Are you trying to decide whether to sell or keep your inherited property in Kansas City? Owning a house suddenly that you don’t necessarily want and didn’t plan on owning can be a frustrating experience. In the post below we discuss all of your selling options.
Whether you knew about inheriting this property and planned on owning it or not, it is a stressful experience. Owning a house isn’t free. Between maintenance, repairs, insurance (more expensive if vacant), and taxes owning a property can be quite expensive!
When deciding whether to sell or keep the inherited property, ask yourself a few questions. Take some time to learn more about the property itself and the local market to help your process. Below, we will offer some tips to help you determine if you should keep or sell your inherited property in Kansas City. Will will also offer some insight into the best ways to sell.
Ask Yourself These Questions
1. Do you have a use for the property?
Many people hold onto things for sentimental value, including real estate, and this is fine if you are comfortable and truly want to own the property. But if it is a financial strain, burden or just not wanted there’s no need to feel obligated to hold onto the home. 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. This is especially true if it’s costing you money.
2. Are there other owners?
If there are other owners of the property, you will all need to sit down and come to a consensus. You’ll need to work together to get everyone on the same page. If there is just one odd-man out consider buying out their share so that the rest of you can make decisions collectively going forward. 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.
3. If you decide you want to sell, how much can you spend upfront?
If the home still has a lot of belonging in it, you’ll want to clear the house out first thing. Remember that there are upfront costs to selling and listing a property. You’ll likely need to make some repairs to the house and have it professionally cleaned. It can be very challenging to make repairs on a home you’ve never owned or lived in. You may not know what needs to be fixed and what it will entail. You could quickly get in over your head. 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.
Ways To Sell
1. List It
Listing your inherited property in Kansas City will require you to get the property ready for the MLS. Comare your house and other similar properties in the neighborhood to get a feel for values. Next, plan what to repair, and remember not to over improve the home prior to a sale. When you list an inherited home, you may feel frustrated to suddenly have to spend money selling a house that isn’t yours.
2. Sell On Your Own
You can always try to list the property yourself as a “for sale by owner” (FSBO). This can save you a lot of money in commissions, but it is a job. You’ll still need to pay for things like photography, cleaning, and marketing. The research has shown that selling FSBO generally takes longer and results in less money in your pocket than simply listing the home with an agent.
3. Sell To An Investor
When you sell your inherited property to Green Sparrow Properties, you will not need to spend a dime out of pocket. Nor will you have to pay expensive commissions, agent fees, or administrative costs. Selling the property directly to an investor means that you will get cash in your pocket quickly and simply allowing you to move on with your life quickly and stress-free.