You Inherited a House in Sarasota, Should You Rent or Sell?

If you have inherited a house, it can be a bittersweet experience. While it comes with emotional attachments and memories, it also presents you with important financial decisions to make. One of the first questions that may arise is whether to rent, sell, or explore the option of selling to a cash home buyer. Each choice has its own set of pros and cons, and in this blog, we will delve into the considerations that can help you make an informed decision.

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.

Tons of options open for you, but…

… Home Buyers Plus can help.

We’re seasoned investors in Sarasota real estate, and we’re looking to buy several houses each month in the Sarasota Florida 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.

We’ll take you through options to rent, sell, or sell to a cash home buyer so you can determine what’s the best option for your situation.

Renting out an inherited property can be an attractive option for several reasons. Here are some key points to consider:

• Steady Income: By becoming a landlord, you can generate a regular stream of income through rental payments. This income can help cover the property’s maintenance expenses, mortgage payments, or even contribute to your personal finances.
• Asset Appreciation: Real estate has historically shown potential for long-term appreciation. By holding onto the property and renting it out, you may benefit from its appreciation over time, increasing your overall wealth.
• Tax Advantages: Rental properties offer certain tax benefits, such as deducting mortgage interest, property taxes, and maintenance expenses, which can help reduce your overall tax liability.

However, it’s important to note that being a landlord comes with responsibilities like property management, dealing with tenants, and handling maintenance issues. If you live far away or lack the time and resources to manage a rental property, this option may not be the most suitable for you.

Selling the inherited property is a common choice, especially if you need immediate funds or if the property is causing financial strain. Consider the following factors:

• Financial Liquidity: Selling the property can provide you with a lump sum of money that can be used to pay off debts, invest in other assets, or make other necessary financial arrangements.
• Simplicity: Selling a property can be a straightforward process, especially if you work with a reputable real estate agent. However, it may or may not allow you to quickly wrap up the affairs associated with the inheritance, depending on the condition of the home and finding the right buyer. If conditions are right, it could save you from potential ongoing maintenance costs, property taxes, or legal responsibilities.
• Market Conditions: The state of the real estate market is an important consideration when deciding to sell. Assessing the current market conditions and consulting with a professional can help you gauge whether it’s a favorable time to sell and potentially maximize your returns.

Another option gaining popularity is selling the inherited property to a cash home buyer. This alternative comes with its own set of advantages:

• Speed and Convenience: Cash home buyers can provide a quick sale, often closing within a matter of days. This can be beneficial if you’re in urgent need of cash or want to avoid the traditional selling process.
• As-Is Sale: Cash home buyers typically purchase properties in their present condition. This means you won’t have to invest time and money into repairs or renovations before selling. It can be a relief if the inherited property requires significant work.
• Certainty of Sale: Cash home buyers offer a guaranteed sale, which eliminates the risk of a sale falling through due to financing issues or buyer contingencies.

Deciding what to do with an inherited house is a personal choice that depends on your financial circumstances, goals, and preferences. Renting, selling, or selling to a cash home buyer like Home Buyers Plus each has its own advantages and disadvantages.

We’ll help you determine prices for any property – 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).