When inheriting a property from a departed loved one, a big part of you will want to live in the property. In most cases, though, this simply isn’t viable due to logistical or financial matters. If you are going to sell the asset, though, you must do it in style. Aside from the benefits it’ll bring you, it is a way to respect the person who named you a beneficiary.
There are several potential avenues to consider. The most popular are detailed below:
Quick Sales
As the beneficiary of an inherited property, you have been blessed by the dearly departed. Nevertheless, the situation can cause major headaches. Other relatives may try to argue that they deserve the asset while the tax man looms large. You may want to draw a line under it all.
Quick sales enable you to do this. Dedicated inherited property home buyers are usually the best choice. You’ll get a fair price while the process is both streamlined and reliable. It is possible to close on the sale within a week, leaving you free to tie up loose ends ASAP.
At a time when you want to grieve and support other loved ones, this may be the best option at your disposal.
Traditional Sales
Quick sales are the simplest route and allow you to focus your attention elsewhere. Still, the traditional sales route is one to consider. This means working with a traditional estate agent while there will be solicitor fees too. So, the real sale price might not be any higher.
Yet, it is nice to know that your home has gone to a seller who will value the property. Your lost loved one put a lot into making the house a home. While the buyer will stamp their personality, ensuring that it doesn’t fall into the hands of a buyer who’ll ruin the property may bring comfort.
If you do take this path, though, you should be prepared for months of marketing and negotiations before completion.
Property Development
The property may not be in perfect condition when you inherit it. Sadly, this will impact the sale price regardless of whether it’s a quick or traditional sale. If you have the time and money to invest, it could be worth actively upgrading it ahead of the sale.
When upgrading the home to sell, you must focus on projects with high ROIs. Crucially, you must also ensure that faults are fixed and curb appeal is restored. Otherwise, the home becomes far less attractive to prospective buyers. This makes the process a waste.
It could also be an opportunity to complete the jobs that your loved one was in the middle of completing. This can work wonders for your mental wellness before selling.
Property Rentals
Finally, you could look to make use of the property by turning it into an income stream. This allows you to create ongoing revenue while still benefit from property appreciation. It also means that the asset remains in the family, leaving the door open to living there in later life.
Renting out the property to a tenant sounds like the obvious choice. However, many will find that the benefits of Airbnbing a property are greater still. It will be necessary, though, to work with a property management firm to handle guest interactions and issues like cleaning.
Property rentals don’t have to be forever. So, if you’re still debating the long-term situation, this may be the temporary route to consider.