I Inherited a House, What To Do? – Should I rent or sell in Sacramento?
://www.darrenbuyssacramentohomes.com/inherited-a-house-what-to-do-in-sacramento/
First, we’re deeply sorry for your loss. This is undoubtedly a challenging period, with emotional stress compounded by unexpected property responsibilities and decisions. DarrenBuyshomescash. com has a unique buying approach. We are experienced cash investors. Darren, is a licensed Real Estate Broker with over 25 years in the business. We abide by the highest code of ethics and morals in the industry. We are like the no surprise guys. The price we quote is the price we pay. We don’t get you into a contract and then try to beat you up to lower the price. We have one visit and that is it! We don’t inspect we preview the home. That takes 20 minutes tops. We agree on a win-win price and terms. That same day we open escrow and then close escrow quickly-10 Days!
You’re wondering, “I inherited a house, what should I do now?” Should you rent it? Sell it? And how do you handle complicated situations like squatters or uncooperative tenants currently occupying the property?
While you have several paths forward, there’s one thing you should know…
… our veteran-owned team has been helping people just like you since 1992.
We’re local investors in Sacramento real estate, specializing in older homes from the 1950s and 1960s, and we actively purchase properties monthly throughout Sacramento Ca. We have extensive experience helping inheritance recipients in Florin, South Sacramento, Oak Park, Del Paso Heights and North Highlands navigate this complex process with dignity and fair treatment.
I Inherited A House, What To Do Next?
Consider these important factors when deciding what to do with your inherited property:
1) Ensure the mortgage is addressed.
Unless the property was fully paid off (which is fortunate!), you’ll need to handle any existing mortgage. Some lenders permit loan assumption, while others require refinancing. If you don’t qualify for a new loan, keeping the property as a rental might not be feasible, especially with older homes that typically require significant maintenance.
2) Property management requires expertise.
If managing brokers, maintenance issues, tenant relations, rent collection and all the complexities of property ownership doesn’t align with your skills or available time, consider professional management or selling now. While keeping the house as a rental income source works for some, be prepared for the realities of dealing with tenants, evictions, and unexpected repairs in aging properties.
3) Owning property comes with ongoing expenses.
Perfect maintenance is rare, especially in inherited properties. Most houses need significant improvements, particularly in neighborhoods like Florin and Oak Park where homes built in the 50s and 60s often require substantial updating to meet modern standards or become marketable.
We recommend hiring a professional property inspector to provide a comprehensive assessment of necessary repairs over the next five years, along with cost estimates. Unexpected issues can quickly drain your finances and create stress.
4) Preparing a property for maximum market value requires investment.
If you prefer to avoid the hassle of repairs, kitchen renovations, landscaping improvements and thorough cleaning, we offer an alternative. We buy Sacramento houses for cash, in as-is condition, even with squatters or difficult tenants in residence – situations we’re highly experienced in handling with proper legal support.
5) Consider long-term market growth versus immediate liquidity needs.
As local experts since 1992, we can help analyze your property’s current value compared to its potential as a long-term rental. If you have better investment opportunities for the equity, selling might make sense. However, if the neighborhood is appreciating and you have no pressing need for capital, real estate can be an excellent long-term investment with proper management and market understanding.
6) Consider tax implications carefully.
Before making any decisions, consult with tax and legal professionals about your inheritance. Significant property and income tax consequences can dramatically impact the economics of owning, selling, or renting your newly acquired investment, especially with older properties that may have appreciated substantially.
7) Explore creative solutions.
In certain situations, we can structure lease-option agreements allowing you to rent and sell simultaneously – giving you the benefits of both approaches. While these arrangements can be complex, our investment team brings over 30 years of experience, an A+ BBB rating for more than 6 years, and deep knowledge of Roseville real estate to help you navigate such arrangements successfully.
8) Get a complete financial picture.
As local investors who live and work in Sacramento, we’ll help you understand all options: the as-is cash value today, potential market value after improvements, and projected returns as a rental (including maintenance costs for older homes). Our specialized knowledge of neighborhoods like Del Paso Heights and North Highlands gives you insights that out-of-town investors simply can’t provide.
Good post. I will be going through many of these issues as well.. Aurel Barnett Constantina