Surprisingly real estate when inherited is often more trouble than it’s worth. Most families don’t know what to do with an inherited home and cannot handle maintaining more than one property.
Maintaining an Inherited Florida Property Can Be Overwhelming!
You will be responsible for property upkeep, possible landlord duties, property taxes and possible homeowner’s or property owner’s association fees. For many, this is too much to deal with. That’s why today’s article will focus on what you can do with your unwanted inherited house.
You Might Need To Do A Probate
First of all, depending on how the property is currently deeded, it may have to go through probate. Check local and state laws regarding the inherited property to find out how the process works.
Plus, if the property differs from where you live, there might be additional steps required before you have full legal rights to the property.
NOTE: For more information regarding these laws, contact Sunshine State Buyers at (305) 916-3328 to discuss potential probate for your unwanted inherited property in Miami, Florida.
You Could Rent It For A Profit
If you inherit a single-family or multi-family residential home and don’t want to live there, consider renting out the property.
Just bear in mind that inherited properties tend to be outdated and require a few repairs or upgrades to make it marketable. But renting out an inherited property is an excellent investment since you didn’t have to purchase an additional house yourself.
If you inherit commercial property and don’t own a business or plan on starting a business, you could also rent this property out!
There are plenty of business owners in Miami looking for a new place to run their business, especially if the property is in a prime location with plenty of traffic.
Of course, being a landlord isn’t everyone’s cup of tea. It can be an awful lot of work to manage, especially if you don’t have any experience dealing with renters or real estate agents in the past.
You Could Sell The Property
If being a landlord is not an option and you have absolutely no desire to move into the home, then you should consider selling your unwanted inherited property.
Feel free to call us at (305) 916-3328 to discuss the market value of the property and how you could sell your inherited home quickly and hassle-free.
Just remember as we mentoned above, inherited properties tend to need a few upgrades and repairs. If you want to sell for top dollar with a real estate agent, you will need to invest a significant amount of time and money upfront.
However, if you simply want a quick, stress free sale of an inherited property that you don’t have the time or energy to maintain, consider selling to a professional house buyer like our team at Sunshine State Buyers. We may not be able to offer you market value, but we promise you won’t have to lift a finger! We will take care of everything from repairs, maintanence, upgrades and even cleaning.