NEED TO SELL A PROPERTY
As you might have realized by now, inheriting a house is not always a good thing. In fact, you might consider another house as a financial and emotional liability, especially if you're not equipped (nor willing) to manage it.
This means that you might now be toying with two options to make the most of this newly acquired property: you can either rent it out or sell it.
Renting could, of course, give you a source of passive income. But it could also strap you with a dozen new obligations that might not be worth the hassle.
This leaves you with the second option: you could sell your house.
Here are some reasons why this might be the better choice for you right now:
Owning another house is expensive
Let’s say that you just inherited an already paid-off home. How could this, you may ask, be more expensive than your current mortgage?
The answer is that it might not be. But there’s a chance that the upkeep could set you back a significant amount too. There are property taxes, utilities, and maintenance that you still have to think about.
If it comes equipped with amenities that could be a step-up to your lifestyle, then you can bet that it will come equipped with some serious financial obligations too.
You can use the money for other investments
Yes, renting out your inherited house could be an investment too. You stand to gain a monthly income, that’s a given. But, you also have to consider your monthly management costs. In other words, it’s a long-term commitment that could take months before you can fully see profits.
Selling your house, on the other hand, means that you could get a lump sum and you could use it however way you please. You simply have to choose the best offer, assist in closing the deal, and move on with your life — all with a few thousand bucks to pad your bank account.
2.You could use the extra cash to lower your current tax bills
Ok, so maybe investing might not be on your plans with the money that you get from your inherited house. But you could still work towards a bit of financial freedom by using it to max out your retirement plan, and ultimately lower your tax bills.
That’s still an investment, albeit a conservative one that you could benefit from in the far future.
We buy houses for cash
Choosing to sell an inherited house could be the best financial move for you right now. But if the thought of the whole sales process has kept you from moving forward with this plan, then perhaps we can help.
Leyla Barchett 409-554-2150
Matthew Barchett 409-554-3767