First, we’re so sorry for your loss. This can be a very challenging time for many reasons, and dealing with property ownership is tough at the best of times. Are you planning to sell your property in Connecticut? You’re thinking, “I inherited a house what to do with this house?” Should I rent or sell it? What do I do with my inherited house? Well, you’ve come to the right place.
Tons of options open for you, but…… we can help best. We Buy Houses In Connecticut and we know exactly how to handle your situation.
We’re seasoned investors in Connecticut real estate, and we’re looking to purchase several houses each month in the Connecticut area. Every month we get calls from those who are looking to sell an inherited house… so the info below are some tips to help you navigate the process.
I Inherited A House in Connecticut, What To Do Next?
Here are a few important considerations to help you make the right decision:
1) Make sure the mortgage is paid.
This may sound obvious, but if the person who left you a property also had a mortgage (unless it had no mortgage and was paid off, which is great!), you have to pay it (assuming you want to keep the property). Some banks will allow you to assume the loan, while others may force you to refinance into a new loan. If you don’t qualify for a new loan, renting 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. Some people who inherit homes decide to keep the property and rent it for extra income. That’s a great strategy for sure. 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.
It’s rare to see a building that’s been perfectly maintained. Most inherited homes need major improvements.
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.
If you don’t want to deal with making repairs, updating kitchens, improving landscaping, and overall cleanup, don’t worry. We buy Connecticut 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 property 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. 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, 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 Wilton investment experience can help you win.
8) Compare a few scenarios.
We’ll help you determine prices for any property near Connecticut – 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).
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We Offer Cash For Houses In Connecticut
With the above knowledge on inherited properties in CT – what sellers need to know is that you can guard yourself by calling We Buy Houses In Connecticut at (203) 529-4712 and we shall assist you in the shortest time possible to sell your house in CT by buying your home ourselves. We are legitimate cash home buyers in Connecticut & to fast track, the process, kindly fill out our website contact form to give us more information about you.