In the wake of a loved one passing, there can be many loose ends to tie up. For those family members or loved ones who inherit a home from the decedent, figuring out how to sell a house they were bequeathed may be one of those final details that need resolution. This can be a challenging task, especially when the devisee is in the midst of the grieving process. If you’ve found yourself in this situation, it’s helpful to know what your options are. It’s also helpful to know that you have someone who’s on your side and looking out for your best interests if you choose to sell the house you’ve inherited.
The Missouri home investors at Cash 4 Kansas Homes have more than 50 years of combined experience in property investing, and we’d love to help you out in your time of need. Contact us today to learn more! In the meantime, we’ll take a look at some things to think about when you inherit a home as well as some options you have upon receiving your inheritance. Read on to learn more!
Three Factors to Consider
There are many things to consider upon inheriting a home, and it’s not uncommon for people to be a little unclear on what the implications are of being the devisee. Let’s take a look at a few of them.
Tax Implications
When you inherit a home, trying to understand what taxes you may or may not be subject to can be challenging in the absence of a tax professional or attorney. Depending on what state you live in, you could be subject to hefty inheritance taxes when you inherit a home. For example, there are currently six states that impose inheritance taxes (Missouri is not one of them, thankfully). Sometimes this is counterbalanced by receiving tax breaks if you choose to sell the house. To understand the nuances of inheritance taxes and potential tax breaks, it’s best to speak with a qualified accountant or attorney.
Hidden Expenses
Many people make the erroneous assumption that inherited homes are free. While this is true in the sense that you don’t pay for the house, there are several hidden expenses that can accompany an inherited home, even if there is not an outstanding mortgage on it. With any property, there will be expenses such as property taxes, ongoing utilities, insurance, and general upkeep expenses. Additionally, depending on the condition of the home, there could be renovation expenses associated with getting the home habitable again before it can be lived in or rented out.
Unexpected Family Strife
There are a couple of life events that have the propensity of bringing a family closer. Death is one of those, as family members frequently gather to celebrate the life of the deceased. However, there are many times that a family member’s passing causes unexpected turmoil as the family works to settle the estate, especially if there are hidden surprises related to willed property. Regardless of whether real estate is bequeathed to one family member or jointly to several people, conversations can get heated when it comes time to decide the ultimate fate of the property.
Weigh Your Options
Once you’ve considered the potential tax implications, hidden expenses, and impact on family relations, you’ll face the task of deciding what you want to do with the inherited home. You can choose to keep the home or sell it, and you should carefully review the pros and cons of each decision.
Keep the Home?
If you choose to keep the property, you can either choose to move into it yourself, rent it out to others, or keep it in the family to use as a vacation home, retreat, or other shareable destination. When considering this option, it’s necessary to determine if this is financially feasible for you, especially if the home is in need of repairs. It’s wise to shop around for estimates and speak with contractors, real estate professionals, and possibly even consult an attorney to be sure you understand the full ramifications for holding onto the property before making a final decision.
Or Sell It?
If you’ve carefully considered your options and decided that it’s in your best interest to sell the home, you’ll need take the time to research your selling options. When it comes time to sell, many people are unaware that there are alternatives to hiring a real estate agent. If you’re facing time constraints related to taxes, or if the home requires a lot of maintenance or repairs in order to elicit top offers from prospective buyers, it may be beneficial to consider selling the home for cash.
How to Sell a House in Missouri for Cash
At Cash 4 Kansas Homes, we understand that there are likely to be many mixed feelings when you’re considering selling a home that you’ve inherited from a loved one. If you’re in Belton, Independence, Raymore, or the surrounding areas and you’re trying to figure out how to sell a house that you have inherited, contact us! We’d love to speak with you in order to determine if selling the property for cash is in your best interest. We pride ourselves on providing knowledgeable, transparent, and ethical real estate solutions for Missouri residents, and if we feel you’d be better served elsewhere, we’ll let you know.
If you’d like to learn more about our process and whether or not it’s right for your situation, call us at 913-276-0769 today!
