Have you inherited a House? 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. In terms of houses that are inherited in Massachusetts, we’re here to help you decide your best options.
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? And who would buy my inherited house? …Especially if it needs some work.
Tons of options open for you, but…
… we can help you by presenting all of the options with accurate and updated house marketing information.
We’re seasoned investors in Massachusetts real estate, and we’re looking to buy several houses each month in the North of Boston and Southern New Hampshire area especially. 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. Or just Call Us! (978) 925-7355
I Inherited A House, What To Do Next?
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. We can always buy the house directly from you in that case. We buy inherited houses in MA very frequently.
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. Most people however, aren’t cut out for late rents, damaged property and unruly tenants. When you consider being landlord isn’t all that glamorous, its best to sell it and reinvest where you can protect the inheritance. Call us today and we’ll be glad to give you a no-obligation offer on your Massachusetts house. We buy inherited houses anywhere in Massachusetts! We understand the complications and we can help you with the process of probate and other aspects such as leins and you won’t have to lift a finger to clean out the house because we’ll buy your house for cash AS-IS!
3) Property ownership costs money.
It’s rare to see a building that’s been perfectly maintained. Most inherited houses need major improvements. Is the bathroom tile pink or green or yellow? Do you have old brown paneling? Are some of the appliances older than you? If so, then its a “fixer-upper”. We buy inherited houses in ANY condition… Call us for a free consultation today: (978) 925-7355
Consider hiring a professional property inspector to look at your inherited house in Massachusetts 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 and this will take away from your equity. This is also a good option if you’re considering listing with a real estate agent because you’ll have to clean it up before selling on the market. If, after you do this, you don’t like the amount of work or can’t afford to invest thousands just to sell, then call us today for an “As-Is cash offer on your inherited house in MA”.
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 Andover houses for cash, as-is anywhere in Massachusetts or North of Boston and Southern New Hampshire. The best part is that we can close at your convenience in 21 days or less!
5) If the market will continue to grow faster than your other options, hang on to the investment.
We don’t buy every house and we always present the best option for every homeowner first! We want to build trust and we do that buy advising you to NOT SELL TO US! That’s right, we can help you analyze the value of your Massachusetts 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. We definitely want you to make the decision that’s best for you!
6) Uncle Sam wants a piece of the action.
Don’t forget to discuss your inheritance with tax and legal professionals about your newly inherited house in Massachusetts or New Hampshire. There are major property and income tax consequences that will dramatically impact the cost of owning your investment. Sometimes, selling the property quickly and re-investing in another way, you’ll pay less tax and remove the burden of maintaining an inherited Massachusetts property.
7) Consider all your options regarding your Inherited Massachusetts house.
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 investment experience can help you win. We want you to make the decision that is best for you and our job is to give you all the information you need to decide. We don’t just buy houses but we help folks solve their problems – good or bad! If we feel that buying your Massachusetts home is not the best option, we will tell you… Immediately! For us, we look at 50 or more houses per month and we don’t need to buy any of them. However, we will buy a house in MA or NH if the situation is right for the seller. If you feel this is the case: Please call us today at (978) 925-7355 and we’ll be happy to help you through the decision process at no cost to you.
8) Compare a few scenarios.
We’ll help you determine prices for any property in Massachusetts or Southern New Hampshire – 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).