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 in Riverside CA, 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 homebuyers in Riverside CA real estate, and we’re looking to purchase several homes each month in the Riverside CA area. Every month, we get calls from those who have inherited a house and are looking to sell the house. To help you decide, we have prepared the information below to help you navigate the process.
I Inherited A House, What To Do Next?
Here are a few important considerations to help you make the right decision when you inherited a house in Riverside CA:
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 property 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.
California Probate Attorney Summary For Selling House
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. Sometimes the prospect of removing household items and just cleaning up the property can be overwhelming. Homesmith Group can offer you a smooth and compassionate transition. We buy houses in Riverside, California for cash, in as-is condition. No repairs or cleaning are necessary and you can leave behind any furniture or unwanted items. We will handle it all for you.
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 Riverside CA investment experience can help you win.
8) Compare A Few Scenarios
We’ll help you determine prices for any property near Riverside CA – 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.
“Can You Help Me Sell My House In Riverside CA?”
If you are ready to sell your house in Southern California, we’d love to make you a fair, no-obligation, and no-hassle cash offer on your house! We’re professional Riverside home buyers and we offer cash for houses in Southern California. We can close quickly (in as little as 7 days if you wanted to) which would save you thousands of dollars vs. trying to sell the property yourself and waiting for months.