Are you trying to figure out whether to sell or hang onto that inherited property you’ve got in Virginia? It can be a hassle spending money on a house that wasn’t even yours to begin with, especially when you’re thinking about selling it down the line. In our latest blog post, we’re here to walk you through your options and give you some useful tips.
Once the property is in your name, you might run into some unexpected challenges that come with homeownership. There’s the bills, the taxes, the upkeep, and those surprise repairs that can really throw you for a loop. As any savvy investor will tell you, the longer you hold onto it, the more it’s going to cost you.
Before you make a final call on whether to sell or keep the inherited property, take a moment to ask yourself a few key questions. Get familiar with the market trends and take a good look at the property itself to help you make a smart decision. Below, we’ll share some handy tips to help you decide if holding onto or selling your inherited property in Virginia makes sense for you. Plus, we’ll give you some pointers on the best ways to go about selling it when you’re ready.
Ask Yourself These Questions
Do you have a use for the property?
It’s totally okay to hang onto the property for sentimental reasons if that’s what feels right to you, but don’t feel pressured to keep it if it doesn’t serve a genuine purpose for you. Keeping a property just for the sake of it doesn’t make much sense if it’s just going to sit there unused.
Are there other owners?
If there are other co-owners of the property, it’s important for everyone to get together and talk things through. Collaborate to figure out whether it makes sense to hold onto the home or put it on the market. If there’s someone who isn’t on the same page, it might be worth discussing a buyout to avoid any ongoing disagreements. Keep in mind, it’s just a house, and the person who left it to you wouldn’t want their gift causing any rifts among family or friends.
If you decide you want to sell, how much can you spend upfront?
If the home hasn’t been cleared out yet, that should be the first priority. Before putting it on the market, there are some initial expenses to consider with a traditional property listing. Typically, you’ll need to cover repairs and professional cleaning. It can be tricky handling repairs for a house that’s new to you, especially when you’re unsure of what you might uncover. You don’t want to start down a path where you’re spending a lot on a house you ultimately plan to sell anyway.
Depending on your selling approach, you could encounter not just repair costs but also expenses for marketing and promoting the property. These costs can add up quickly, so it’s important to weigh your options carefully before diving in.
Ways To Sell
List It
When you’re preparing to list your inherited property in Virginia, getting it ready for the MLS is key. Start by checking out what similar homes are selling for in the area and see how your property compares. It’s important to set a realistic price and avoid spending too much on unnecessary upgrades.
Selling an inherited home can feel frustrating because it involves spending money on a house that you didn’t originally own. It’s a new situation to navigate, and you want to make wise decisions to ensure a smooth selling process without overextending yourself financially.
Sell On Your Own
Opting for an FSBO (For Sale By Owner) listing can save you from paying a commission, but it’s important to remember that you’ll still be responsible for covering costs like cleaning, repairs, and marketing. Selling directly to a regular buyer on your own typically takes more time and may result in a lower net profit in the end. While avoiding agent fees can seem like a good idea upfront, it’s essential to weigh the potential expenses and time investment against the benefits of a quicker, potentially more profitable sale with professional assistance.
Sell To An Investor
When you choose to sell your inherited property to Sell Simpli, you won’t have to worry about spending any money upfront. There’s no need for costly commissions, agent fees, or administrative expenses. Selling directly means you can swiftly receive your proceeds and move forward without the hassle of months spent on repairs and waiting for the property to find a buyer. It’s a straightforward way to unload the house and transition to what’s next without the financial burdens typically associated with selling real estate.