Have you inherited property in Myrtle Beach and are trying to decide whether to sell it or keep it? It’s a tough decision to make, especially when you’ve been handed over responsibility of a property that you had no intention of owning in the first place. You may not have had any experience owning real estate before this point, and it’s a lot to handle. Especially since making this your primary residence is probably not an option, so this would have to become a rental property. Being a landlord is not for everyone, and it truly is a business in itself. It can be frustrating spending money on a house in order to sell it, particularly one that wasn’t yours. In our latest post, we help you learn more about your selling options!
Owning a house can be expensive. The bills, the taxes, the insurance, the maintenance, and the unexpected repairs all add up. The longer you own it and the longer is sits vacant, the more it is costing you. Whether you asked for it or not, you might be faced with some unexpected challenges once the property is in your name. Before you make a decision about whether to sell or keep the inherited property, ask yourself a few questions. Take the time to learn about the market and the property in question, to better help with your decision. Below, we will offer some tips to help you determine if you should keep or sell your inherited property in Myrtle Beach. Will will also offer some insight into the best ways to sell.
Ask Yourself These Questions
Do you have a use for the property?
Can you use it as your primary residence? Can you use it as a vacation home? Can family use it to stay in? These are legitimate uses for your house and each has it’s set of advantages and disadvantages. If you live close by and are currently renting, then moving into the house as a primary residence can be a great option. If you vacation in the area often, and can afford the bills and upkeep of the house then it may make sense to keep it as a vacation home. If you live in the area and would like family and friends to stay there when they visit, that is also a viable option. Just remember, no matter how often you or others use it, the bills still need to get paid. The roof still needs to be replaced every so often, the HVAC still needs to be serviced, etc. So don’t feel as though you are obligated to keep the house, you have to keep your best interest in mind. Only keep the property if you have a sincere use for it. There is no sense in holding onto a property that will just end up sitting there and costing you more money.
Are there other owners?
If there are other owners of the property, you will all need to sit down and come to a consensus, otherwise you will be at a standstill. Work together to decide if the home should be kept or sold. If there is a disagreement, one person can buy the other one out. If you want to turn it into a rental and give landlording a try, decide upfront who will be the property manager and how income and expenses will be split. Whatever you choose to do, everyone should be in agreement. Remember, the person who passed the house down to you would never want to see their gift become an argument.
How much are you willing to spend upfront?
If the home has not yet been cleared out, that should happen first and foremost. A traditional property listing will come with some upfront costs. You’ll likely need to make some repairs to the house and have it professionally cleaned. It’s tricky making repairs to a house you’ve never owned. You may not know what you’re getting into. You don’t want to find yourself opening a can of worms, spending thousands and thousands on a house you want to sell anyway. Depending on how you decide to sell, you could face not only repair costs but costs for marketing too. If you do choose this option, it probably makes sense to get a professional home inspection. Spend the $500-$700 and let the professionals tell you what’s wrong with the house and what needs fixing. This will give you a pretty good idea of how much it will cost you to get the house in good shape.
Ways To Sell
List It With A Realtor
Listing your inherited property in Myrtle Beach will require you to get the property ready for the MLS. Take a look at the other homes on the market, their current condition, and how your property compares. Be realistic with your prices, and don’t spend too much over-improving. When you list an inherited home, you may feel frustrated to suddenly have to spend money selling a house that isn’t yours, hoping to make it back on the sale.
Sell On Your Own
Selling the house yourself as a FSBO (For Sale By Owner) listing will save you on the commission, but you will still need to pay for cleaning repairs, marketing, and other selling costs. In most cases, selling on your own to a regular buyer will take longer and ultimately put less in your pocket. You will also have to properly screen the buyers, allow interior access to potential buyers while hoping they make a reasonable offer, handling the paperwork yourself, making sure the buyers have proof of funds and the ability to close, etc. This can be quite time consuming and stressful, not to mention potentially dangerous. If you are interested in more info on this option, check out our article How to Prepare to Sell an Inherited Property in Myrtle Beach.
Sell To An Investor
When you sell your inherited property to Belle Coast Properties, you will not need to spend a dime out of pocket. Nor will you have to pay expensive commissions, agent fees, or administrative costs. By selling the property directly to us, you will be able to quickly receive your profits and move on from the house without spending months making repairs and waiting for the property to sell.