Have you just inherited a home in Salt Lake City, Utah and you’re still not sure what to do? Well, there are many things to take into consideration.
We’ll help walk you through the steps so that you can make the best decision on what to do when you inherit a house.
Create a Short-Term Plan
The first thing that you need to do is create a short-term plan for the home while the estate settles. You will need to figure out home maintenance arrangements, as well as financial obligations. One important thing to find out is if there is still a mortgage on the property or if it has been fully paid off.
If this is something you don’t already know, you can check the home’s title to find out who the lender is. You can also request a credit report for the person who passed away, which will show you any of their outstanding loans.
Decide What You Want to Do with the Inherited House
Once you have figured out all of the technical and financial details, you must decide what you are going to do with the home. In this case, you have three viable options to choose from:
- Move into the house
- Rent it out
- Sell it
Move Into the House
Your first option is to move into the house and use it as your primary residence. This can be a great choice, but only if you can afford it. If there’s still a mortgage on the home, you may have to decide if it’s better to refinance or pay off the existing loan.
Rent It Out
If you’re already settled in another home but don’t want to sell the one you have inherited, another option is to rent it out. This can be an excellent way to make a passive income, but you’ll want to make sure that you’re ready and willing to be a landlord. Maintenance costs and dealing with tenants will be your responsibility, so make sure that you’re on board with it before someone moves in.
The last option is to sell your inherited property and make some money. If you’re not in a rush, selling through a real estate agent or on your own may be the right choice. However, if you’re in a time crunch and don’t want to deal with the hassles of fixing up the place, then selling to a cash buyer like Enlight Homebuyers may be your best bet.
Is Selling Through a Cash Buyer the Right Choice for You?
Just like every decision, there are several pros and cons to think about before selling to a cash buyer. But if convenience is something that you’re looking for and just want to get the home off of your hands, then don’t hesitate to give us a call. At Enlight Homebuyers, we buy homes in Salt Lake City in any condition and have dealt with very similar situations before. We will give you an honest, fair deal and can close on your timeframe.
Have questions? Just give us a call at 801-939-0123. We look forward to hearing from you!