Inheriting property can be a bittersweet moment for a lot of people: yes, it means that you’ll have a potential residence or revenue stream, but at the cost of the passing of a loved one. Many people are often at a loss during this time, so we’re here to help.
We buy houses in Oceanside, CA, so we know what the best options are when it comes to inherited properties. Here are some potential options for you to consider if you inherit property.
Option 1: Move In
If the inherited property is a family home, then moving in might be a pretty good idea, especially if you’re a younger person who doesn’t have their own property yet. With rising house prices and a real estate market that’s still finding its bearing after the pandemic of 2020, finding a stable home to start your life is a great move.
Of course, this might come with a few caveats: depending on the state of the interiors and repairs to the exterior, and you might be looking at an expensive renovation just to make it livable. Couple that with property taxes, estate taxes, maintenance costs, and other expenses, and this property might be more of a bane than a boon.
Option 2: Renovate and Flip for Profit
Given the above, if your property requires extensive renovations just for it to be livable and then further maintenance costs just for it to be comfortable, then maybe it’ll be better to go all in and flip the house for profit instead.
Now, don’t get us wrong: house flipping is not as easy as it seems! It’s not something we recommend you DIY, which means you’ll have to partner with professional flippers who have the exact knowledge base and skills to actually take a dilapidated property and turn it into a livable, comfortable, and luxurious home.
Of course, that means the profit will have to be split between you, the house flippers, and the real estate agent you’ll be working with to find potential buyers. This isn’t even factoring in the physical stress of walking the necessary paperwork back and forth and coordinating with the house flipper, their contractors, the real estate agent, organizing open houses…the list goes on.
Option 3: Renovate and Rent Out
If the previous option sounds like a chore, well, that’s because it is! Don’t get us wrong: you could make a tidy profit after taxes and paying off your contractors and real estate agents and all other associated expenses. However, if you’re not looking for a payday but an actual, reliable revenue stream, then considering renting out your inherited property.
It’ll roughly be the same process as above, but this time, you’ll be looking for long-term renters instead of buyers.
For this option, you could renovate your property into a multi-room/multi-use property, or tear it down completely and turn it into a standalone condo development or residential property. It’s expensive, complicated, and will take a lot of time, but it can provide you with a steady flow of income for years to come.
Your Best Option: Sell to a Professional Home Buyer!
If you want to avoid all the hassle of inhering a property that you might not have the time nor the finances to upkeep or flip, then your best option will be to sell to a professional home buyer. Professional home buyers make it their mission to find houses and buy them off the seller in as fast and painless a process as possible.
Most professional home buyers buy out with cash: no mortgages or loans, no filing of mountains of paperwork, just straight cash to bank accounts and an exchange of keys. As the name suggests, professional home buyers spend days and weeks doing market research and site inspections to find a price that is as close to fair market value as possible.
At the onset, a professional home buyer might not offer the best price, but if you can show to the buyer that your property is in an attractive area or a potentially developable area, then they might just outbid other offers out there, providing you a payday that’ll be enough to cover the expenses of buying your own property in the future.
Let Us Help You!
Ignite Property Solutions LLC is a trusted professional home buyer that has made a name for itself across the country as a dependable and FAIR home buyer. We buy houses in Oceanside, CA and beyond, and before we make an offer, we make sure that our real estate experts and analysts do as much research as possible so that we can give you an offer that is as close to market value as possible. Contact us, today, to learn more about how we can help you!