Our heartfelt condolences during this challenging time. If you’ve inherited a house in Virginia, you might be asking yourself what to do next. Should you sell it or rent it out? If you’ve inherited a house selling might be the best option if the property needs costly repairs or is out of state. However, if the mortgage is paid off and you have an emotional connection, renting it out could be worth considering. With so many options, making a decision can be tough, but we’re here to help. As experienced real estate investors in Virginia, we can guide you through the process.
I Inherited A House In Virginia, What To Do Next?
Here are a few important considerations to help you make the right decision:
1) Ensure the Mortgage is Settled
This may sound obvious, but if the person who left you a property also had a mortgage (unless it had no mortgage and was paid off, which is great!), you have to pay it (assuming you want to keep the property). Some banks will allow you to assume the loan, while others may force you to refinance into a new loan. If you don’t qualify for a new loan, renting may not be an option for you.
2) The Success of the Investment Depends on the Manager
If dealing with brokers, maintenance, tenants, rent collection and all the nuances of property management isn’t the best use of your time, hire a professional to help you or cash out now. Some people who inherit homes decide to keep the house and rent it for extra income. That’s a great strategy for sure. You just need to be prepared to manage the property and the hassles that can go along with tenants and toilets. Here are some tips to help you navigate the essentials of being a landlord.
Responsibilities and Challenges:
- Property Management: Managing maintenance, tenants, and issues requires time and effort.
- Legal Obligations: Comply with tenant rights, fair housing laws, and safety standards.
- Financial Risks: Be prepared for unexpected repairs, vacancies, and potential tenant issues.
3) Property Ownership Comes with Expenses
It’s rare to see a building that’s been perfectly maintained. Most inherited a house needs major improvements.
Consider hiring a professional property inspector to give you a detailed rundown on what you’ll need to do within the next five years, along with estimated costs. Surprises are very, very expensive.
4) Selling Inherited a House for Top Dollar Costs Money
If inherited a house in Virginia and you don’t want to deal with making repairs, updating kitchens, improving landscaping, or overall cleanup, don’t worry. We buy Virginia houses for cash, as-is.
Our Cash Offer Program
Sell your house fast to Northern Virginia House Buyers
We’ll make you a fair cash offer so you can sell without the hassles and stress of listing.
- Competitive cash offer within 24 hours – You choose your closing day. Tell us about your house, then we’ll carefully evaluate it with local market expertise and provide you with a fair, no-obligation offer.
- Zero fees. Zero commissions. No closing costs.
We charge no fees, no commissions, and we pay ALL closing costs. - No Showings – No Hassles
We buy houses “as-is,” so there are no open houses, no weekend showings, and no need to fix it up first. - We cover repairs.
Does your house needs repairs? We’ll handle them. You’re not on the hook. - We cover moving costs.
Do you need help moving? We are here to help you! We cover moving costs to your next house if needed.
5) If The Market Will Continue To Grow Faster Than Your Other Options, Hang On To The Investment.
We can help you analyze the value of your Virginia property today versus the long-term benefits of renting. If you can use the equity in your property in a way that outperforms the Virginia real estate market, you should consider it. However, if you don’t have a better use for the money and the neighborhood is appreciating, holding onto the property might be wise—real estate can be a great investment if you know how to accurately read the Virginia market.
6) Uncle Sam Wants A Piece Of The Action.
Don’t forget to discuss your inheritance with tax and legal professionals before you take action. There are major property and income tax consequences that will dramatically impact the cost of owning your investment.
7) Consider All Your Options.
In certain situations, we may be able to help you structure a lease-option agreement that allows you to rent and sell at the same time – capturing the best of both worlds. These kinds of deals can be complicated, but our Virginia investment experience can help you win.
8) Compare a few scenarios.
We’ll help you determine prices for any property in Virginia – if you sold it today without doing any work, the highest price the market will bear, and the projected value of keeping it as a rental (along with the costs).