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 Thornton, Northglenn, Broomfield, Lafayette, Louisville, Longmont, or Boulder Area 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. So selling it makes sense and allows you to use the gifted equity for some other purpose. But selling an inherited property may not come easy to you, especially if you haven’t sold a property in a while. So here’s how to price your inherited home in Thornton, Northglenn, Broomfield, Lafayette, Louisville, Longmont, or Boulder Area for sale…
Tip #1: Price To Sell
How do you feel when you think about having to list this home you have inherited? Are you emotionally attached to the home? What is the condition of the home, will it need repairs/ improvements before being able to list on the market? Do you have the time?
While inheriting a home from a loved one is a great gift and potentially a huge payday. Many people in this situation may not have the time or experience necessary to do it efficiently and while the clock is ticking, the bills will begin to stack up. This is where a cash buyer may begin to look like the right avenue to selling the home.
One of the biggest considerations is how fast do you want to sell? Listing with an agent “on the market” can be a lengthy process and you may have expenses from maintaining the home during this time. These expenses can greatly eat into your bottom line.
Many property owners have realized that it may be a better option to settle for a lower price for a faster sale. The savings from the expenses, repairs, and time often come out as a wash.
Tip #2: Avoid Pricing Based on Emotion
One of the biggest road blocks an owner of an inherited home may face, especially when the owners are a group i.e siblings, children, is letting their emotions price the home. The home is worth what the market dictates but fond memories of childhood or holidays can murky the waters and result in accidentally allowing emotion to increase the price, this is VERY common.
To avoid this costly mistake consider working with a real estate company and see what they can offer. Recognize that the number they give you may be lower than what you were expecting, not because the house isn’t worth as much as you thought but because your fond memories have inflated the price.
Tip #3: Build In Discounts For Repairs
The truth is, inherited properties can often be neglected due to the owners ability to care for the home due to their age or health. So if you inherited a property from a loved one you may find that the property needs some repairs, ranging from paint and carpet to full sewer line replacement. You can choose to do the repairs yourself and then ask for a higher price or you could save yourself the time and effort and instead give a “repair discount”. Avoid the stress of having work completed and still come out ahead financially.
Summary
Selling inherited homes is work. So if you’re thinking of selling, you’re not alone. But how should you price the house? These tips will help you sell your inherited home in Thornton, Northglenn, Broomfield, Lafayette, Louisville, Longmont, or Boulder Area.