In most cases, the inherited home is given to a relative by a deceased member. While inherited homes present a great financial opportunity, but a lot of times- the home can pose to be quite a problem. Many inherited homes are not maintained up to date and they can be in a need of many different upgrades. In a lot of cases, when the money needs to go into investing, then the inheritor is likely to give up on the property. However, in this article we would be covering the aspects of considering your options- selling or renting an inherited house in Maricopa County:
Your Options for an Inherited House in Maricopa County
Option 1: Rent the Home
One of the best options to keep a lifetime financial supply coming in from a property you have not put in money to buy is by renting out the inherited property. You should consider this option carefully as it comes with quite a host of drawbacks. You would need to spend quite a chunk in maintaining the property you rent. Right from renovations to vacancies to the property taxes, just to list out a few.
It is estimated that nearly half the revenue that you make from renting out the property will be put in to cover these costs. So, for instance- if you get 12,000 USD annually as rent, there is a high chance that you may need to shell in about 6,000 USD for the different services mentioned above.
On the other hand, being a landlord does not suit everyone. If you are an experienced landlord, this option can still fir for you. But, for first timers; the whole management can get quite tricky. We recommend you carefully evaluate all your options so that you understand where the profit is and whether it is just about breaking even on the whole cash flow.
Plus, if you do have a proper source of income that can help you put in the additional cash towards maintaining the property, then we recommend you go for this option. This way, you will not lose money plus you will have an additional source of income. Additionally, the sentimental value of the whole property stays intact as it will stay in your name.
Option 2: List it out with a Real Estate Agent
One of the best options to consider when you want to sell your property or even rent it out is by listing it out with a real estate agent. There are some benefits to selling off the house with the help of an agent. They can not only help you get home appraisers on board, but you may be missing out on certain pointers that can help you determine the right value.
Listing out your house with a real estate agent can work best if the current condition of your inherited house. While you can flip the house yourself, getting potential buyers on board and the marketing process can get challenging. While the finance part of the commission fees is one aspect to not get a real estate agent on board, but it does have a lot of pros. Right from maintenance, to connecting you to the right customers- real estate on board has a lot of benefits.
Option 3: Get an all-cash deal
You can also consider selling the house for complete cash and make a quick profit on the whole deal. This is if you do not have the geographical convenience of being in the vicinity. This way, you would not need to handle the repairs. This is typically what a lot of people do with their inherited houses. It is convenient because a lot of cash buyers close in the whole deal within a week and the process becomes much simpler for you.
However, it is only possible to go for this option if you do not have any sort of sentimentality attached to the property. We are right here for you and can buy properties for cash or list it for you in a traditional sale.
Option 4: Flip the home on your own
You can also consider flipping the house yourself. Especially, in a case when the home you have inherited holds a sentimental value and you have the time as well as resources to deal with the whole process. This option can help you save up on commission costs and earn the most money on the deal. But the issue here is the loss of time and the investment of time and money in the whole process. \It can take a lot of time to market the house right and flipping a home as well as preparing it for the sale can be quite challenging. Hence, it is best to go for a professional who can help you get the right buyer and give you value for the inherited house. It can also be challenging to deal with the probates and the legalities of Maricopa County in particular, so it’s best to get someone experienced on board.
Key takeaways:
You need to remember certain pointers before you decide on what to do with your inherited property. Firstly, the investment you make is only as good as the manager who puts in work there. In case, you are dealing with different brokers, tenants, the maintenance, and handling other nuances of your inherited property in Maricopa County, then we recommend you bring on a manager on board. A professional can help you get a great deal and also take care of all the hassles.
You also need to be prepared for pumping in the additional money that goes into the different costs associated with the property. This includes the cost of ownership and maintenance as well as the invigilance of a manager. So, it is best to draw out a chart of your approximate expenses for the coming five years so that you are prepared.
