4 Options for Inheritance of Property: Move in, rent, list, or sell direct to a homebuyer

You may feel overwhelmed when you inherit a property.  Here are 4 options you have to choose from when you inherit a property in Charlotte, NC.

After gathering the necessary financial information, assessing the physical state of the home and communicating with other stakeholders, it’s time to decide on what to do with the home you’ve inherited. Your decision to move in, rent or sell the property will depend on many financial, circumstantial and market decisions.

Move in

  • Financial impact: Whether you have a mortgage payment or not, you’ll be on the hook for maintenance, HOA fees and the other unexpected expenses that come with homeownership.
  • Tax liability: Just the act of inheriting a home doesn’t make you responsible for additional taxes in most states, except for the yearly property taxes you’ll pay as the new owner.

Turn it into a rental

  • Financial impact: First, you’ll need to get the home rental-ready. Then factor in costs like 24/7 maintenance support, property management and tenant gaps.
  • Tax liability: Just like any home you own, you’ll be required to pay property taxes. You may, however, be able to deduct the expenses related to upkeep and maintenance on your taxes.

List it

  • Financial impact: You’ll have to cover any costs related to listing your home, including any repairs that need to be done beforehand, real estate agent services, staging and closing costs.
  • Tax liability: If you fall within certain tax brackets, you’ll be required to pay capital gains taxes on the difference between the fair market value of the home when you inherited it and the sale price.

Sell It Direct To Investors

  • Financial impact: You DON’T cover any costs related to listing your home, see list above, and there are zero commissions, no staging and zero closing costs, the investor will typically buy the property at a discount, however they will be able to get the property closed and put money in to your pocket in a couple weeks.
  • Tax liability: If you fall within certain tax brackets, you’ll be required to pay capital gains taxes on the difference between the fair market value of the home when you inherited it and the sale price.

If you want to sell the inherited property in Charlotte, NC and not deal with risk and just sell your home fast, then you need to a more reliable real estate investment company. Sell Now Charlotte will provide you with a fair offer in under 10 minutes.

Here’s what our simple 3 step process looks like:

  1. We quote you a fair offer over the phone in just minutes!
  2. We visit your home to confirm the details of your home
  3. Confirm the paperwork and you chose your settlement date!

CALL TODAY: 704-271-4255

credit: https://www.zillow.com/sellers-guide/what-happens-when-inheriting-property/

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