlantic City or New York City, you need to select a company that has a well-established presence in your area.
Untrustworthy investors can be attracted if they sense a seller’s emotional vulnerability and desperation. After gaining a seller’s trust, they present him or her with an offer that seems just a bit too perfect. Often, that’s because it is. Don’t let yourself fall for a scheme that leaves you empty-handed.
There are two main things to think about before you decide to sell to your property:
1. Look for red flags: If a company asks you to do anything that feels unusual, listen to your gut. For example, if a company expects you to keep possession of the mortgage, but asks you to transfer your deed, refuse. This means that the investor is attempting to gain possession of your property, ditching you with the burden of handling the cost.
2. Do some research: Make sure that the company you’re considering is legitimate. Does it have a NJ business address? Determine whether the company is registered in your area and find out how many years the company has been conducting business. If you can’t access much information or find verification that the company is professional and respected, the company is not trustworthy.
Our Final Thoughts
Whether you choose to rent out your inherited property, move into it, or sell your house fast, what matters most is that you do what’s best for you. A smart, well thought out choice is a good choice. If you do end up deciding to sell your house and want to do so quickly, you need to work with a house-buying company that is not only trustworthy but also has your best interests in mind.
Templar Real Estate Enterprises is a NJ real estate investment company that prides itself on our experience, efficiency, and––most importantly––our good character. You’ll be sure to sell fast with Templar Real Estate Enterprises. Regardless of your property’s condition, once you contact us, we will give you a fair cash offer within 24 hours. You close when you choose.