How To Decide Whether To Sell Or Keep Your Inherited Property In Alexandria VA
Are you trying to decide whether to sell or keep your inherited property in Alexandria, VA? It can be frustrating to spend money on the house to sell, especially one that wasn’t yours. Our latest post, we help you learn more about your selling options!
Whether or not you know about the inheritance, you might face 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. But, as any investor will tell you, the longer you own it, the more it costs you. Before deciding whether to sell or keep the inherited property, ask yourself a few questions. Please take the time to learn about the market and the property in question so that you can better help with your decision. Below, we'll be able to offer some tips to help you figure out if you should keep or sell your inherited property in Alexandria, VA. Will will also provide some insight into the best ways to sell.
Ask Yourself These Questions
Would you happen to 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 end up sitting there.
Are there other owners?
If there are other property owners, you will all need to sit down and come to a consensus. Then, work together to decide if the home should be kept or sold. If there is an odd man out, consider buying them out so 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.
How much can you spend upfront if you decide to sell?
That should happen first and foremost if the home needs to be cleared out. A traditional property listing will come with some upfront costs. You’ll likely need to repair 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 repair costs and marketing costs too.
Ways To Sell
List It
I’d like to point out that listing your inherited property in Alexandria, VA, will require you to prepare the property for the MLS. 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 on 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 in Alexandria, VA, to UrbanX Home, 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.