I Inherited a House, What To Do? – Should I Rent or Sell in Roeland Park?

First, we’re so sorry for your loss. This can be a very challenging time for many reasons, and dealing with property ownership is tough at the best of times.

You’re thinking, “I inherited a house, what to do with this house?” Should I rent it? Should I sell it?  How should I sell it?

Tons of options open for you, but…

… we can help.

We’re seasoned investors in Roeland Park real estate, and we’re looking to buy several houses each month in the Roeland Park Kansas area. Every month we get calls from those who have inherited a house and are looking to sell the house… so the info below are some tips to help you navigate the process.

I Inherited A House, What To Do Next?

Here’s a few important considerations to help you make the right decision:

1) Make sure the mortgage is paid.

This may sound obvious, but if the person who left you a property also had a mortgage (unless it had no mortgage and was paid off, which is great!), you have to pay it (assuming you want to keep the property). Some banks will allow you to assume the loan, while others may force you to refinance into a new loan. If you don’t qualify for a new loan, renting may not be an option for you.

2) The investment is only as good as the manager.

If dealing with brokers, maintenance, tenants, rent collection and all the nuances of property management isn’t the best use of your time, hire a professional to help you or cash out now.  Some people who inherit homes decide to keep the house and rent it for extra income. That’s a great strategy for sure. You just need to be prepared to manage the property and the hassles that can go along with tenants and toilets.

3) Property ownership costs money.

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 on what you’ll need to do within the next five years, along with estimated costs. Surprises are very, very expensive.

4) 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. We buy Roeland Park houses for cash, as-is.

5) If the market will continue to grow faster than your other options, hang on to the investment.

We can help you analyze the value of your property today versus the long-term benefits of renting. If you can use the equity in your property in another way that outpaces the performance of the real estate market, you should. If you don’t have anything better to do with the money and the neighborhood is rising in value, hang on – real estate can be a great investment if you know how to correctly read the market.

6) Uncle Sam wants a piece of the action.

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 dramatically impact the cost of owning your investment.

7) Consider all your options.

In certain situations we may be able to help you structure a lease-option agreement that allows you to rent and sell at the same time – capturing the best of both worlds. These kinds of deals can be complicated, but our Kansas City investment experience can help you win.

8) Compare a few scenarios.

We’ll help you determine prices for any property near Kansas City – 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).

Just call us today at 913-428-0957 or contact us now for more information
on how we can make you a fair cash offer on your inherited house today!

Our goal is to make selling your house as easy and low stress as possible. That’s why we pay cash and close quickly. That’s why you’ll get a fair and honest offer within 24 hours. Six months from now we want you to look back and be thankful that you called us because we made a big event in your life smooth and easy.

We help property owners just like you, in all kinds of situations. From divorce, foreclosure, death of a family member, burdensome rental property, and all kinds of other situations. We buy houses in Kansas and Missouri… including Roeland Park and Leavenworth, Olathe,Overland Park, Shawnee Mission, Roeland Park Kansas, Prairie Village, Parkville, Bonner Springs, Lenexa, Basehor and Leawood  areas and pay a fair cash price, fast. Sometimes, those who own property simply have lives that are too busy to take the time to do all of things that typically need to be done to prepare a house to sell on the market… if that describes you, just let us know about the property you’d like to be rid of and sell your house fast for cash.

If you simply don’t want to put up with the hassle of owning that house any longer, and if you don’t want to put up with the hassle and time-consuming expense of selling your property the traditional way, let us know about the property you’d like to be rid of and sell your house fast for cash. Talk to someone in our office before submitting your property information by calling us today at 913-428-0957

We buy houses in Roeland Park and all surrounding areas in . If you need to sell your house fast in Roeland Park, connect with us… we’d love to make you a fair no-obligation no-hassle offer. Take it or leave it. You’ve got nothing to lose 🙂

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