Options To Consider When You Inherit A Home

Following the death of a loved one and the reading of the will, you may shockingly find yourself as the owner of the person's home. Many people will leave their home to a family member or other loved one in their will, but if you weren't previously informed about this decision, you'll be in for quite a surprise. Fortunately, there are a number of different ways that you can successfully deal with this situation. Don't panic — instead, contact a local real estate agent professional who will be able to guide you through your options and provide hands-on assistance wherever it's needed. Here are some options that may appeal to you.

Sell The Home As-Is

If you're looking for a quick infusion of cash, hiring an agent and selling the home as-is can get the home off your hands quickly. You'll need to spend a bit of time emptying the deceased person's possessions out of the house, but you can leave the furniture in place for now. Your agent will then suggest a fair listing price, and if you're in a strong hurry to sell, you may have your agent come up with a lower price that should quickly attract prospective buyers. Ideally, you'll be able to complete the deal quickly, and, because no one will be living in the home, you may find a buyer who wants a short closing date.

Fix It Up And Then Sell

If the home is in a degree of disrepair, which may be the case if the previous owner was ill for a long time and didn't regularly invest in the residence, you may be better off fixing up the house before you attempt to sell it. Consult with your agent on this decision — while an as-is sale can be easy, putting some money into the home can help you get more money when it's bought. Your agent can even suggest things to fix. You can then hire the right contractors to improve the home before you list it.

Rent It Out

Selling the home isn't the only way to get some money out of it. You can also explore the idea of renting it out. Fixing it up to make it desirable for people who wish to rent and then seeking tenants with the help of your agent can have someone in the home before long. This person's monthly rent check will provide a valuable extra source of income for you.