Putting aside the sadness that comes from relatives passing away, inheriting their property may seem like winning the lottery. Imagine a relative who has thought enough of you to include a lucrative piece of property for you in their will.
You can use the property as you wish – take ownership of it, rent it, or sell it. Of course, if you decide to sell it, you’ll want to get the best price for the inherited property. But how can you ensure that the house will appraise for the selling price or even higher? Here are some tips for getting the most money on selling your inherited property.
Start With a Home Valuation
When selling your inherited property, you may wonder where you should start. It’s a good idea to start with how much the property is worth. Before you involve real estate agents, you can get an idea of how much your property is worth online by using a home valuation tool. Many of these tools are free and provide you with a ballpark estimate of what your property is worth. While these tools are a great way to get an idea of what your property is worth quickly, they may not be accurate. Many of these valuation tools online may be off by several thousands of dollars, and they usually won’t include information regarding any recent updates your deceased ancestor may have made to increase the home’s value.
Once you have a general idea of how much the house may be worth, you can get more accurate results by speaking with a local real estate agent. An agent will prepare a comparative market analysis report which will provide you with more accurate results on how much you should consider selling your inherited home for. This report includes information on how many homes in the local area are selling so that you can compare and price your home accordingly.
If your inherited home has better features are more rooms, you may be able to sell it for more than what homes have sold for recently. While the pricing decision is up to you, choosing a top-rated agent in the local area will help you get your home off the market faster and supply you with cash from the sale quickly. A top-rated agent may even be able to help you get top dollar for your inherited property.
Resolve Outstanding Financial Matters
If you want to ensure that you get the most money for your inherited home, it’s a good idea to make sure money isn’t slipping through the cracks on the home. If your deceased family member owns the house free and clear, you may have it easy when it comes to selling your house. However, if by the time you receive the property, there are outstanding bills due, this may reduce your ability to get as much money on the house as you want. Outstanding mortgages, energy bills, and insurance can all eat away at what you plan to gain selling your inherited house. Another unexpected expense that could come up is the inheritance tax on a home.
Before you get excited about how much money you can get from selling the home, try to make sure you have a plan to resolve these financial matters should they arise. These expenses may take a considerable chunk out of your bottom line when selling the house. However, if you have other assets that your deceased loved one left behind to liquefy, these may reduce your obligation and help you get the most money on the sale of your home.
Fix It Up
After resolving outstanding financial issues and getting a valuation on the home, you may want to proceed by starting to fix the home up and getting it ready to sell. Instead of fixing everything wrong in the house, try to focus on those areas that will bring the most return on investment (ROI). These fixes include gardens, bathrooms, kitchens, and roofing. Additionally, to give your home a fresh feel, consider sprucing it up with a fresh coat of paint on the exterior and interior. It may also be a good idea to stage the home. Your real estate agent will be able to provide tips on getting your house in sellable condition.
Consider Selling the House For Cash
If you reside where your deceased loved ones lived, selling the home the traditional way may be an ideal choice. However, if you live in another town or don’t want to invest in the fixes necessary to sell the house, consider working with a home investment company to get cash for the home. This will allow you to turn over the house as-is and get the money for the house, which may only take a few weeks to acquire.