If you recently inherited a home from a family member, congratulations! Taking ownership of a home has countless benefits such as building equity, a sense of pride and security, and more.
However, while taking ownership of a home that was passed on to you is wonderful, there are a few things you should consider first.
Not sure if selling an inherited house is the right move for you? Here’s what you need to know about selling a house that was passed on to you.
Evaluate Your Home’s Market Value
Evaluating the market value of an inherited house can be tricky, but it is an important step in selling. The ideal market value is determined by considering the current real estate market and what similar houses in the same area have recently sold for.
It’s important to consider various factors such as location, condition, size, pricing of homes in the same neighborhood, and amenities. As you evaluate the market value, you should keep in mind your reasons for selling.
This is as well as any potential profits you want to take from the sale. You may also need to consider repairs that need to be completed in order to bring the house up to a desirable standard.
Establish Your Team and Budget
Establishing a team and budget when selling an inherited house is an important step in the process. It is important to have a professional real estate agent to help you determine a competitive list price and guide you through the selling process. Make sure to visit sellersadvantage.com for a complete guide when selling your inherited home today.
It is a great idea to have legal representation to ensure all the paperwork is accurate and your rights are protected throughout the sale. You should also determine what improvements need to be made to the house and the associated costs.
Setting a budget should also include other costs related to the sale, such as agent commissions and taxes.
Prepare Your Inherited Home for Sale
Before you list your probate home for sale, there are some essential needs to be prepared for the transaction. Consider the home’s condition in terms of any repairs that may need to be done, home staging, or any updates to ensure maximum value.
Research the closing costs for the transaction, and be ready for any taxes that may apply. It’s important to understand your legal rights and restrictions within the sale and be clear about who owns what along the line of selling the estate.
Once these are complete, you should be prepped to enter the marketplace with ease.
Look Into Tax Implications of Selling the Inherited Property
It’s important to consult professional tax advisors for the laws in your area in order to make sure you don’t run into any tax complications during the sale. In most cases, the proceeds from the sale of inherited property will be subject to capital gains tax.
This can be somewhere in the range of 15% to 20%. It is important to look into any applicable exemptions that you may qualify for such as those available to people with very low incomes.
Explore Everything About Selling an Inherited House Today
Overall, selling an inherited house takes consideration and planning. Be sure to understand the process, associated costs, and tax implications. Don’t hesitate to speak with a real estate agent and tax specialist to ensure you maximize your benefit.
Take control of the process today – and get started!
Did you find this article helpful? Check out the rest of our blogs!
