Losing a loved one can be a difficult and emotional time, and inherited property can add even more stress to the situation. If you’ve recently inherited a house in San Antonio, you may be wondering what your options are. Should you rent the property, or should you sell it? And if you choose to sell, what’s the best way to go about it?
At Go To House Buyer, we understand the complexities that come with inheriting a house. As seasoned investors in San Antonio real estate, we’re here to help guide you through the process and provide you with the information you need to make the best decision for your situation.
1) Understand the Mortgage Situation.
Before you can decide what to do with the inherited property, it’s important to understand the mortgage situation. If the person who left you the property had a mortgage, you’ll need to pay it off if you want to keep the property. Some banks may allow you to assume the loan, while others may require you to refinance into a new loan. If you don’t qualify for a new loan, renting the property may not be an option for you..
2) The investment is only as good as the manager.
If you’re considering renting the property, it’s important to understand that property management can be a time-consuming and challenging task. From dealing with brokers, maintenance, and tenants to collecting rent and handling repairs, it’s important to consider if property management is the best use of your time. If not, hiring a professional property manager or selling the property may be a better option.
3) Be Prepared for Costs.
Property ownership comes with costs, and inherited houses often need major improvements. Consider hiring a professional property inspector to give you a detailed rundown on what repairs and upgrades will be needed in the next five years, along with estimated costs. This will help you prepare for any unexpected expenses and make a more informed decision.
4) Selling a property for top dollar costs money.
If you’re not interested in dealing with repairs, updating kitchens, improving landscaping, and overall cleanup, consider selling the property. We at Go To House Buyer buy San Antonio houses for cash, as-is, so you can avoid the hassle of making repairs and still get a fair price for the property.
5) Analyze the Market
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.
Just call us today at (210) 570-2861 or contact us now for more information
on how we can make you a fair cash offer on your inherited house today!