We understand that losing a loved one can be a difficult and emotional time, and dealing with their property ownership can add to the stress. As experts in the probate process, we are here to help you navigate this situation and offer some helpful tips on what to do if you have inherited a house in DC Metro Area.
I Inherited A House, What To Do Next?
- Make sure the mortgage is paid: If the person who left you the property had a mortgage, you will need to pay it off, assuming you want to keep the property. Some banks may allow you to assume the loan, while others may require you to refinance into a new loan. Renting out the property may not be an option if you don’t qualify for a new loan.
- Consider hiring a professional property manager: If dealing with brokers, maintenance, tenants, and all the nuances of property management is not the best use of your time, consider hiring a professional in Annandale to help you. Alternatively, you could sell the property for cash now and avoid the hassles of property management.
- Get a professional inspection: It’s rare to see a building that’s been perfectly maintained. Most inherited houses need major improvements. Consider hiring a professional property inspector to give you a detailed rundown of what you’ll need to do within the next five years, along with estimated costs. Surprises are very expensive.
- Selling a property for top dollar costs money: If you don’t want to deal with making repairs, updating kitchens, improving landscaping, and overall cleanup, don’t worry. Our company buys houses for cash in their as-is condition in DC Metro Area.
- Analyze the real estate market: If the market in DC Metro Area will continue to grow faster than your other investment options, consider hanging on to the property. We can help you analyze the value of your property today versus the long-term benefits of renting. If the neighborhood is rising in value and you don’t have any better options for your money, holding onto the property could be a great investment.
- Consider tax implications: Don’t forget to discuss your inheritance with tax and legal professionals before you take action. There are major property and income tax consequences that will impact the cost of owning your investment in DC Metro Area.
- Explore your options: We can help you structure a lease-option agreement that allows you to rent and sell at the same time in Annandale, capturing the best of both worlds. These kinds of deals can be complicated, but our expertise in the probate process can help you navigate the process.
- Compare scenarios: Our company can help you determine prices for any property near your area in DC Metro Area – if you sold it today without doing any work, the highest price the market will bear, and the projected value of keeping it as a rental (along with the costs).
We understand that this can be a challenging time, but our company is here to help you make the best decision for you and your family. Whether you decide to sell your inherited house or keep it as an investment in DC Metro Area, we can guide you through the process and make a fair cash offer on your property today.