First, we’re so sorry for your loss. Dealing with property ownership is tough at the best of times, and this can be very challenging for many reasons.
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 Fort Wayne real estate, and we’re looking to buy several houses each month in the Fort Wayne IN 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.
You have to pay the mortgage if there is one on the property you inherited in Fort Wayne, even though that may be obvious. You may need to refinance the mortgage into your name, or some banks may allow you just to assume the loan. If you don’t qualify for a new loan, renting the house out may not be an option for you.
2) The investment is only as good as the manager.
If dealing with brokers, maintenance, tenants, rent collection and all the nuances of property management isn’t the best use of your time, hire a professional to help you or cash out now. An inherited home in Fort Wayne could be a great source of extra income as a rental. You just need to be prepared to manage the property and the hassles that can go along with tenants and toilets.
3) Property ownership costs money.
Most inherited houses in Fort Wayne need major improvements. It’s rare to see a building that’s been perfectly maintained.
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.
Don’t worry if you don’t want to deal with making repairs and updates and improvements. We buy Fort Wayne houses for cash, as-is.
5) If the market will continue to grow faster than your other options, hang on to the investment.
We can help you analyze the value of your inherited property in Fort Wayne today versus the long-term benefits of renting. If you can use the equity in your property in another way that outpaces the performance of the real estate market, you should. If you don’t have anything better to do with the money and the neighborhood is rising in value, hang on – real estate can be a great investment if you know how to correctly read the market.
6) Uncle Sam wants a piece of the action.
Don’t forget to discuss your inheritance with tax and legal professionals before you take action on the property you have inherited in Fort Wayne. There are major property and income tax consequences that will dramatically impact the cost of owning your investment.
7) Consider all your options.
In certain situations when we may be able to help you structure a lease-option agreement that allows you to rent and sell at the same time – capturing the best of both worlds. These kinds of deals can be complicated, but our Fort Wayne investment experience can help you win.
8) Compare a few scenarios.
We’ll help you determine prices for any property near Fort Wayne – 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).