I Inherited a House, What To Do? – Should I Rent or Sell in Long Island?

First, we’re so sorry for your loss. This can be a very challenging time for many reasons, and dealing with property ownership is tough at the best of times.

You may be thinking, “I inherited a house, what to do with this house?” Should I rent it? Should I sell it?  How should I sell it? When should I sell it?

There are many options open for you, but…

… we can help.

We’re seasoned local investors in Long Island real estate, and we’re looking to buy multiple houses each month in the Long Island NY area. Every month we get calls from those who have inherited a house and are looking to sell the house… so the info below are some tips to help you navigate the process.

I Inherited A House, What To Do Next?

Here’s a few important considerations to help you make the right decision:

1) Make sure the mortgage is paid.

This may sound obvious, but if the person who left you a property also had a mortgage (unless it had no mortgage and was paid off, which is great!), you have to pay it (assuming you want to keep the property). Some banks will allow you to assume the loan, while others may force you to refinance into a new loan. If you don’t qualify for a new loan, renting may not be an option for you.

2) The investment is only as good as the manager.

If dealing with brokers, maintenance, tenants, rent collection and all the nuances of property management isn’t the best use of your time, hire a professional to help you or cash out now.  Some people who inherit homes decide to keep the house and rent it for extra income as long as the numbers make sense. That’s a great strategy for sure. You just need to be ready to handle the problems that can come along with tenants and clogged toilets.

3) Property ownership costs money.

It’s rare to see a building that’s been perfectly maintained. Most inherited houses need major improvements.

Consider hiring a professional property inspector to give you a detailed rundown on what you’ll need to do within the next couple of years, along with estimated costs. Surprises are very, very expensive and they can defintly add up.

4) Selling a property for top dollar costs money.

If you don’t want to deal with making repairs, updating kitchens and bathrooms, improving landscaping and overall cleanup, don’t worry. We buy Long Island houses for cash, as-is.

5) If the market will continue to grow faster than your other options, hang on to the investment.

We can help you analyze what your property is worth today versus the long-term benefits of renting. If you can use the equity in your property in another way that outpaces the performance of the real estate market, you should. If you don’t know what to with the money and the neighborhood is rising in value, hang on – real estate can be a great investment if you know how to correctly read the market. But know one absolutley knows otherwise they’d be rich.

6) Uncle Sam wants a piece of the action.

Don’t forget to discuss your inheritance with tax and legal professionals before you take action. We know of a few great CPAs if you need a recommendation. There are major property and income tax consequences that will dramatically impact the cost of owning your investment.

7) Consider all your options.

In certain situations we may be able to help you structure a lease-option agreement that allows you to rent and sell at the same time – capturing the best of both worlds. These kinds of deals can be complicated, but our Brentwood investment experience can help you win. We do these kinds of agreements often.

8) Compare a few scenarios.

We’ll help you determine prices for any property near Brentwood – if you sold it today without doing any work, the highest price the market will bear, and the projected value of keeping it as a rental (along with the costs).

Just call us today at (631) 336-9166 or contact us now for more information
on how we can make you a fair cash offer on your inherited house today!

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We buy houses in ANY CONDITION! We pay CASH and there are no commissions or fees. Start below by giving us a bit of information about your property or call (631) 336-9166
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