If you’ve come into possession of a property and are considering putting it on the market, take a look at this blog post for three valuable suggestions on determining how to price your inherited home in Virginia when selling…
Got a property handed down to you that you’re thinking of selling? Inheriting a place can be a nice gesture from a family member, but let’s be real, it can also be a bit of a hassle. Selling it off could be a smart move, giving you some extra cash to play with. But if you’re not used to the whole selling game, it can feel like a maze. No worries, though. Here’s a laid-back guide on pricing your inherited home in Virginia for sale…
Tip #1: Set a Competitive Price for a Speedy Sale
Some folks tend to think to price your inherited home based on what they believe the market will bear. Yet, there’s more to consider than meets the eye, with one crucial factor being: how urgently do you want to sell? Opting for the traditional route with an agent can drag on for months, meaning ongoing expenses for upkeep and mortgage payments. These costs can chip away at any potential profit from aiming for a higher sale price.
Lots of property owners discover that it’s often wiser to set a slightly lower price for a quicker sale. While they might fetch a bit less for the house, they also save on repair expenses, ongoing costs, exertion, and time. It’s essentially a trade-off that could balance out in the end.
Tip #2: Don’t Let Nostalgia Drive Your Pricing
One of the toughest parts for property owners dealing with inherited homes is separating sentimental attachments from the actual value. You might cherish memories of growing up or happy moments in the house, which can unconsciously hike up your price expectations (super common, by the way).
A smarter move? Team up with a real estate agent, get their take on the value, and brace yourself—it might be lower than you imagined. Not because the house isn’t worth it, but because those beautiful memories inadvertently jacked up the price!
Tip #3: Cut Some Slack for Repairs
If you’ve inherited a place that’s been lived in for ages, chances are it needs a bit of fixing up. You could roll up your sleeves and tackle the repairs to justify a higher asking price. But why bother with all that hassle, time, and expense? Instead, knock a bit off the price and offer a “repair discount.” You skip the headache of repairs and still end up in the same financial spot. Easy peasy!
Wrap Up
Inheriting a house can be a handful, so if you’re eyeing a sale, you’re in good company. But how do you set the right price? These tips will steer you in the right direction for pricing your inherited home in Virginia for sale.