When you inherit your parents’ or relatives’ home upon their demise, you thought you’ve come across a new source of income. Unfortunately, the property is in such a state of disrepair that your initial response is to sell it immediately.
However, it still remains unsold even when being offered at a reduced price. Also, it is continuing to deteriorate and eventually will be harder to sell. That being said, here are a few tried and tested solutions that can help you.
1. Repair before selling
This may seem a bit of a risk, but if done right, you’re looking at a possible 20% profit on top of your property’s asking price. Besides, you don’t need to make major renovations or reconstruction on the residence.
Start with intensive cleaning, cosmetic repairs and a bit of a paint job on specific areas in the house. Move on to improving your exteriors by fixing up the lawn, cleaning the roof and gutters, and installing retractable awning systems. Better yet, work with experts in New England to do the jobs you can’t.
2. Rent it out
If you feel that you’re financially capable of taking the upgrades to the next level then better rent your property out instead. This would mean a regular and long-term income which you can turn into a future business.
Start by consulting with a building inspector to find out the required renovations to make your property legally livable and comfortable for your future renters. While the improvements are being implemented, research on the documents and contracts required for renting out properties in your state just so you got all your bases covered.
3. Find low-ballers
If you don’t have any money to work with and would just like to get rid of the property as soon as possible, search for real estate flippers and buyers of sweat equity. Flippers normally would pay a third or a fourth of your market price, but they will immediately buy your property when you finally come to an agreement.
If you want to get a higher price contact a house repair and renovation TV show and offer your home as a featured fixer-up. However, closing these deals will take time.
4. Consult experts
When all else fails, contact a licensed realtor. They will ask for a percentage of your home sale’s profits, but they can make selling any property a lot easier. They are knowledgeable of real estate lists and extensive contacts that aren’t normally known to the public.
They also have the reputation and experience to reach a huge number of buyers from your chosen demographic. Most importantly, they can expedite your property’s document processing and legal filing which can save you a lot of time and money.
For every problem, there is a viable solution. All you need to do is to make sure you’ve covered all the bases and have chosen the best option that would fit your requirements. Your inherited home can only be a financial white elephant if you’re not flexible enough to try other choices.
Remember, your main intention is to earn from your property, whether you intend to sell or rent it. Keep that goal in mind when making your final decisions for the best outcome.