First, I want to express my deepest condolences for your loss. Losing a loved one is never easy, and dealing with the responsibilities of an inherited property can add even more stress during this difficult time.
If you’ve been asking yourself, “I inherited a house—what should I do?” you’re not alone. Many people in Detroit face this exact situation and wonder whether they should sell the house, rent it out, or explore other options.
At Sonni Buys Fast, I specialize in helping homeowners navigate these tough decisions. Every month, I assist people just like you who have inherited a home and are unsure of the next steps. Below, I’ll walk you through some key factors to consider so you can make the best choice for your situation.
I Inherited a House—What Should I Do Next?
Here are some important steps to take before deciding whether to keep or sell your inherited property:
1) Check the Mortgage and Financial Obligations
If the house still has an active mortgage, you’ll need to determine whether you can assume the loan or if the bank requires refinancing. If the home is paid off, that’s great! However, if you can’t qualify for a new loan or don’t want to take on the financial responsibility, selling may be the best option.
2) Consider Whether You Want to Be a Landlord
Managing a rental property isn’t just about collecting rent—it involves maintenance, tenant management, potential evictions, and legal responsibilities. If handling repairs, late-night maintenance calls, and lease agreements isn’t something you’re up for, hiring a property manager is one option, but selling for cash might be a simpler solution.
3) Be Aware of Property Maintenance Costs
Most inherited homes require updates and repairs, especially if they haven’t been maintained regularly. A professional inspection can help you assess upcoming expenses over the next few years. Unexpected repairs can be costly, such as leaky roofs or outdated electrical systems.
4) Selling for Top Dollar Requires Time and Money
If you want to sell on the open market, be prepared to invest in repairs, upgrades, and staging. Buyers often expect modern kitchens, updated bathrooms, and fresh landscaping. If you’d rather avoid these costs and hassles, I buy houses in Detroit for cash, in any condition—no repairs needed.
5) Consider Market Trends and Long-Term Investment Potential
Detroit’s real estate market is growing, and in some cases, holding onto the property may be a smart investment. If the home is in a high-demand area with increasing property values, keeping it as a rental could be profitable. I can help you analyze the numbers to see whether renting or selling is the better financial move.
6) Understand Tax Implications
Inheritance taxes, capital gains taxes, and property taxes can impact your financial decision. Before making any moves, consult a tax professional to understand how keeping or selling the property will affect your finances.
7) Explore Creative Solutions Like Lease Options
If you’re undecided between selling and renting, a lease-option agreement could be a great middle ground. This strategy allows you to rent the home while giving a tenant the option to buy later. These deals can be complex, but I have experience structuring win-win solutions.
8) Compare Your Options Before Deciding
I can help you evaluate multiple scenarios:
- Renting It Out: Weigh the long-term profit potential against management costs.
- Selling As-Is for Cash: Get a quick sale without making repairs.
- Listing on the Market: Understand what your home could sell for with upgrades.
Get a Fair Cash Offer on Your Inherited Home
If you’re leaning toward selling your inherited house in Detroit, I make the process simple, fast, and hassle-free. I buy homes for cash in any condition, with no fees or commissions.
Call me today at 248-325-8781 or fill out the contact form to get a no-obligation offer. Let’s find the best solution for your inherited property—together!