Inherited real estate is a sign of love that often comes with emotional stress. You need to carefully plan the next steps and make the right decision.
Owning a home is expensive when you consider the holding costs, management expenses, and responsibilities. The exact cost is not obvious, but think of the commute time (if you inherited an out-of-state property) and time off work. Most inherited homes are also in need of some care.
Overlooked repairs can create long-term damage. You are responsible for property maintenance and can be subject to fines if there is overgrown grass. You don’t want the house to look vacant because that can invite criminal attempts. You can’t just push back these worries and expect things to improve with the passage of time. Read on and explore these tips from experts who helped people in your situation in Lawton.
Transfer Inherited Real Estate
The least stressful option is to give the inherited real estate to a family buyer. You won’t have to find third-party agents or buyers. The family members are already familiar with the property and are willing to put in the work to maintain the house. You should know the tax implications of this option. A property transfer can be more expensive than leaving it as an inheritance. You must consult an experienced real estate tax adviser before transferring the property.
Take Up Residence
Our next tip for Lawton residents is to consider living in the house.
Life is not like a fairy tale where everything goes well. You might have received a token of affection from your loved ones, but you have to handle the legal aspects of this gift. You can’t leave the house vacant. You need to pay taxes and ensure all the beneficiaries receive their fair share. You can think of living inside the inherited house, but that might not be the best solution for your circumstances. The house might not be your dream home.
Or perhaps it’s located in another state. Or perhaps you’ve inherited a home that requires repairs or financial investment. Owning real estate doesn’t magically come with cash. You need to spend some money on the house before calling it home. Carefully consider the pros and cons of living in the inherited house. Evaluate the cost of owning that property (including taxes) and see if living in that home is a viable option.
Rental Property
Another option for Lawton real estate is to rent it out as an income-producing property. Again, this option has some complications. First of all, the house might not be in the right condition. You cannot rent out a home requiring repairs or maintenance. Second, you will need to invest personal time to manage tenants and cash flow. Third, you need people’s skills and legal knowledge to execute this step correctly. You want to familiarize yourself with HOA issues, eviction laws, local ordinances, and state or federal laws.
Vacation Home
Another option is to turn your inherited home in Lawton into a vacation house. You can keep a second property and call it home. The option comes with all the costs associated with owning another property. What is the pending amount on the mortgage loan? Did you inherit a house with a mortgage? You might have to pay for the mortgage, insurance, taxes, and utilities. Consider all the costs. And then decide if you want to keep the house. You can treat the house as a vacation property that will appreciate in value. You might want to consider selling the house after a few years.
Sell Inherited Real Estate Directly
Life is busy. Sometimes, the best option in Lawton is to sell your inherited real estate. You might be thinking, “I have already considered this option.” We’re not talking about the stressful approach. We don’t want you to make repairs, pay HOA fees, and work with an agent. Instead, we’re suggesting a direct-selling approach. Sell directly, walk away with cash in hand without paying high commissions, and leave the work, worry, and financial risks associated with the property behind you.
The expert team at DHS Realty Group will guide you regarding your property matters, including professional tax advisors. We can educate you about your options so you know what will make you the most profit. Being a local investor, we can give you a no-obligation cash offer. Once you see the proposal, you will agree that it’s a fair offer. Our process is transparent, with simple contracts and no hidden fees. We even provide you with a guaranteed closing date. The guaranteed closing date comes with peace of mind. You will know a certain date when your home will be sold, and you will receive a cash deposit without any deductions from our side.
Your satisfaction is our priority. Rest assured that you will feel great about the offer you receive and the deal you make with DHS Realty Group. Call us today to start your selling journey 940-249-5752.