If you’ve inherited a property and you’re planning to sell it, make sure you read this blog post for 3 tips about how to price your inherited home in Bay County for sale…
Inheriting a property can be an emotionally complex experience. On one hand, you may be grateful for the gift, but on the other hand, you may be burdened by the responsibility of owning and maintaining a property that you didn’t actively choose to purchase. If you find yourself in the position of inheriting a property that you intend to sell, there are several things to keep in mind as you prepare to put the property on the market.
So here’s how to price your inherited home in Bay County for sale…
Tip #1: Price Quick To Sell
Many people who inherit property price their homes at a value they think the market might pay for the house. However, it’s important to remember that there are many factors that go into pricing a property, and one of the most important considerations is how quickly you want to sell. If you choose to sell through an agent on the market, the process can take several months, and you will need to pay for the house and maintain the property during that time. These costs can add up quickly, and they may eat into the higher price you were hoping to receive.
Many property owners quickly realize that they are better off pricing slightly lower for a faster sale. While you may receive less money for the property, you will also pay less in terms of repairs, carrying costs, effort, and time. Ultimately, it’s a trade-off that may turn out to be a total wash.
Tip #2: Avoid Pricing Based On Fond Memories Or Emotion
One of the biggest challenges that property owners of inherited property face when trying to price their property for sale is separating the happy memories from the true value of the house. It’s natural to have fond memories of growing up in the house or of happy times spent there, but those memories may cloud your judgment when it comes to pricing the property.
A better approach is to work with a real estate company and find out what they can offer you. It’s important to recognize that the price may be lower than you were expecting, not because the house isn’t worth as much, but because your emotional attachment to the property has inflated the price.
Tip #3: Build In Discounts For Repairs
If you inherited the property from a loved one who had lived in the property for many years, you may find that the property needs some repairs before it can be sold. While you could choose to do this work yourself and then ask for a higher price, it’s important to consider whether this is the best approach. Doing the work yourself requires time, effort, and potentially significant expense in terms of equipment, supplies, or contractors. Instead, consider offering a “repair discount” to potential buyers. This approach allows you to avoid the hassle of the work and still come out financially ahead.
In summary, when you inherit a property that you intend to sell, it’s important to keep your emotions in check and approach the process with a clear head. Be realistic about the value of the property and consider pricing it slightly lower for a faster sale. By building in discounts for repairs, you can save yourself time and money and still come out ahead financially. These tips will guide you on how to price your inherited home in Bay County for sale.