I Inherited a House in Miami, What Should I do?

Before we get started, we’re very sorry for your loss. We understand that this can be a very challenging time for many reasons. Dealing with property ownership is tough even at the best of times, so it’s okay if you don’t know what you should do next.

If you’re thinking, “I inherited a house, what should I do with this property?” 

Do I Rent it? Do I Sell it?

If so, how should I sell my Miami house? There are tons of options available. It can be quite daunting at first, but we can help.

We’re seasoned investors in Miami real estate, and we’re looking to buy several houses each month in the Miami Florida area. We get calls from people who have inherited a property and want to know what to do next. We understand the process and have experience helping people who are looking to sell an inherited house or just need advice.

I Inherited A House, What’s The Next Step?

Below are some of our tips to help you navigate the process.

1) Investigate the mortgage.

Unless the mortgage has been paid off (fantastic if it has!), you will have to continue paying the mortgage. This is only the case if you want to keep the property. Some banks will allow you to assume ownership of the loan quickly. However, in some cases, you may be forced to refinance a new loan. This can be a problem if you don’t qualify. If this happens, you will not be able to rent out the property.

2) Don’t take on the task if you’re not up to it.

We’re not saying give up without trying. But, you need to be prepared to manage the property and the hassle that comes with it. Deciding to rent out an inherited property is a great way to earn extra income. Nevertheless, for some people, it can be a very stressful and challenging task. If dealing with brokers, maintenance, tenants, rent collection, and other unforeseen issues that can coincide with property management isn’t how you want to spend your time, then consider hiring a professional to help you.

Or, if you want to avoid this altogether, cash out now and sell your house to a Professional House Buyer such as us Sunshine State Buyers.

Find out how to sell your house to us here >>>

3) Property ownership costs money.

Maintaining a property is not an easy feat. It’s rare to see any building that’s been correctly looked after and most inherited houses are in desperate need of renovation.

You could consider hiring a professional property inspector. He or she will give you a thorough report detailing what needs to be improved in the next five years, along with estimated costs. Don’t be shocked when you see the bill at the end. 

4) Selling a property for top dollar is not easy.

Renovating a property to ensure that it sells for a high price takes time and money. If dealing with repairs, updating kitchens, ripping out old bathrooms, restoring neglected gardens, and overall cleanup is simply an unmanageable task, don’t worry. We buy Miami houses for cash, AS-IS.

5) Should I wait before selling the property?

If you do not require the money just yet and the neighborhood is rising in value, hang on. Real estate can be an excellent investment if you know how to read the market correctly. It might be a good idea to wait and hold on to your investment a little longer to capitalize on potential profit.

We can also help you analyze the value of your property today versus the long-term benefits of renting. Overall it’s best if you utilize the equity in your property in a way that outpaces the performance of the real estate market.

6) Uncle Sam wants a piece of the action.

There are significant property and income tax consequences that will dramatically affect your investment. Before you get started, don’t forget to discuss your inheritance with tax and legal professionals.

7) Consider all your options.

In some specific cases, we may be able to help you structure a lease-option agreement that allows you to both rent and sell at the same time. These deals can be complicated, but our North Bay Village investment expertise can help you win and capture the benefits of both renting and selling.

8) Compare a few scenarios.

We’ll help you directly compare all of your options. Tell us about your property, and we will examine the information and find out the highest price the market will bear. We’ll determine the sale price of any property near North Bay Village if you sold it today in AS-IS condition. We’ll also let you know the projected value of keeping it as a rental (along with the costs).

Call our office at (305) 916-3328. A member of our team would love to speak with you.
Or, click here to fill out our short form. We’ll get back to you as soon as possible with a fast, fair ALL-CASH offer on your home.

Did you enjoy our post? Follow us on Facebook and Twitter for articles and information about real estate in Miami, Florida.

Have a look at some of our other articles!

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David Veras

David Veras was born in Hialeah, Florida and has been involved in Real Estate since February 2019.

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