If you've recently inherited a house and your family members are trying to dictate what you do with it, contact a real estate professional first. You want to know what the house is worth, what work needs done, and what the potential income of the property could be.Even though you may not feel like selling right away, you never know what the financial implications are until you ask. Here are a few things to ask the realtor before you decide what to do with the inheritance property.
What is the Current Value?
What a home appraiser says the property is worth and what it will sell for are very different things. Talk with a real estate agent to see what they think the property will sell for, based on comparable sales in the area, and determine if you want to list it. The current value may be less than what you thought, because of the current market trends.
Should I Wait?
The real estate agent may advise you to wait a few years to put the house on the market if homes in the area are at a low point, and if real estate is supposed to pick up in the area in the near future. If there is a new commercial development or new school going in the area, this could affect your resale value. Ask the agent what is the best time of year to sell, when they think you should list the property.
Is there Rental Income Potential?
If you aren't sure if you want to sell inheritance properties or if you are worried about keeping up with the maintenance expenses and taxes, find out if the area is desirable for renters. If you can rent the property to cover the taxes and insurance and to put some money in your pocket, that may be the best idea until the housing market picks up and you can list the home. The real estate agent should know what homes normally go for in that area.
Before you sell the house or rent it out to someone you know or a family member, talk with a real estate agent to see what all your options are for the property. Since you inherited the property, you'll want to make sure you make the best financial decision, so you can make any transaction in the future the most profitable and practical.