The pain of losing a loved one is unfathomable, and as such we believe condolences are in order. Even at the best of times, dealing with property ownership is not easy so this will for many reasons be a challenging time. But events are already rolling, and there’s no way we’re going back. All we have to do now is to look forward and think of how to go about things. And the first order of business is to figure out what we’re going to do with this inherited house in Houston. Are we going to rent it out? Should we put it on the market? And if so, how should we sell it?
You apparently have a ton of options to choose from so we’re going to help you out. For starters, at We Buy Fast Houston Houses, we invest in properties like the one you’re selling. We’ve been operational for years, and therefore, we’ve developed relationships with different clients around Houston, Texas who can vouch for us. We have previously dealt with individuals who share your predicament so below we’ve provided details on how to carefully navigate the process.
Steps to take once you’ve inherited a property:
- Check to see whether the previous owner paid the mortgage
Although it sounds obvious, most people tend to forget about the loan once they possess the house. You have to confirm the mortgage status because once the ownership status changes it might hurt your credit ratings since you’ll be the new owner. Inheriting the property means you’ll have to inherit all the debts associated with it as well. There’s a downside to everything, and this one shouldn’t come as a surprise. Depending on the lender, you’ll either have the consent to assume the loan or refinance it. So if you can’t qualify for another mortgage, renting is a no-no.
- You need to have excellent managing skills if you want the investment to be a success
There are a lot of property management nuances you’ll have to deal with if you choose to invest. You’ll have to ensure the house gets well maintained, collect the rental income, deal with irritating tenants and so forth. You’ll have to spend a lot of energy and time in this so if you can’t compromise just hire a professional or cash out.
- Ownership is also an expense
Have you ever heard of property taxes? The government will tax you for owning that house, so you have to figure out where you’ll get the funds to make that payment. Aside from that, you also have to maintain and that costs money.
- Analyze the property market
If you feel that the Houston real estate market is going to grow fast in the coming years, you better hold on to the investment. Our firm can assist you to calculate your home’s value so that you can find out what the long-term renting benefits will be in the process.