It’s Simple to Sell an Inherited House When You Know How to Do It!
Outlined below is EVERYTHING you need to know, and EVERYTHING you need to do to sell an inherited house
I’m going to share with you how to sell an inherited house. I’ve helped numerous people out of a tough jam while also ensuring they make a profit in the process. I promise after reading this you’ll know exactly what you need to do next, so let’s get started…
For some, inheriting a property can be a joyous experience because acquiring a house can drastically improve your life. However, for others it means a loved one has passed away recently and there’s a lot to consider. You may want to keep this property for passive income. Depending on how much time and dedication you can commit to managing the property, or you may find it appropriate to sell your inherited house.
Deciding on what to do can be a difficult process.
It’s important to weight your choices and make a decisive decision before the inherited property becomes not only an emotional stress factor in your life, but a financial one too.
If you work with a reputable businessman who has sold inherited houses before and knows the process you’ll be in good hands.
Your Top 3 Best Options
The heir of an inherited property generally has three options when deciding what to do:
- You can sell the inherited house
- You can rent out the property and make passive income
- You can move into the house and live there yourself
Whichever you choose, all three options have their positives. But selling an inherited house can give you the best reward.
Generally the best option is to sell an inherited house. Once the home is sold, the benefactor will be able to pay off the home’s mortgage, save money by avoiding capital gains taxes and may even see a profit at the end of the process.
Before You Put Up the “For Sale” Sign
Before you sell an inherited house you need to be realistic about your goals. There’s a lot to consider before you can put a “for sale” sign on the front lawn. You’ll need to visit the property and assess its condition as well as the real estate market.
Examine the House
First, familiarize yourself with the inherited home’s status. You need to know if the house is in working order. Check the septic system. Look at the vents and HVAC system. Are there any major plumbing or foundational issues with the house?
Research the Market
Second, get online and research the neighbourhood. How does this property compare to others in the market? Knowing the answers to these questions will help you estimate your inherited property’s worth.
Assessing the current real estate market will help you decide how to sell an inherited house in the Greater Toronto Area. Places like Mississauga, Oshawa and Hamilton have all seen houses appreciate favourably over the last several years. If you’ve inherited a house in one of theses areas you’ll most certainly receive a sizeable profit at closing.
Capital Gains Tax on the Sale of an Inherited Property
Here’s how taxation works for selling an inherited house: any appreciation gained during the original homeowner’s life is forgiven and you’re only taxed on appreciation gained after you inherit the property. This is why it is so important for you to be decisive and to sell as fast as you can.
You see, unless the property value increases very quickly or you hold the home for a long time, you most likely will have very little tax liability. For a second opinion it’s always safe to talk to a real estate accountant. I can help recommend one to you.
Furniture Removal & Cleaning
If you don’t want to be bothered with making arrangements for removing furniture or cleaning the house we can do it for you! A good businessman can recommend affordable professionals to help empty out the inherited home. It’s important that this entire process be quick and as stress-free as possible.
The 3 Ways to Sell an Inherited House
Generally, there are three ways to go about selling an inherited house. They are:
- Listing and selling with an agent
- Sell at an Estate Sale or Auction
- Find a Cash Buyer
Hiring a real estate agent is the most common practice when selling a house, even an inherited house too.
But sometimes it’s not the best option. Realtor fees are costly and depending on the neighbourhood it could take months to sell an inherited house the traditional way. Your time is precious and should not be wasted just waiting.
Estate sales offer similar problems when using them to sell an inherited house. There’s no guarantee of sale, and every day not sold means you’re bleeding your potential maximum takeaway profit. Another reason you should avoid estate sales is that you actually get less money upon purchase of the inherited house. Even less money than with a realtor.
The Absolute Best Way to Sell an Inherited House is with a Cash House Buyer
It’s the quickest, simplest option available.
House buyers usually offer straight-up cash for homes! This allows you to avoid unnecessary time waiting in the housing market. They can even cover the selling costs to expedite the sale.
There are so many reasons a cash house buyer is the best option. But the ultimate reason is that cash house buyers will buy your inherited house as-is!
This means you don’t have to concern yourself with sprucing up the home or fixing any repairs. You can skip using a realtor and communicate directly with the cash house buyer. If you have any questions about the selling process or want to make sure your loved one’s home is getting the attention it deserves, house buyers are more open to guiding you through the entire process and alleviating any stress you may feel.
Unlike many realtors, house buyers have experience with inherited properties and know how to be sympathetic to your personal needs.
Selling an inherited house can be emotionally and fiscally daunting, especially in the Greater Toronto Area real estate market.
Selling your inherited house should never have to be any harder than it already is.
Taking the time to consider your options, familiarizing yourself with the market, and sorting the estate before a sale will reduce time on the market.
Deciding to sell gives you options, but accepting a cash offer is the surest way to have your loved one’s home taken care of respectfully and sold with ease.
We Are Cash House Buyers & We Want to Work with You
We are a cash house buyer in the Greater Toronto Area – Mississauga Oshawa Hamilton, ON. I’ve been buying houses, along with my professional staff, for many years and have helped hundreds of homeowners sell an inherited house fast. We want to make you an offer to buy your house. Give us a call today at 905-499-3749 to get started. We will give you a no-obligation cash offer for the house within 24 hours.
Who We Are: Zoom House Buyer
Zoom House Buyer
88002-7235 Bellshire Gate, Mississauga, ON L5N 8M1