An inherited property only comes once in a lifetime. Having no luxury to mess up the deal, most people strive to make the opportunity as profitable as possible. With all the legalities, tax implications, repair or maintenance costs that come with it, earning a decent return from an inherited property does seem far-fetched.
While the housing market presents a big opportunity, selling the inherited property can be complicated. Amid the legal, tax and other intricacies, it will easy to navigate the web of homeselling with these easy and simple steps:
1. Seek professional assistance
Seek the help of a legal expert to interpret the will in the best possible light, and to get advice on applicable state laws when transferring an inherited property. Hire an appraiser as well for proper valuation of the home and a real estate agent.
2. Settle conflict of interests
Try to settle any conflict of interest that may get in the way of smooth distribution of properties, and in the transfer of ownership. Present the best-case scenario where everybody benefits, so you arrive at a well-reasoned decision.
3. Set the right price
Get the professional advice of an agent and compare your property against all others in the area. This way, you can set a price that is within acceptable and reasonable terms, while still making sure you profit from the sale.
4. Settle obligations
An inherited home comes with liabilities, such as inheritance tax, capital gains tax, income tax, and property tax. Check for unpaid mortgage payments or liens against the property. Lastly, pay for the maintenance, repair and utility expenses that the house requires until you pass on the keys.
All in all, regardless of what’s at stake, making your once-in-a-lifetime inheritance the most profitable deal is possible with professional assistance, family support and knowledge of the selling process.