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. We buy houses in Raleigh North Carolina and we offer cash for houses in Raleigh in any situation. We are legitimate homebuyers in NC and 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 Raleigh NC real estate, and we’re looking to buy several houses each month in the Raleigh NC 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? – Should I Rent Or Sell In Raleigh NC?
I Inherited A House, 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 house 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 houses 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 Raleigh NC 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 the house at the same time – capturing the best of both worlds. These kinds of deals can be complicated, but our Raleigh NC investment experience can help you win.
8) Compare a few scenarios.
We’ll help you determine prices for any property near Raleigh NC – 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).
Sell My House In Raleigh NC
Keep in mind that not all North Carolina home buyers are the same. When you choose to work with the team at Harmony Home Buyers, you can always ensure you will receive a great offer for your house no matter what condition it’s in. We offer cash for your house in Raleigh but we believe in paying fair prices based on the current real estate market combined with the condition of the property. By avoiding commissions, repairs, and all of the other costs of a traditional listing, you may find that a direct sale is an opportunity you have been waiting for! We will make the process simple so you can quickly sell your house in NC and move on.