Losing a loved one can be one of the most challenging experiences a person can experience. In the aftermath of the funeral, you may end up inheriting something. An inheritance is a double-edged sword: a fantastic gift or a huge inconvenience.
If you inherited an entire house in the Fort Lauderdale area, you might not know what to do. In many cases, you’ll want to sell your Fort Lauderdale house as fast as you can. Here are tips for dealing with this situation.
Things to consider when inheriting a home
- 1 Things to consider when inheriting a home
- 2 Things to consider when selling an inherited home
- 3 Consider getting help
1. What is the house worth?
Various variables impact the value of a house. You can use several online tools to get a basic understanding of the house’s value. Of course, these estimates may not take into account the condition of the house, overall market conditions, and competing homes in the area.
2. Are there outstanding debts?
An inherited house is not necessarily a free house. If there is an outstanding mortgage, you will be responsible for that cost. If you sell the home, you’ll need to pay off the remaining mortgage before you earn a profit. You also need to check to see if there are any other debts, like outstanding taxes, that need to be paid before you receive a benefit.
3. How many people are inheriting the property?
It’s not uncommon for someone to leave their inheritance to multiple people. If you now share the home with siblings, cousins, or other people, you’ll need to agree across the board. If everyone agrees to sell, determine who will be in charge of the process.
Things to consider when selling an inherited home
1. How will the sale impact your finances?
Often, if you sell a house after living in for a time, you are eligible for tax exclusion: a certain amount of the proceeds is tax-free. Selling an inherited home without living in it for a couple of years means having to pay taxes on the profits. Make sure to work with your accountant or tax professional to understand exactly how to report the sale.
2. Prepare the house for the purchase.
There will be some work involved in getting the house ready for sale. First, you’ll want to clear the house of personal belongings. Family members may want to keep sentimental items. After divvying up belongings, you might consider a yard sale. Things that don’t sell can be donated or disposed of appropriately.
3. Selling a house can take a while.
You may decide to complete repairs, upgrades, or remodels to help sell the house. This, in itself, can take time. Market research, property inspections, viewings, and other elements of the process all take time. If you decide to sell the house on your own, expect it to take at least a couple of weeks. More realistically, expect it to take a couple of months.
Consider getting help
You might find that selling a house on your own is too much work. This is especially true if you don’t live in the Fort Lauderdale area. Your best option is to sell to a cash home buying company in Fort Lauderdale like Property Nation. These organizations can make you an offer on your inherited house and cut out the time, work, and commissions typically involved in selling a home.
Read More: How To Sell An Inherited House in Probate