Struggling with whether to sell or keep your inherited property in Columbia? It can be financially draining to invest in a house just to sell it, especially one you didn’t choose to own. In our latest post, we provide valuable insights about your selling options that can save you time and money!
Inheriting a property, whether expected or not, often comes with unforeseen challenges once the deed bears your name. Property ownership carries significant expenses – monthly bills, property taxes, ongoing maintenance, and unexpected repairs can quickly become overwhelming. As experienced real estate investors at Columbia Cash Home Buyers, we know that the longer you hold onto a property, the more it costs you. Before deciding whether to keep or sell your inherited Columbia property, it’s important to evaluate several factors and understand both the local market and the specific property’s condition. Below, we’ll guide you through key considerations to help determine your best course of action, along with insights into the most efficient selling options for inherited properties.
Essential Questions to Consider
Do you have a practical purpose for the property?
While keeping a property for sentimental reasons is perfectly valid if that’s your genuine desire, don’t feel obligated to retain it out of guilt or obligation. Only keep the inherited property if you have a real use for it – as a primary residence, rental investment, or vacation home. There’s no benefit in holding onto a property that will remain vacant and continue to drain your finances.
Are there multiple inheritors?
If multiple family members inherited the property together, it’s crucial to have an open discussion to reach a mutual decision. Work collaboratively to determine whether keeping or selling the home makes the most sense for everyone. If one inheritor has different wishes, consider a buyout arrangement to prevent ongoing conflict. Remember, the property is ultimately just a physical asset, and the person who left it to you would never want their gift to become a source of family tension.
If selling is your choice, what’s your upfront budget?
If the home still contains personal belongings, clearing these items should be your first priority. Traditional property listings involve significant upfront expenses – repairs, professional cleaning, staging, and more. Making repairs to an unfamiliar house can be particularly challenging since you may not fully understand what you’re getting into. Without proper knowledge of the property’s history, you risk uncovering cascading problems that could cost thousands beyond your initial budget. Additionally, depending on your selling approach, you’ll need to consider not just repair costs but also marketing expenses, holding costs, and potentially months of mortgage payments.
Your Selling Options
Traditional MLS Listing
Listing your inherited property in Columbia on the MLS requires significant preparation to make it market-ready. You’ll need to research comparable sales, assess your property’s competitive position, and price it realistically. Be careful not to over-improve the property, as you may not recoup those costs. Many inheritors feel frustrated when faced with spending substantial money and time preparing a house they never intended to own in the first place, especially in the Midlands market where buyer expectations continue to rise.
For Sale By Owner
An FSBO (For Sale By Owner) approach will save you agent commissions, but you’ll still face expenses for cleaning, repairs, marketing materials, and other selling costs. You’ll also need to handle showings, negotiations, and paperwork yourself. In most Columbia scenarios, selling independently to traditional buyers takes significantly longer and typically results in a lower net profit due to pricing challenges and limited exposure compared to professional listings.
Sell To A Professional Buyer
When you sell your inherited property directly to Columbia Cash Home Buyers, LLC, you won’t spend a single penny out of pocket. Our family-owned business eliminates expensive commissions, agent fees, and administrative costs entirely. By choosing our streamlined direct-buying process, you can quickly receive your full proceeds and move forward from the property without spending months making repairs or waiting for a traditional sale to close. We handle properties in any condition, allowing you to sell the home exactly as-is without cleaning out belongings or making any improvements.