Keep or Sell An Inherited Denver Property?
Which Way Is The Best Way?
Inheritance can be a good thing or a bad thing, and if that inheritance includes a Denver property, it can be confusing and frustrating too. Whether it was a property you knew about or not, you are going to be faced with having to deal with it in some manner.
If you already own a home, you know that owning this Denver, CO property is going to have financial expenses. There are monthly utility bills, property insurance, and maintenance, and then there are unexpected repairs. Any real estate investor will tell you that the longer you own a property, the more it will cost you.
Before you can decide to keep or sell this inherited property, ask yourself the following questions. The answers will provide you some insight and allow you to make the right decision for you. Keeping or selling inherited Denver, CO property is different for everyone.
- Are you going to be able to use this property?
If you have sentimentality about this property, it’s understandable. However, if you don’ have any use for it, why hold on to it?
- Is it a shared inheritance?
If there are others in this inheritance, then a joint meeting is needed so that you can come to an agreed consensus on keeping it or selling it. If one person wants to keep it, come to agreed amount for them buy out the others.
- If the Denver property is going to be sold, do you want to spend anything on it upfront?
The first thing that needs to be done is to clear the house out of belongings. You’ll need to inspect and review if any repairs or upgrades need to be done to sell the property. Making repairs to a house that you’ve never lived in or owned can be tricky because you don’t know what’s in store. It could be a money pit, or it may need very little.
If you’ve decided to sell it, make sure you can get a ROI on anything you spend for repairs and upgrades for the Denver area the house is located. Don’t forget, you’ll have to hire a real estate agent or pay for marketing the property. With that being state, let’s look at the ways you can sell this property:
- List It with Real Estate Agent
You can always list this inherited Denver property with a real estate agent, who will post it on the MLS. The agent will offer you comps that will tell you what like properties are selling for in the same market. This is an inherited property, but you must be realistic when pricing it. You’re selling it for current market value and not your memories.
Selling the house, yourself with the FSBO listing process will save you from paying commissions of 3% to 6%. Keep in mind you will still have out-of-pocket expenses for cleaning, repairs, and marketing the property. Not to mention, all the legal paperwork when selling a house.
- Sell The Denver, CO House To An Investor
There are investors, like Property Scouts, that will buy your inherited Denver, CO property for top dollar and it won’t cost you anything. There is no appraisal or inspection costs when you sell to an investor. Property Scouts will pay for all administrative closing cost, provide you a quick closing within 7 days and pay you cash at closing.
Give us a call at 866-366-4863 to learn more about our process and see what we can offer you for your Denver, CO inherited property. Or complete this form and we’ll be in touch with you in 24 hours or less.