Sell Your San Diego Inherited Property Now!
Have you recently inherited a property in San Diego from a loved one and don’t know what to do?
Are you asking yourself the question of whether you should keep the home (move into or rent it out) or sell it outright? Have you thought about the condition of the home? Is it move-in ready? Or does it need some work? Maybe your loved one took care of the home but it’s very dated. Or maybe the home is severely deteriorated and would cost thousands if not hundreds of thousands of dollars to repair.
Are there other heirs and you must decide what is right for everyone?
There are so many things one must consider after inheriting a property in San Diego.
The first thing to consider is what you are going to do with your inherited property. There are four options for dealing with a property that you have inherited:
#1 Keep the House and Move into It
You (and your other heirs) may decide that keeping the house and moving into it. What’s important to understand, is if you can afford to keep the house with its current mortgage (if one exists) and other associated expenses.
If there isn’t a mortgage you can easily move into the home and avoid paying rent or get rid of your own mortgage (by selling your home). However, you will also need to consider paying the taxes on the house (and any possible back taxes); and make any needed repairs.
Sometimes the expense and condition of the home will make you decide that keeping the home is not the right fit for you.
It’s also important to consider if there are more than one heirs how one heir will move into the home while providing appropriate compensation to the other heirs. This can often be very complicated. You need to consider having enough money to “buy out” your other heirs or pay installments over time. Many heirs will want their money now.
#2 Keep the House and Rent it Out
If you want to keep the house and have reviewed any expenses you will have (from the mortgage to taxes, insurance and repairs) it out could create a new stream of income for you, and any other heirs.
While having an added income is nice, being a landlord may be more work than it’s worth. You will need to be able to manage tenants and repairs and be familiar with the ever-changing rental laws in California and San Diego.
#3 Sell the House on the Open Market
Many inherited homes can be sold through a licensed Realtor. As long as the house in is good condition and not requiring too many repairs or upgrades.
If the house is in marketable condition you could make a decent amount of profit.
If the home isn’t in good condition or requires more substantial renovations, your home could sit on the market much longer than you want. The longer it sits the more expenses will accrue that you’ll be responsible for.
#4 Sell to a San Diego Investor for a Quick Profit
If the home you inherited is not in the best condition and possibly even in another state you may want to sell the inherited home for cash to an investor. You can cash out in as little as 7 days without any additional fees or commissions associated with a traditional transaction.
If you’ve recently inherited property there are many things to consider and several options. Give us a call today and we can discuss how best to help you with your inherited property. We have probable attorneys, Realtors and investors ready to help you sell your inherited property fast. We even have property managers that can help you rent out your property if you choose to keep your inherited home and rent it out for income.
Click on Sell Home Fast San Diego to learn more about us!