If you’ve inherited a property and you’re planning on selling it, we’re going to go over3 tips about how to price your inherited home in Dallas / Fort Worth for sale…
Did you recently 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, many people don’t realize that it can be a costly burden. So selling it certainly makes sense and allows you to use the gifted equity for whatever other purpose seems right to you and your current situation. But selling an inherited property may not be an easy for you to do, especially if you haven’t sold a property in a while or ever. So here’s how to price your inherited home in Dallas / Fort Worth for sale…
Tip #1: Price Right To Sell Fast
Some people price their inherited property at an amount they think the market might pay for the house without doing any research. However, there are many factors that go into the price and one of the biggest considerations is: how fast are you wanting to sell it? Selling through an agent “on the market” can take months, and you’ll have to pay for the house, taxes, and insurance and maintain the property the entire time. That can be costly and net you less in the end.
Many property owners quickly learn that they’re almost better off to price the home slightly lower in order to have a faster sale… they might get less for the house but they also pay less on repairs, carrying costs, effort, and time, so really it can be a trade-off that might turn out to be a total wash.
Tip #2: Avoid Pricing Based On Fond Memories Or Emotion
One of the biggest challenges that property owners of inherited property face when trying to price their property for sale is separating the happy memories from the true value of the house. It might be worth way more to you than what the actual market is saying that your house is worth. It’s easy to let emotions step in and dictate the pricing, so make sure that you’re being realistic and not allowing your emotions to drive that price up beyond what people are currently paying for houses like it in today’s market.
A better approach would be to work with a real estate company that buys houses and find out what they can offer you. Know ahead of time that the price they offer you might be lower than you were expecting. So don’t be surprised.
Tip #3: Build In Discounts For Repairs
If you inherited the property from a loved one who lived in the property for many years then you might find out that the property needs some repairs. Sometimes there may be foundation issues, or an old leaky roof that needs to be replaced, maybe the hot water heater is 30 years old, and a new buyer would have trouble getting insured without it being replaced, or maybe there’s plumbing issues. Older homes have to be maintained to stay in good working order, and you may find yourself with an inherited property that’s really in need of some TLC.
Well, you could choose to do all the work yourself and then ask for a higher price but why do that when you could save yourself the time and effort (and what you’d have to pay for equipment, supplies, or a contractor)? Here’s an option…just ask for less and give a “repair discount”. That way you avoid the hassle of the time and energy of doing the work or coordinating with contractors to get the work done, and you could STILL come out the same financially in the end.
Summary
An inherited house can be a lot of work so if you’re thinking of selling it, you do have some options. But make sure whatever you choose to do is the best option for you. Hopefully you’ve learned a little about how to price your inherited home in Dallas / Fort Worth for sale.