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I Inherited a House in Woodbridge VA – What To Do? Rent or Sell?

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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’re thinking, “I inherited a house, what to do with this house?” Should I rent it? Should I sell it?  How should I sell it?

Tons of options open for you, but we can help.

We’re seasoned investors in Woodbridge VA real estate, and we’re looking to buy several houses each month in the Woodbridge VA 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 Are My Next Steps?

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. It is important to bear in mind that if the individual who bequeathed a property to you also had a mortgage on it (unless the property was mortgage-free and fully paid off, in which case you’re in the clear!),then you will be in charge of making the mortgage payment if you wish to retain ownership of the property. Depending on the bank, you may be able to take over the existing loan, or you may be required to refinance and obtain a new loan. In case you are unable to qualify for a new loan, you may not be able to rent the property out as an alternative option.

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. That’s a great strategy for sure. You just need to be prepared to manage the property and the hassles that can go along with tenants and toilets. On the other hand, you may have inherited a home and are considering renting it out for additional income. While this is a sound strategy, it’s important to note that managing a rental property can be challenging. You’ll need to be prepared to handle all aspects of property management, including the various issues that can arise with tenants and the upkeep of the property itself.

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 five years, along with estimated costs. Surprises are very, very expensive.

4) Selling a property for top dollar costs money.

If you don’t want to deal with making repairs, updating kitchens, improving landscaping and overall cleanup, don’t worry. We buy Woodbridge VA 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 the value of your property 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 have anything better to do 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.

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. 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 Arlington investment experience can help you win.

8) Compare a few scenarios.

We’ll help you determine prices for any property near Woodbridge VA – 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 885-918-4010 or simply fill out the form below and we’ll make you a fair cash offer on your inherited house today!

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