I Inherited a House in Omaha, Now What Should I Do?
First, we’re so sorry for your loss. This can be a very challenging time for many reasons, and dealing with property ownership is tough at the best of times.
You’re thinking, “I inherited a house, what to do with this house?” Should I rent it? Should I sell it? How should I sell it?
You have multiple options, but…
The good news is… we can help.
We’re seasoned real estate professionals in Omaha real estate, and we’re looking to buy several houses each month in the Omaha Nebraska area. Every month we get calls from those who have inherited a house and are looking to sell … so the information below are some tips to help you through the process.
I Inherited A House, What To Do Next?
Here’s a few important considerations to help you make the right decision:
1) Make sure the mortgage payments are paid.
This may sound obvious, but if the person who left you a property also had a mortgage (unless it had no debt and was paid off, which is great!), you (or someone) 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, keeping the property for a rental or investment may not be an option for you.
2) The investment is only as good as the property manager.
If dealing with brokers, maintenance, tenants, rent collection and all the potential challenges 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 a home decide to keep the house and rent it for extra income. That can be a great option. You just need to be prepared to manage the property and the hassles that can go along with tenants.
3) Owning a property costs money.
It’s rare to see a building that’s been perfectly maintained. Most inherited houses need 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 can be very expensive.
4) Selling a property for top dollar costs money.
If you want to sell a property for top dollar, it has to be in “top dollar” condition. It has to be “NICE.”
If you don’t want the costs and challenges that come with making repairs, updating kitchens, improving landscaping and overall cleanup, don’t worry. We buy Omaha houses for cash, as-is, and on YOUR date of choice.
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 property today vs. the long-term benefits of renting. If you can use the equity in your property in another way that outpaces the performance of the real estate market, that might be a good option. If you don’t have anything better to do with the money and the neighborhood is rising in value, hang on – real estate can be a great investment if you know how to correctly read the 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 can be major property and income tax consequences that will dramatically impact the cost of owning your investment.
7) Consider all your options.
If you have inherited a property in the Omaha area, carefully consider all of your options. Just be careful not to let what could be a great asset turn into a financial anchor that creates a situation that you don’t need or want.
If you decide it may be best to sell the house, you can call a local Omaha real estate agent or contact a local professional home buying company, like The Sierra Group Pro Home Buyers to discuss your options, and which solution may be best for you.
8) Compare a few scenarios.
We’ll help you determine prices for any property in or around the Omaha metro area – if you sold it today “as is” without doing any work, as well as the potential value if you put the money and repairs into the house to make it “nice.”
Just call us today at (402)-291-5005 or contact us now for more information
on how we can make you a fair cash offer on your inherited house today!
7 Days Cash by The Sierra Group, LLC is based in Lincoln, Nebraska. We purchase homes locally, and in many other parts of the country such as Nebraska, Missouri, Kansas & Florida! For the past 20 years, we have been helping people by purchasing their homes directly! In addition, we are licensed realtors in Nebraska and Missouri. We understand the process and the local markets, allowing you to receive the best service and the best all-cash price for your home! We are Veteran Owned, and hold an A+ rating with The BBB!