Firstly, we extend our deepest condolences for your loss. Navigating through this challenging time is tough for various reasons, and managing property ownership can add an extra layer of complexity.
You might be pondering, “I inherited a house, what should I do?” Should I turn it into a rental property, or is selling the better option? How should I go about selling it?
Numerous options lie ahead, and fortunately, we’re here to lend a hand.
As seasoned investors in Suffolk County real estate, we actively seek to purchase several houses each month in the Suffolk County NY area. Every month, individuals who have inherited houses reach out to us, seeking guidance on selling these properties. Below, we provide some tips to help you navigate this process.
So, you’ve inherited a house. What’s the next step? Consider the following crucial factors to make an informed decision:
1) Ensure the mortgage is settled.
While this may seem evident, it’s essential to check if the person who left you the property had an outstanding mortgage. If there is a mortgage, you’ll need to settle it (unless the property is mortgage-free, which is excellent!). Some banks may allow you to assume the loan, while others might require you to refinance into a new loan. If a new loan isn’t feasible, renting may not be a viable option.
2) Property management is key.
If handling brokers, maintenance, tenants, and rent collection isn’t the best use of your time, consider hiring a professional or opting to sell now. While renting the property for extra income is a sound strategy, be prepared for the responsibilities that come with managing tenants and property maintenance.
3) Ownership entails costs.
Perfectly maintained buildings are rare. Most inherited houses require significant improvements. Hiring a professional property inspector to assess necessary repairs over the next five years, along with estimated costs, can help avoid expensive surprises.
4) Selling for top dollar involves expenses.
If you’d rather not deal with repairs, renovations, and overall cleanup, don’t fret. We buy Suffolk County houses for cash, as-is.
5) Consider the market growth.
If the real estate market in your area is projected to outpace other investment options, holding onto the property might be wise. We can assist in analyzing your property’s current value versus the long-term benefits of renting.
6) Tax implications.
Before taking any action, discuss your inheritance with tax and legal professionals. There are significant property and income tax consequences that can impact the overall cost of owning your investment.
7) Explore all options.
In certain scenarios, we can help structure a lease-option agreement, allowing you to rent and sell simultaneously. While these deals can be intricate, our Islandia investment experience can guide you through.
8) Compare various scenarios.
We’ll assist in determining prices for your property near Islandia, whether selling it today without any work, achieving the highest market price, or estimating the value of keeping it as a rental (along with associated costs).
We buy and sell houses in Suffolk County, Nassau County, and we buy and sell in towns like Mastic, Shirley, Smithtown, Coram, Medford, Rocky Point, Wading River, Riverhead, Bayshore, Islip, West Islip, Centereach, Shirley, Northport, Commack, Deer Park, Lindenhurst, Babylon, Bohemia, Oakdale, Ronkonkoma, and Patchogue to name a few.