I’m confused. Should I rent or sell home in Pensacola that I inherited?

Before we begin with an answer to this question, we would like to feel sorry for your loss. We understand that it will be a very challenging time for you for many reasons.

And, dealing with property ownership can add to the woes.

There might be many questions that would’ve been clubbing in your mind

What to do with this house?”

Should I rent it or should I sell it?”

If I sell, then how should I sell it?”

Well, I must say there are tons of options open for you, but…which one is the best?

This is where we can help.

Being seasoned investors in Pensacola real estate, and we have always offered the best help for people looking to sell their estate. We buy several houses each month in the Pensacola Florida area.

Here are some tips that we can offer for you –

  1. First of all, make sure the mortgage is paid.

Sounds quite obvious! Am I Right? But, if the person who left you a property had a mortgage, then you would have to pay it (unless it had no mortgage). There are certain banks that might allow you to assume the loan. However, majority of them may force you to refinance into a new loan.

  1. The investment is only as good as the manager

Property management isn’t the best use of your time; especially when you are dealing with brokers, maintenance, tenants, rent collection and all. Therefore you need to hire a professional who can help. Another good idea is to cash out. There are people who inherit homes and decide to keep it, to rent it for extra income as well. You just need to prepare yourself to manage the property, in case you plan to rent it out.

  1. Property ownership costs money.

Most inherited houses need major improvements; as it’s rare to see a building that’s been perfectly maintained. So, you must consider taking help of a professional property inspector who can give you a detailed rundown on what you’ll need to do, along with estimated costs.

  1. Selling a property for top dollar costs money.

Another thing to consider here that if you don’t want to deal with making repairs, updating and overall clean-up, we can come to the rescue! We buy Pensacola houses for cash, as-is.

  1. Hang on to the investment.

If you think that the market will continue to grow faster than your other options. We can even help you analyze the value of your property currently versus the long-term benefits of renting.

  1. Uncle Sam wants a piece of the action.

Most important of all, don’t forget to discuss your inheritance with tax and legal professional. There can be major consequences when it comes to property and income tax that can dramatically impact the cost of owning your investment.

  1. Consider all your options.

There can be situations where we may be able to help you structure a lease-option agreement so that you will be able to rent and sell at the same time; capturing the best of both worlds. Although, these deals can be complicated, but our Miramar Beach investment experience can help you win.

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