Once you decide to sell an inherited property, you will need to prepare the home to be sold. In many cases, this will involve getting rid of as much clutter as possible, since a cluttered house will often turn off many potential buyers. To do so, it may be best to have an estate sale, since this can often be done in one or two days. In addition, you may also want to give the property some added curb appeal by doing some landscaping and putting a fresh coat of paint on trim and other areas.
Once you have the home ready to be sold, your next step will be to decide how much to ask for the property. But remember, if you try to do this by simply looking at tax records or online listings, this will be a mistake. Many times when this is done, a property is priced too high, resulting in it and its new owner languishing for months until it finally sells. Instead, look at similar homes in the neighborhood to determine a fair selling price, and also take into account the number of updates the property may need. By doing this and speaking with real estate professionals who specialize in selling inherited properties, you should be able to arrive at a price that will get the home sold as soon as possible.
Whenever a property is inherited, there are numerous tax issues that must be dealt with as well. For example, most people want the home sold quickly so that any estate taxes due can be paid from the sale. Also, local, state, and federal taxes may also need to be paid, which can be an added financial burden. In addition, if the home is not your primary residence, you won't reap any benefits regarding capital gains, mortgage interest, property tax, and insurance deductions at tax time, meaning you may have even more expenses.
While selling a property you have inherited can be tough emotionally, it does not have to be tough from a financial standpoint. If you need to sell my inherited property
, make sure you work with real estate professionals who understand not only the emotions associated with the process, but also how to sell the home quickly and at maximum profit.