If you’ve inherited a property and you’re planning to sell it, make sure you read this blog post for 3 tips about how to price your inherited home in San Antonio for sale.
Did you inherit a property that you’re now thinking about selling? While an inherited property can be a wonderful gift from a loved one who has passed on, it can also (quite frankly) be a costly burden. You don’t want to live in it, nor do you want to keep it as an investment property . So, instead, you’ve decided to sell it , makes sense and allows you to use the gifted equity for some other purpose. Selling a home is always complicated, but adding in the fact that it’s inherited adds even more complexity. Everything from it being bequeathed in a will to the presence of a mortgage can impact how you unload it.
The process of selling a house that you inherit is mostly the same as selling a house that you bought yourself. You can sell the house to investors or enlist a power buyer to help you sell your home.
Tax implications for an inherited property may vary. Additionally, befores selling, the property might require additional focus, such as clearing out belongings or addressing any existing liens. It is also important to assess the condition of the house, as repairs might be needed, particularly if the previous homeowner was unable to properly maintain it.
So here’s how to price your inherited home in San Antonio for sale…
Tip #1: Price Quick To Sell
Some people price their inherited property at an amount they think the market might pay for the house. However, there are many factors that go into this price and one of the biggest considerations is: how fast do you want to sell? Selling through an agent “on the market” can take months, and you’ll have to pay for the house and maintain the property the entire time. That can be costly and can eat into the higher price.
Many property owners quickly learn that they’re almost better off to price slightly lower for a faster sale… they might get less for the house but they also pay less on repairs, carrying costs, effort, and time, so it’s ultimately a trade-off that might turn out to be a total wash.
Additionally, many property owners come to realize that pricing slightly lower for a faster sale can often be a more favorable approach. While they may receive a lower price for the house, they also save on expenses such as repairs, carrying costs, effort and most important time.It´s essential to carefully weigh the potential savings and benefits of a faster sale on an inherited property.
Tip #2: Avoid Pricing Based On Fond Memories Or Emotion
One of the biggest challenges that property owners of inherited property face when trying to price their property for sale is separating the happy memories from the true value of the house. The house might be worth a certain amount on the market but you may have such fond memories of growing up in the house or of happy times in the house that you accidentally use that emotion to increase the price. (This is VERY common.)
A better approach would be to work with a real estate company and find out what they can offer you, and recognize that the price might be lower than you were expecting… not because the house isn’t worth as much but because your wonderful memories have accidentally inflated the price!
Tip #3: Build In Discounts For Repairs
If you inherited the property from a loved one who had lived in the property for many years then you might find out that the property needs some repairs. You could choose to do this work yourself and then ask for a higher price but why do that when you could save yourself the time and effort (and what you’d have to pay for equipment, supplies, or a contractor) and instead just ask for less and give a “repair discount”. That way you avoid the hassle of the work, and you still come out the same financially.
An inherited house can be a lot of work so if you’re thinking of selling it, you’re certainly not alone. But how do you price an inherited house? These tips will guide you on how to price your inherited home in San Antonio for sale.