How to Sell My Inherited Property for the Best Price
Inheriting a property is one of the most stressful things that could happen to anyone because it’s another property that the owner has to maintain in addition to their primary residence. While some homeowners choose to keep their inherited property, the majority choose to sell the property.
Getting the best price for your inherited property doesn’t have to be difficult. You can simplify the process by following the tips in this article.
Know what your home is worth
The first step to getting top dollar for your inherited property is to get a general idea of what the property is worth by getting a free home appraisal. The companies that provide these services generally leverage automated valuation models (AVMs) to process data from county auditor and tax assessor records, and MLS listing and sale data to generate estimates.
Free home appraisal tools also use user-provided information such as details on recent upgrades, to better refine the estimate. Keep in mind that because the AVMs don’t account for the exact dimensions of your home, you’ll still need to have a formal appraisal if you choose to put your home on the market.
Make cost-effective repairs and upgrades
One of the most effective ways to prepare your home for a sale is to arrange a pre-listing inspection before you put your inherited home on the market. These generally cost around $340 and can uncover hidden issues that can cause buyers to walk away from the sale.
Common issues uncovered during home inspections span a variety of parts across the home including:
- Plumbing: Major leaks, low water pressure, clogged drains/toilets, corroded pipes
- Electrical: Underground connections, frayed wires, and overloaded junction boxes
- HVAC: Blown fuses, unusual sounds, pilot or ignition malfunctions, and broken thermostats
- Roof: Damaged flashing, missing or broken shingles, or general parts that are leaking
- Foundation: Cracks around the window frames and entryway doors, cracks, and settling/sinking
- Safety: No smoke/carbon monoxide detectors, no GFCI outlets
Boost your home’s curb appeal
While the issues found in home inspections may require you to hire a professional, there are a variety of ways you can boost your home’s value. For example, doing a basic clean-up of the yard by mowing the lawn, adding fertilizer, and pulling weeds can make the space more welcoming.
Other simple changes include adding a stone paver pathway in your front yard. Stone pavers are only 10%-15% more expensive than concrete slabs, however, they’re more attractive to buyers because they are lower maintenance in the long run.
Work with a real estate agent
Putting a home on the market is literally a full-time endeavor which is why you should have a real estate agent handle the home selling process for you. Real estate agents work on commission which means there are no upfront fees and the agent is only paid if your home sells. While paying 5%-6% of your home’s sale price, you should know the breakdown of where a real estate agent’s commission goes.
In most transactions, the commission is shared between the seller’s agent, buyer’s agent, and the broker. Considering how real estate agents provide sellers with guidance on pre-sale improvements, pricing strategy, marketing services, and more – hiring a real estate agent to handle selling your inherited property is one of the best values around.