If you’ve inherited a property and you’re planning to sell it, make sure you read this blog post for 3 tips about how to price your inherited home in Kansas City for sale…
Did you recently inherit a property that you’re now considering selling? Inheriting a property can be a wonderful gift, but sometimes it can feel like more of a burden. Selling the property allows you to convert the equity in the home into cash in your pocket that you can use for some other purpose. But maybe you haven’t sold a property recently, or ever. So here’s how to price your inherited home in Kansas City for sale…
Tip #1: Price Quick To Sell
When you’re considering selling the property, the most important consideration is how much are you trying to sell the home for? To answer this question you need to decide how quickly you are needing to sell this property. While selling through a traditional real estate agent may be the best solution for you, please understand that it can take quite a while to line up a buyer and go through the traditional process. This process typically takes 2-6 months until you get the cash in your hands. This extra time also has costs (property taxes, utilities, etc.) so the higher price may end up being a wash anyways.
Many property owners decide to price their properties lower to generate more interest and ultimately sell the home much faster, which can save on all the ancillary costs of home-ownership.
Tip #2: Avoid Pricing Based On Fond Memories Or Emotion
A major challenges for property owners of inherited houses is that they often have a lot of emotional attachment to the property. Perhaps this was a home that you spent a lot of time in personally, or it is sentimental because it is associated with the loved one who has passed. The homeowners then price the home for what it is worth to them, which is more than the fair market price for the home. (This is VERY common.)
To get a better sense of the true market price for the home, speak with a real estate buying company such as Green Sparrow Properties, but realize that the home may not fetch as much as you were originally thinking… not because the house isn’t worth as much but because your wonderful memories have accidentally inflated the price!
Tip #3: Build In Discounts For Repairs
For many inherited homes (or homes in general) there is often deferred maintenance that was never gotten around to. Perhaps the home just hasn’t been updated cosmeticaly in a couple of decades, or there is a more major repair needed such as a new roof or foundation work. You can always take on this work yourself and then sell the home for more money later, but is that worth all of the time and effort (and what you’d have to pay for equipment, supplies, or a contractor)? Instead you could just price the property lower and factor in a “repair discount” for the buyer to take on that work instead. That way you avoid the hassle of the work, and you still come out the same financially.
An inherited house can be a lot of work so if you’re thinking of selling it, you’re certainly not alone. But how do you price an inherited house? These tips will guide you on how to price your inherited home in Kansas City for sale.