Are you grappling with the decision of whether to sell or retain your inherited property in Florida? Spending money on a house that wasn’t originally yours can be a source of frustration. In our most recent post, we provide insights to help you better understand your selling options!
Whether you were aware of the inheritance or not, unexpected challenges may arise once the property is under your ownership. Owning a house comes with considerable expenses, including bills, taxes, maintenance, and unforeseen repairs that can catch you off guard. As seasoned investors advise, the longer you hold onto it, the more it can cost you. Before deciding on whether to sell or retain the inherited property, take a moment to consider a few crucial questions. Invest time in understanding the market and the specific property to inform your decision-making process. In the following discussion, we’ll provide tips to help you assess whether to keep or sell your inherited property in Florida, along with insights into the most effective selling approaches.
Ask Yourself These Questions
Do you have any use for the property?
Keeping the property for sentimental reasons is acceptable if it aligns with your desires, but you shouldn’t feel compelled to keep the house. Only retain ownership if you have a genuine purpose for it. There’s no rationale in holding onto a property that will merely remain unused or cost you a lot of money.
Are there any other owners?
In cases where there are multiple property owners, all parties need to gather and reach a collective decision. Collaborate to determine whether to retain or sell the home. If there’s an individual with a dissenting opinion, consider the option of buying them out to prevent escalating disagreements. Keep in mind that it’s just a house, and the person who passed it down to you would undoubtedly prefer their gift to be a source of unity rather than contention.
If you decide you want to sell, how much are you willing to spend upfront?
The first step should be clearing out the home if it hasn’t been done already. Opting for a conventional property listing entails certain initial expenses. You’ll probably need to address repairs and enlist professional cleaning services for the house. Making repairs to a house you’re not familiar with can be challenging, as you might not fully understand the extent of the work required. It’s essential to avoid finding yourself in a situation where you’re investing significant amounts in a property you ultimately intend to sell. Depending on your chosen selling method, you may encounter not only repair costs but also expenses associated with marketing.
Ways To Sell
List It With An Agent
Preparing your inherited property in Florida for listing involves getting it ready for the MLS. Examine the selling prices and conditions of comparable homes and assess how your property compares. It’s crucial to set realistic prices and avoid over-improving. Listing an inherited home may induce frustration, especially when faced with the unexpected expense of selling a property that wasn’t originally yours. You may also find your property taking months to sell if it was overpriced or not repaired well.
Sell On Your Own
Selling the house using an FSBO listing will save you on the commission, but you will still need to pay for cleaning repairs, marketing, and other selling costs. In most cases, selling on your own to a regular buyer will take longer and ultimately put less in your pocket. You may also be required to pay an agent for providing you with a buyer (often referred to as a buyer’s agent commission) which could be up to 3% of the purchase price.
Sell To An Investor
Selling your inherited property to FL Land Buyer eliminates any need for out-of-pocket expenses. Additionally, you won’t be burdened by hefty commissions, agent fees, or administrative costs. Opting for a direct sale ensures a swift receipt of your profits, allowing you to move on from the house without enduring months of repairs and waiting for the property to sell on the market for potentially more money.