If you have inherited some property, there are a number of decisions to be made you may wish to live in the property yourself, rent it out, or sell it. There may be taxes to be paid on the property you inherit, or you may have jointly inherited the house or flat with others.
It is important to get organised here, and ensure that any outstanding debts or taxes or paid up. In addition, it is important to decide what you want to do with the property.
In many cases, moving into the inherited property is not an option. It may not be convenient for work, school etc, or you may have jointly inherited the house or flat, so you need to consider other options.
Renting the property
You could choose to keep possession of the property and choose to rent it out instead. If you want to keep the house, this is a good option, but there are problems associated with renting.
Finding suitable tenants can be difficult at times, then you need to deal with the day to day business of renting, repairs, paying taxes on your income from renting, and so on.
Selling your inherited house
There are a few advantages to selling the inherited property if you have shared the inheritance with other family members, this is the fairest and most stress free way of sharing the property between you, and avoids the hassle of becoming a landlord.
Selling through an Estate Agent
This is the most obvious way of selling you property, and will generally get you the best price. However, it can take time to sell a house, and will involve you having to devote time to manage the sale – showing potential buyers around the property, dealing with the estate agent and so on.
Sell to a fast cash buyer
You may not get as much for the property by this method, Molae Properties, for example, typically give you between 80% and 85% of the market value.
However, the sale can be managed quickly, with the minimum of fuss. This is especially useful if the other parties who have inherited the property with you want to release their capital quickly.
In addition, by selling the house quickly, you would avoid the need to pay any Capital Gains Tax which could be due if you held onto the property for any length of time.
In addition, you may have inherited the property due to the death of a loved one, so a fast house sale in this situation may avoid much unnecessary stress.