Sell or Rent? What To Do With An Inherited House In Tri-Cities

Kennewick | Pasco | Richland

Inheriting a house is always a difficult situation because it’s complicated by the loss of a family member or someone close to you. So if you are in the situation of having to decide what to do with an inherited home, we understand how difficult this is emotionally. We are sorry for your loss and genuinely want to make the process easier for you if we can.

The first questions most people who inherit a house ask is “What should I do with it?” or “Should I sell or rent an inherited home?” Is renting a viable option to increase your monthly income? Would selling it be better? If you were to sell, how would you even go about it?

Summit Development has worked with homeowners navigating these decisions for years and is here to help you. We’ve built a reputation as home investors in Tri-Cities that we have worked hard for and are proud of. Below, we’ve put together some insightful tips to help you navigate the already complex process of selling a house at a time when emotional burdens do not make things any easier.

6 Simple Tips for Anyone Inheriting a Home in Tri-Cities

#1 – Ensure that the mortgage is paid

Of course, this might sound a little obvious, but it can be easy to overlook when dealing with the loss of a loved one. Simply put, the property you inherited may have a mortgage. If you want to keep the property, you’re going to need to take over the payments on that mortgage. One possible piece of good news here is that if the mortgage was paid off, you will be able to take over ownership without any mortgage issues.

It will depend on the bank that owns the mortgage on the property, but in some cases, you can simply take over payments. In others, you’ll need to refinance a new loan. If you do not qualify for this refinance, you’ll not be able to keep the home (and say use it for a rental). You’ll instead need to sell the home.

#2 – Your Investment is only as good as the person managing it

If learning all the nuances of the complex issues you need to handle on behalf of the property seems like a poor use of your time, you’ll want to hire a professional to handle things like maintenance, brokers, tenants, etc. This is what we recommend if you intend to keep the home to rent it for some extra income, which can be a great strategy for inherited property. A professional property manager will go a long way to making this strategy successful if you’ve never done anything like this before.

#3 – It costs money to own property

Almost no building or house is perfectly maintained. When it comes to inherited homes, many need major updates or improvements. A smart approach to this issue is hiring a professional property inspector to help you get a detailed list of everything the house will need to be done to it in the next five years as well as the estimated costs for these needed updates. You do not want any surprises as these can be extremely expensive.

#4 – It costs time and money to sell a house for top dollar

All the repairs, appliance updates, landscaping improvements, and general fixing up costs time and money. There is no way to sell the property for top dollar without this, however, you can sell your house as-is to Summit Development and avoid all the time and costs associated with selling for top dollar in Kennewick, Richland, or Pasco.

#5 – Don’t forget about taxes

You’ll need to talk to professionals who understand the tax and legal issues surrounding the sale of your inherited property before you make any decisions. There are big consequences in terms of property and income taxes when you inherit a home in Tri-Cities. These should be fully understood before deciding to keep the house instead of selling it.

#6 – Explore your options

It would be a good idea to see what properties near your inherited home are selling for so you have a good idea of what you could expect if selling it for top dollar. Additionally, you’ll want to see what you could get for the house “as-is.” Summit Development would be glad to help you figure this out, so just reach out to us and we can talk.

Want to sell your inherited home in Tri-Cities WA? Summit Development is here to help

Summit Development has spent years building a reputation for fairness when working with homeowners in Kennewick, Pasco, Richland,  and throughout Tri-Cities. If you have inherited a home and would like to work it a reputable investor or know more about our buying process, simply fill out the form on our website, contact us via email, send us a message on one of our social media accounts, or call our office at (509) 591-9196. We understand how overwhelming it can be to face the whole process while dealing with the loss of a loved one and will do everything we can to make the process as quick and easy as possible.