First and foremost, please accept our heartfelt condolences for your loss. We understand this is an emotionally challenging time, and having to make decisions about inherited property only adds another layer of complexity to your grieving process.
You’re likely asking yourself, “Now that I’ve inherited a house, what’s the best path forward?” Should you maintain it as a rental investment? Sell it promptly? And if selling makes the most sense for your situation, what approach will give you the best outcome with minimal stress?
While you have several options to consider, please know that…
…our family-owned team is here to support you every step of the way.
As a trusted family-owned business with over a decade of experience as investors in Columbia real estate, Columbia Cash Home Buyers purchases multiple properties monthly throughout the Columbia South Carolina area. We regularly assist people who have inherited homes and need straightforward, compassionate solutions, which is why we’ve developed these valuable insights.
I Inherited A House, What To Do Next?
Here are critical factors to consider as you navigate this important decision:
1) Ensure the mortgage is addressed.
While it may seem basic, if the inherited property has an outstanding mortgage (unless it was paid off, which is ideal!), you’ll need to continue making payments if you intend to keep it. Some lenders permit loan assumption, while others require complete refinancing. If you don’t qualify for a new mortgage, maintaining the property as a rental might not be financially viable for your circumstances.
2) Property investment success depends on effective management.
If coordinating with property managers, handling maintenance issues, managing tenant relationships, collecting rent, and navigating all the complexities of property ownership doesn’t fit your lifestyle or interests, consider professional management services or selling now. While rental properties can provide steady income, be prepared for the realities of landlord responsibilities – from challenging tenants to unexpected middle-of-the-night maintenance emergencies.
3) Property ownership involves ongoing expenses.
It’s rare to inherit a property that’s been impeccably maintained. Most inherited houses require significant updates, repairs, or modernization to meet current market standards.
We strongly recommend hiring a qualified home inspector to provide a comprehensive assessment of necessary repairs over the next five years, along with estimated costs. Being unprepared for major systems failures or structural issues can quickly deplete your financial resources.
4) Selling a property for maximum value requires investment.
If you’d prefer to avoid the stress, time commitment, and considerable expense of making repairs, updating kitchens, improving landscaping, and handling general cleanup, we completely understand. We buy Columbia houses for cash in any condition, providing a streamlined, hassle-free alternative to traditional selling methods.
5) If property appreciation outpaces other investment options, consider retaining the property.
Our experienced team can help analyze your property’s current market value versus the potential long-term benefits of renting. If you have more profitable investment opportunities that consistently outperform the local real estate market, liquidating might make financial sense. However, if the neighborhood is appreciating steadily and you don’t have more lucrative alternatives, holding the property could be advantageous – real estate often serves as an excellent long-term investment with proper market understanding.
6) Be aware of tax implications.
Before finalizing any decisions, we recommend consulting with qualified tax and legal professionals regarding your inheritance. There are significant property and income tax considerations that can substantially impact the true cost of ownership or net proceeds from selling.
7) Explore creative solutions.
In certain situations, Columbia Cash Home Buyers can help structure a lease-option agreement that allows you to rent and sell simultaneously – providing you with the advantages of both approaches. While these arrangements require careful planning, our extensive Columbia investment experience enables us to create customized solutions that address your specific circumstances and needs.
8) Evaluate multiple scenarios.
As a BBB-accredited company serving the South Carolina Midlands for over a decade, we’ll help you carefully evaluate multiple options for your inherited property near Columbia – including the immediate as-is cash value, the potential maximum market price with strategic improvements, and the projected returns of maintaining it as a rental investment (along with all associated costs and responsibilities).