How To Decide Whether To Sell Or Keep Your Inherited Property In Raleigh

Are you trying to decide whether to sell or keep your inherited property in Raleigh NC? It can be frustrating when you’re spending money to maintain a house that was never yours.  Many times, it feels as if you’ve inherited a headache.  In our latest post, we help you learn more about your selling options! 

Whether or not you knew about the inheritance, you will still “inherit” responsibilities once the property is in your name.  Owning houses, especially vacant ones, is very expensive.  You have to pay property tax, insurance (insurance premiums on vacant houses are more expensive BTW), lawn maintenance, code violations, freezing pipes, etc.

Below, are some tips to help you determine if you should keep or sell your inherited property in Raleigh. Will will also offer some insight into the best ways to sell.

Ask Yourself a Few Questions

Do you want this property?

Do you want to hold onto this property?  If you are doing so for sentimental reasons you should sit down and do a budget.  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.

Do you know what owning a vacant property will cost you?

You will still have to pay taxes on the property as well as an insurance policy.  Remember that insurance on a house that is vacant for more than 30 days is much more expensive than usual.  You are still obligated to keep the property neat and maintained.  The City of Raleigh is aggressive about giving fines for overgrown grass and other issues it considers to be a public nuisance.

Are there other owners?

Many arguments occur amongst family members when they jointly own a house that has been inherited, and cannot come to a consensus as to how to proceed.  The first decision you have to make is whether to keep or sell the property.

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?

You will need to sit down with your family members how much you can afford to spend to bring the home into saleable condition, and how much each party has to contribute.

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.

Has the home been cleaned out, or are there a lot of personal items left inside?

We had bought a property off Poole Rd in Raleigh that had boxes of personal items stacked from floor to ceiling in almost every room.  The siblings spent a considerable amount of time going through all the items.  Fortunately for them, we buy houses as-is, and allow our sellers to discard any unwanted items by leaving them in the house (no cleaning)!

Different Ways To Sell

List It

Listing your inherited property with an agent in Raleigh will require a lot of repair money to get ready for the MLS. New homeowners looking on the Triangle MLS a looking for something “off the shelf” in move-in-ready condition.  This means updating appliances, fixtures, cabinets, paint, flooring, etc.  This gets expensive quickly.  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 by owner will save you on the commission, but it will be a tremendous amount of work with marketing, showing, negotiating, and coordinating with inspections. You will still need to pay for cleaning, repairs, and other selling costs.

Sell Direct To a Cash Buyer

When you sell your inherited property to Otranto Real Estate Co – Mike Buys Houses, 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.

We are a LOCAL cash home buyer.  We buy houses as-is so you don’t have to make any repairs or do any cleaning.  We can close on your schedule regardless of how fast, or slow, you want to move.

To learn more about whether to sell or keep your inherited property in Raleigh NC, reach out to us! We are happy to answer any questions you have. 919-473-6885

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