Are you trying to decide whether to sell or keep your inherited property in Las Vegas?
It can be frustrating spending money on a house in order to sell it, especially one that wasn’t yours.
Whether or not you knew about the inheritance, you might be faced with some unexpected challenges once the property is in your name.
Owning a house can be expensive.
The bills, the taxes, the maintenance, and the unexpected repairs can come as a shock.
As any investor will tell you, the longer you own it, the more it is costing you.
Before you make a decision about whether to sell or keep the inherited property, ask yourself a few questions.
Take the time to learn about the market and the property in question, to better help with your decision.
Below, we will offer some tips to help you determine if you should keep or sell your inherited property in Las Vegas.
We will also offer some insight into the best ways to sell.
Ask Yourself These Questions Do you have a use for the property? Holding onto it for sentimental reasons is fine if that’s what you want to do, but don’t feel as if you are obligated to keep the house.
Only keep the property if you have a sincere use for it.
There is no sense in holding onto a property that will just end up sitting there.
Are there other owners? If there are other owners of the property, you will all need to sit down and come to a consensus.
Work together to decide if the home should be kept or sold.
If there is an odd man out, consider buying them out as not to cause further disagreement.
Remember, it is just a house, and the person who passed it down to you would never want to see their gift become an argument.
If you decide you want to sell, how much can you spend upfront? If the home has not yet been cleaned out, that should happen first and foremost.
A traditional property listing will come with some upfront costs.
You’ll likely need to make some repairs to the house and have it professionally cleaned.
It’s tricky making repairs to a house you’ve never owned.
You may not know what you’re getting into.
You don’t want to find yourself down a rabbit hole, spending thousands and thousands on a house you want to sell anyway.
Depending on how you decide to sell, you could face not only repair costs but costs for marketing too.
Make a plan to love it or list it Similarly, try not to put off making a decision about whether you’ll move into the house, rent it out or sell it.
If you’re unsure which way to go, here are points to consider on each option.
Things to Consider About the House Moving Into Your Inherited House Expect property taxes to rise, perhaps significantly.
The house will be reassessed at the current market value.
Get a home inspection so you’re aware of any maintenance or safety issues that need to be addressed and find out the cost of repairs.
Something else to keep in mind: If siblings inherited a home as joint owners — such as through a quitclaim deed that made them instant co-owners at the time of the original owner’s death — they’ll need to agree on what to do with it.
If one of the new owners doesn’t want to sell, the others have no recourse except court.
If the home was inherited jointly with siblings and you want to live there yourself, they will need to be compensated.
This might be in the form of rental payments.
Or you can buy them out, perhaps by mortgaging or refinancing the property, or by making the house part of your share of a larger total estate.
Renting Out Your Inherited House Depending on the location and condition of the home, renting it could be a source of income.
But beware a lot of times families say let’s rent it and they’ve never been involved with that before, and it turns into a complete nightmare.
You get the wrong person in there, then you’re dealing with damage or eviction, and it might not be the best business decision.
To minimize hassle and potentially costly mistakes, consider hiring a professional property manager to handle the marketing, leasing, and managing.
Make sure you’ve had a home inspection, addressed any safety issues and taken out a landlord insurance policy.
When you’re renting, there are a lot of liabilities of renting an inherited home that many people aren’t aware of.
You’ll also want to check on any relevant city ordinances or homeowners association rules on renting.
Considering making the property a vacation rental?
You become more like a hotel manager and it can become a full-time job.
Selling Your Inherited House You won’t pay capital gains tax on any increase in the home’s value during the deceased owner’s lifetime, only on any increase in value between the time of inheritance and when you sell it.
If you don’t live in the area the house is located, it can pay to have more than one real estate agent come by for a consultation on a potential sales price and marketing plan.
Be sure to ask a real estate agent his or her opinion on investing in renovations versus selling as-is.
Of course, updating it can be beneficial — most buyers do not want to move in and have to renovate — but it’s costly and not always imperative.
As with any sale, but especially for a house that hasn’t been updated in recent years, smaller improvements potentially can go a long way.
And you don’t have to do them all yourself.
Hire a painter to repaint top-to-bottom in neutral tones, or get a professional landscaper to increase curb appeal.
And don’t forget, decluttering and cleaning to the point of sparkling are the two most important things you can do to sell a home without spending a lot of money.
Ways To Sell Your Inherited Property List It Listing your inherited property in Las Vegas will require you to get the property ready for the MLS.
Take a look at what other homes are selling for, and how your property stacks up.
Be realistic with your prices, and don’t spend too much over-improving.
When you list an inherited home, you may feel frustrated to suddenly have to spend money selling a house that isn’t yours.
Sell On Your Own Selling the house using an FSBO listing will save you on the commission, but you will still need to pay for cleaning repairs, marketing, and other selling costs.
In most cases, selling on your own to a regular buyer will take longer and ultimately put less in your pocket.
Sell To An Investor When you sell your inherited property to Vegas Property Buyers, you will not need to spend a dime out of pocket.
Nor will you have to pay expensive commissions, agent fees, or administrative costs.
By selling the property directly, you will be able to quickly receive your profits and move on from the house without spending months making repairs and waiting for the property to sell.
To learn more about whether to sell or keep your inherited property in Las Vegas, reach out to us! We are happy to answer any questions you have. (702) 738-4565