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I Inherited a House, What To Do? – Should I Rent or Sell in Worcester?

Just call us today at (774) 450-0086 or contact us now for more information on how we can make you a fair cash offer on your inherited house today!

If you are coming to this article because you recently inherited a house, we are so sorry for your loss. We do understand the different challenges inheriting a home in Worcester from someone close to you can bring.

  • First, dealing with property ownership or trying to sell a house can be complex and confusing – even in the best of times.
  • Second, you are probably processing all kinds of grief that can get in the way of thinking rationally about a home full of memories of someone you just lost.
  • Third, as seasoned investors, SRS Cash Home Buyers worked with lots of homeowners just like you in Worcester and know how inheritance and tax laws affect homeowners in Massachusetts.

The bottom line is you now have to decide what to do with this home. Are you going to live in it yourself? Are you going to hold on to it as an investment and turn it into a rental property? Would it be better to just sell it now? Keep reading for lots of insight on how to help answer these questions.

What to do When You Learn You Inherited a House in Worcester

The following list is not intended as inclusive, but it’s a great start to understanding the ins and outs of selling a home you are inheriting:

  1. Check the status of the mortgage. You need to see how much is left to be paid on the mortgage to understand how much profit you can make from selling the property as well as how much it will cost to own the home every month. The key here is that different banks handle things differently. They may require you to sign a different loan agreement than the previous one. Once you know the situation on the mortgage, you’ll have a much better idea about whether or not you should rent or sell the property. What’s more, if you cannot qualify for a new mortgage, you’ll need to sell the house, and owning it as a rental property will not be an option.
  2. A rental property is only as good as the property manager. A key thing to keep in mind is whether or not you want to deal with the routine management and maintenance of a rental property. If this is something you don’t have the time or the inclination for, keeping the property as a rental would require hiring a competent property manager. This is a cost you’ll need to figure into your decision-making process.
  3. Selling a property for the highest amount you can sell will cost money upfront. Most inherited homes in Worcester are not in the best shape and require moderate to extensive repairs and renovations to bring in the maximum amount possible. If you aren’t in the mood to make repairs, update the landscaping, renovate a kitchen, and, in general, clean up, you may want to pursue selling your Worcester house as-is for a fair, in-cash offer from a real estate investment firm like SRS Cash Home Buyers.
  4. Owning a property also costs money. As we said earlier, inherited homes are often not the most updated. The best way to get your head wrapped around how much continuing to own your inherited house in Worcester will cost is to hire a professional property inspector. Have them do a thorough rundown of every issue they see that they think will need to be addressed in the next five years. Ask them to include an estimate of costs on those issues. You may be surprised at just how costly some issues can be.
  5. If the Worcester market continues to grow, holding on to the property as an investment could make a lot of sense. SRS Cash Home Buyers has worked with homeowners in Worcester for years and would be glad to help you analyze the property of your value to see if it has potential for a long-term investment while acting as a rental unit. In other words, if you don’t need the money immediately and the neighborhood the house is in is rising in value, hanging on to the house at least for a while makes good financial sense. Renting it out while holding on to it makes even more sense.
  6. Don’t forget that you’ll be paying taxes. You will want to have a conversation with your tax professional to help you figure out what kind of property and income taxes the acquisition and sale of your inherited property may be liable to. You don’t want to find out after the fact you miscalculated something here as it could have a major impact on the affordability of owning the home.
  7. Consider your options. Know that SRS Cash Home Buyers works with homeowners who inherited homes in Worcester all the time. If you are looking to sell your house as-is, without waiting months or paying fees and commissions, contact our office or fill out the form below today.

Just call us today at (774) 450-0086 or contact us now for more information
on how we can make you a fair cash offer on your inherited house today!

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