Getting Cash For The Phoenix Home You Inherited
Inheriting a Phoenix home can be both a very good experience and a very difficult one. In almost every case, the reason for receiving the home is the death of a loved one which makes this a very emotion filled time in your life. And in addition to that emotional stress, there can be a financial stress associated with the inheritance as you work with a lawyer to understand the probate process, the tax implications and what you need to do to make the house marketable.
The Legal Side
It is always wise to seek the advice of a qualified legal professional when you are working with the inheritance of real estate. Not only are there a great many laws governing the inheritance tax and tax liability of the property, but there could be other family members who will have an interest in the sale of the home or liquidation of other assets. Your lawyer will work to protect only your best interests and not those of the estate so it is wise to protect yourself.
If the home is still carrying a mortgage, it is important to make decisions as quickly as possible so that you are not making the mortgage payments any longer than necessary. You will also need to coordinate the removal of personal possessions and other items which have been bequeathed to other heirs. During this time, you will also want to access the condition of the home. If it is in good condition and ready to place on the market, you are one of a very few fortunate heirs. Most homes which are inherited are older and have a certain level of disrepair which must be addressed.
Repairs and Renovation
If you decide to undertake any repairs and renovations, understand that you will be paying for that work out of pocket and prior to selling the house. An average home renovation is estimated to cost about $50,000 so be prepared to invest quite a bit in the house to get it ready to sell. And while this work is being completed you will need to maintain the mortgage payments, any insurance on the property and the regular maintenance such as lawn and pool care.
A Fast and Affordable Alternative
Making repairs and renovations to a house that you are planning to sell can be very time-consuming and costly. Not to mention the fact that the return on your investment could be far less than you expect. Many home upgrades provide as little as 40% return on investment. Realtors will instruct clients to complete renovations and repairs to make the home easier to show, but the cost of repairs often comes right off the bottom line of the sale. Instead of this long and tedious process, contact Higher Offer. This real estate investment firm will evaluate the property and make you a cash offer for the house in as is condition. You invest nothing in repairs or upgrades, and you have your money in just weeks rather than months. Contact Higher Offer today to learn about the simple and affordable process.