If you’ve inherited a property and you’re thinking about selling it, you might have more options than you realise. Read this blog post to find out the 3 financial options you can pursue when selling an inherited property in the North East…
When a loved one passes and leaves you with a property, it might be a meaningful gesture but, the truth is, an inherited property isn’t always convenient to own. There are additional bills, expense, maintenance, upkeep, and stress; it can be time-consuming.
So if you are thinking of selling, you might first be thinking about selling with the help of an estate agent. However, you might be surprised to learn that you have options that you may want to consider as well. In fact, did you know you have 3 financial options you can pursue when selling an inherited property in the North East?
First, Let’s Talk About Selling Through An Agent…
There’s nothing wrong with selling through an estate agent but you should be aware that an agent may have you fix up the inherited property first, then there are legal fees and the hefty agent commission you’ll have to pay afterward. And, this method can take months, so some people don’t like how long it takes. Plus, when selling on the open market, there is a very high fall through rate, especially on properties that require some work.
So, what are the other options?
Option #1. Refinance
One option, which is a type of selling, is to refinance the property with a bank and use that money for other things. Although you’ll still own the house, this is a financial option that some people might consider if they are selling in order to get the money.
You can still use the house, or rent it out, and you’ll need to pay back the loan to the bank, but it’s one option to consider.
This is a good option if the property doesn’t need any work. But be mindful that renting a property is not easy! (Trust us!)
Option #2. Rent To Own
Another option is to sell the house over the long-term by selling to a tenant. Typically, these are tenants who can’t get a mortgage but want to own a house – so they’ll pay you rent and over time they’ll be able to buy the house (either by paying you an additional amount above their rent that will go toward the purchase of the property, or, by waiting until their credit is cleaned up to purchase the house with a mortgage.)
This will take some hefty legal work to set up, mind.
Option #3. Sell Fast For Cash
One little-known option that owners of inherited properties might enjoy is the ability to sell the house fast for cash. Instead of selling through an agent (and hoping they can find a buyer, which can take months), you can work with a house-buying company (like what we do here at North East House Buyers) and they’ll often buy your house as-is for cash, usually in as little as a few days. It’s fast, simple, and doesn’t require any work.
There you have it! 3 financial options you can pursue when selling an inherited property in North East!