Should You Rent Or Sell
an Inherited House in Denver?
First, Property Scouts owners and staff offer our condolences. We understand the challenge and distress you’re going through.
If you have inherited a house in Denver and looking for help dealing with the stress of handling the property, we can help. No doubt you have concerns and questions about what to do with this house. Live in it? Rent it out? Or sell it?
Property Scouts is seasoned at investing in Denver real estate. We have cash on hand and can provide quick closing, typically within 7 days. We are currently looking for houses in the Denver, CO area and we’ll be glad to talk to you about your inherited property. If you’re not ready to sell, we can provide advice on how to navigate the process.
What Do You Do After Inheriting A House In Denver
1) Confirm the mortgage is paid up.
Unless the Denver property was paid in full, if there is a mortgage payment due, as the heir to the property, it will be yours and the executor’s responsibility to make the payment. You may consider contacting the mortgage holder about assuming the loan or refinance the balance. Another option is renting it from the estate.
2) The manager that handles the investment is important.
If the Denver, CO property is a rental, you’ll have brokers, maintenance, and tenants to deal with, as well as collecting rent. There are many nuances when it comes to property management and that may not be something you’re prepared to do. If selling the property isn’t right currently, hire a professional property manager to handle these tasks for you. Inherited property can make a great source for extra income as a rental.
3) Be prepared for ownership expense.
If you choose to keep the property and use it as a rental, keep in mind that there will be expenses. Maintenance and upgrades are just part of the expense. There is insurance, taxes, utilities, etc. You may want to consider hiring a professional inspector to examine the house and advise you if there is anything you need to address immediately and what they may cost.
4) Selling a property can cost money.
If you aren’t interested in repairing the Denver property, managing the property as a rental, give us a call to talk about selling it. If you place the order for sale the traditional way with a real estate professional, this can take time and money. First, you’ll be required to clean, repair, and upgrade the property. Then there is marketing and you’ll have to ready the property for showings. The property may sit on the market before an offer comes through that is acceptable.
5) If the market is growing, consider holding on to it.
Property Scouts can provide you an analyzation of the Denver property and get the current value. We’ll help you compare that with the long-term benefits of renting, or how you can use the equity in other ways. If you don’t have any immediate plans that you need the money for or the market isn’t right, hang on to it.
6) Uncle Sam will want his share.
Don’t forget with inheritance comes taxes. Hiring a legal professional to guide you on what action to take is the best thing you can do. The consequences on a property can be large.
7) Review all your options.
Property Scouts can review all the possible situations you may have with this property. We can assist you in structuring a lease-option, or help you determine how much to sell the property on the traditional real estate market or make you a fair market cash offer with fast closing.
Give us a call today at 866-366-4863 or contact us here to get more information
on how we can make you a fair cash offer on your inherited house today!