Have you inherited a property in Miami? Perhaps, the responsibility of managing an inherited property was suddenly thrust upon you or maybe it was a few years ago, either way, knowing what to do next can be a challenge.
While an inherited property can be a wonderful and generous gift from a loved one who has sadly passed away, it can also be a lot to take on and not to mention expensive to maintain. Even if you transform your inherited home into a rental property, being a landlord and dealing with irritating tenants can be more hassle than it’s worth.
What Should I Do With My Inherited Home, then?
Our advice? You should sell your inherited home and use the money elsewhere. Unless you’re an experienced landlord!
Now, you might be thinking,
But, how do I price my inherited home in Miami?
If that’s the case, stick around and keep reading! Our short article below offers 3 top tips for pricing your inherited house for sale in Miami.
Tip #1┃Price Quick To Sell
Some homeowners will jump ahead and price at what they think “market value” is. If their inherited property is a two-bedroom, semi-detached property they’ll match other two-bedroom houses in the area.
Eager to sell, some homeowners may forget that condition, age, and decor play a big part in how quickly you can sell.
Plus, just because market value is “X amount” doesn’t mean the market will instantly find you a buyer that will offer that amount.
If you want to sell fast, the better option might be to price slightly lower than market value. Yes, you are accepting less than what your property might be worth, however, you’ll most likely save money that would have been spent covering mortgage payments, bills, insurance, and taxes while you wait for the perfect buyer.
Tip #2┃Avoid Pricing Based On Memories
One of the biggest challenges that property owners of inherited property face is detaching themselves from the emotional value of their home. This means seeing the building for what it is. A building.
Logic versus emotion is key here. The house might be worth a certain amount on the market but it’s vital that you don’t let fond memories of family gatherings and birthdays take control and be the cause of an overpriced property. (This is actually VERY common.)
A better approach would be to work with a real estate company and find out what they can offer you. It’s important that you realise sooner rather than later that your property will probably sell for lower than you expected.
Tip #3┃Build In Discounts For Repairs
Chances are if you inherited a property in Miami the previous owner probably lived there for many, many years. Generally, this will mean that the property is in desperate need of upgrades or repairs.
You could take on the work yourself and hope this leads to an increased sale price. But, there’s no guarantee this increase will be worth your time and effort.
Renovations, redecorating and repairs require a lot of patience. Plus, working with a contractor can be another challenge in itself.
A better option might be offering a “repair discount”. That way you avoid the stress and hassle of what could be months worth of renovations. Plus, chances are you’ll come out the same financially.
An inherited property can be an awful lot of work, so it’s no surprise that plenty of homeowners in Miami decide selling is the best solution. Plus, our company:
Understands that the process of selling an inherited property can be emotionally challenging. Check out our website >>> We Buy Florida Houses Fast!
That’s why we offer a quick, stress-free solution to your house selling dilemma that saves you time, effort, and best of all takes away the burden of an inherited property FAST.