We buy houses in Fairfax Virginia. We are your local Fairfax VA home buyers, and we offer cash for houses in Fairfax VA. We’ve got a question recently about what to do with an inherited house — what’s my best option? We’ve dealt with situations like this both in business — and on a personal level. These situations are extremely challenging for many reasons. Read our latest blog post below to find out more information.
I Inherited a House, What To Do? – Should I Rent Or Sell In Fairfax VA?
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?
Tons of options open for you, but…
… we can help.
We’re seasoned investors in Fairfax real estate, and we’re looking to buy several houses each month in the Fairfax Virginia area. Every month we get calls from those who have inherited a house and are looking to sell the house… so the info below are some tips to help you navigate the process. If your house is in probate check out this article about the important things to be aware of when dealing with a probate property.
8 Things To Do After You Inherit A House in Fairfax
Here’s a few important considerations to help you make the right decision:
1) Make sure the Virginia mortgage is paid.
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 Fairfax property investment is only as good as 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. If you plan to sell the house with tenants — that’s another complication as well.
3) Property ownership in Virginia 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 are very, very expensive.
4) Selling a Fairfax property for top dollar costs money.
If you don’t want to deal with making repairs, updating kitchens, improving landscaping and overall cleanup, don’t worry. We buy Fairfax houses for cash, as-is.
5) If the market in Virginia 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 versus 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, you should. 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 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 Washington investment experience can help you win.
8) Compare a few scenarios.
We’ll help you determine prices for any property near Washington – 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).
We Buy Fairfax VA Houses
We buy houses in Fairfax VA. If you think you need to sell your house in Virginia fast, then you may need an investor. The House Guys are local home buyers in Fairfax and we’re helping local homeowners solve their housing problems quick and hassle-free. If your house in Fairfax qualifies, we can make you a quick and fair cash offer. (571) 207-5171