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 Sicklerville for sale…
Did you inherit a property that you’re now thinking about selling? Before going any further, we would like to reach out and offer our condolences while we send you some positive vibes. The loss of a loved one, even if it is expected, can be very difficult.
While an inherited property can be a wonderful gift from a loved one who has passed on, it can also (quite frankly) be a costly burden. As I always say, inherited homes are great but they come with bills. Therefore, it is possible that it makes the most sense for you to sell the house. So selling it makes sense and allows you to use the gifted equity for some other purpose. But selling an inherited property may not come easy to you, especially if you haven’t sold a property in a while. So here’s how to price your inherited home in Sicklerville for sale…
Tip #1: Price Quick To Sell
Some people price their inherited property at an amount they think the market might pay for the house. However, there are many factors that go into this price and one of the biggest considerations is: how fast do you want to sell? Selling through an agent “on the market” can take months, and you’ll have to pay for the house and maintain the property the entire time. When selling a property traditionally there are costs that are usually not accounted for – expect to pay about 10% of the sales price in costs when selling a home. That can be costly and can eat into the profit.
Many property owners quickly learn that they’re almost better off to price slightly lower for a faster sale… they might get less for the house but they also pay less on repairs, carrying costs, effort, and time, so it’s ultimately a trade-off that might turn out to be a total wash. My personal home was purchased on the market because the people who inherited the house didn’t want to do any work. They left everything. And thats’s ok – if you would like to do the same then reach out!
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. Nostalgia, unfortunately, doesn’t add any value to a house, believe me – we wish it did too! The house might be worth a certain amount on the market but you may have such fond memories of growing up in the house or of happy times in the house that you accidentally use that emotion to increase the price. (This is VERY common.)
A better approach would be to work with a real estate company and find out what they can offer you, and recognize that the price might be lower than you were expecting… not because the house isn’t worth as much but because your wonderful memories have accidentally 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 then you might find out that the property needs some repairs. If you want to get an idea of how much these repair costs maybe then you can check out Nailed-It to get a good idea.
If you are handy, then you could choose to do this work yourself and then ask for a higher price but why do that when you could save yourself the time and effort (and what you’d have to pay for equipment, supplies, or a contractor) and instead just ask for less and give a “repair discount”. Oftentimes, we find that the homeowners who do all the work to fix a house up and then sell it end up making just a few thousand dollars more than if they were to sell it quickly. Is the headache worth the few thousand? It depends.
Summary
An inherited house can be a lot of work so if you’re thinking of selling it, you’re certainly not alone. But how do you price an inherited house? These tips will guide you on how to price your inherited home in Sicklerville for sale.