An inherited house in Raleigh
Inheriting a property after your loved one has passed away doesn’t always feel like a windfall. In the case of inheriting an unwanted house in Raleigh, it can feel quite the opposite. The reasons behind this can vary. For instance, you might be living in a state with high inheritance tax, or you may not have the means or energy to deal with all the paperwork. Luckily, you have numerous options, like selling the property or renting it. This article will give you options on what to do in this tricky situation.
Ways to navigate inheriting an unwanted house in Raleigh
When you inherit a home, you will receive more than just financial gain. The situation brings with it some serious responsibilities. Furthermore, it might require negotiation with other heirs, and not to mention it might cause a rollercoaster of emotions.
So, the first thing you should do is create a short-term plan until the estate settles. Then, you will need to finance the upkeep, think about long-term goals, and discuss ideas with others (if there are any) who share a stake in this inherited house.
Once you wrap your head around everything, you might even decide to relocate here temporarily. You will better access the situation by hiring the right moving company to handle your possessions and long-distance move Raleigh. For instance, you might want to fix up the house to get a better deal on it. The best way to do that successfully is by being on-site for some time.
To help you make the best decision for your situation, let’s take a more in-depth look at your options.
Give it time
Losing a loved one is hard, so it’s good to know you don’t need to rush decisions regarding your inherited property.
Some states apply a mandatory 90-day waiting period before selling the inherited property. Experts recommend using this period to work with an attorney and a real estate professional to evaluate your options.
Beware of hungry real-estate sharks
Another thing to watch out for is rushed and costly mistakes. This especially holds when opportunistic realtors start knocking at your door.
These kinds of agents might assume you know nothing about the property’s value. However, even if that is true, you should not let anyone take advantage of you and your situation. That’s why it isn’t advisable to rush into selling, even if you don’t want to do anything with the house.
Instead, you can take the time to do the necessary research while working with an experienced lawyer and a trusted real estate agent who have your best interests in mind.
Learn about the property’s value
To avoid rushed and uninformed decisions, it’s crucial to determine the actual value of the home in Raleigh you inherited.
Determine the home’s value by researching.
A person researching home value after inheriting an unwanted house in Raleigh
Remember not to rely on the first appraisal of the property since it probably doesn’t include up-to-date market values. Instead, it would be best to contact a real estate broker who can give you exact information about the home’s current value.
Maintain the house for the time being
Before you take any action, you need to ensure everything is in order and keep it that way.
Firstly, update the insurance policy of the house. You will need to pay all the utilities and update them to your name, as well.
Finally, you will need to do some housekeeping. If you are the sole inheritor of the house, check if there’s anything you want to keep. And if there’s more than one heir, you should check the property together. If there are any valuables you don’t want, you can sell them for cash or donate the stuff you don’t need. This is a sentimental process that is ahead of you. Therefore, take your time to grieve and think things through.
Consider your options
Once you deal with everything mentioned above, it’s time to make a decision. What can you do in this situation? Here are your options.
- Sell with a trusted realtor
The majority of people who are in the situation of inheriting an unwanted house in Raleigh choose to sell it. However, it’s always best to sell it with a realtor.
It’s best to sell the home with a realtor when inheriting an unwanted house in Raleigh.
A realtor standing behind a ‘sold’ sign
If you don’t live in the same city, working with a local realtor will help the process run more smoothly. Just make sure to prepare the house for sale. This will significantly affect the offers you get.
- Sell it “as is” at an auction or to an investor
If you want to sell the property quickly, it is best to sell it “as is” at an auction. You might not get the best price, but this might be the best option if you don’t have the time or means to deal with the entire process.
Another alternative is to sell it to an investor. The investor will buy it “as is”, fix it up, and resell it.
- Rent it out
If the home you inherited is still in good condition, you can turn it into a rental. There are a few things to consider if you wish to take this route.
Consider renting the inherited property if it’s still in good condition.
A ‘for rent’ sign
You will need to have a home inspection to ensure the house is safe for future tenants. This can be a lot of work for someone who doesn’t live in Raleigh. Alternatively, you could hire a property manager to deal with the rental for you. They usually charge around 10% of your rental income.
- Fix it up and flip it
If your inherited house isn’t in good condition, but it has potential, you can use this opportunity to fix it and then sell it for profit. Again, if you have time on your hands, this is the best option to make a lot of money.
This option involves a lot of time and money, but it pays off.
Tools and house plans on a table
- Transfer to someone else or donate it
If you don’t want the property you inherited, you can use a quitclaim deed to transfer the property to someone else quickly. Nonetheless, if your inherited home is worth a lot of money, you might be subject to the federal gift tax.
Alternatively, you can donate the property to a charity and get a tax deduction.
- Disclaim or renounce
This option might sound strange, but it’s pretty common. Once you disclaim the inherited property, you won’t have a say in what happens to it. This is an entirely legal thing to do. No one is required to accept an inheritance.
The takeaway from inheriting an unwanted house in Raleigh
If you find yourself in a situation of inheriting an unwanted house in Raleigh, we hope you refer back to our article for some helpful ideas. The good news is that you have numerous options to maximize your profits. Consider each option carefully and decide what’s best for you and your family.