Dealing with an inherited house can be emotionally and financially draining no matter what condition it’s in. But there’s nothing worse than inheriting a house that you don’t want that’s also in need of dire repairs.
In fact, you might even be asking yourself if you can even sell an inherited house that needs major repairs.
While the answer to this question is a bit more complicated than a simple ‘Yes’ or ‘No,’ the truth is, it can be done. But only if you know how.
If you’ve recently inherited a house in Minnesota that has significant damage, and don’t want to keep it, read on to find out what you can do to sell it fast. After all, you don’t need the stress of an inherited house that needs more than a little TLC on your hands if you don’t want it.
The Problem with Selling a Damaged MN Home
If you want to sell a house in today’s market and make a profit, you need it to be as valuable as possible. That means there can’t be any damage. If there is damage, you’ll find yourself waiting a long time to secure a buyer, especially if you want to come out ahead.
The problem is repairing a damaged home is also going to cost you. After all, very few buyers are going to agree to foot the bill for the repairs, even if you give them a good deal on the home.
Because of this, people who inherit homes that need repairs often feel stuck and don’t know what to do.
On the one hand, they want to invest as little as possible into fixing it up because they want to sell it. Yet to sell it, most buyers are going to request repairs.
If this sounds like you, don’t lose hope. You have options if you’re looking to sell an inherited house with damage.
What to Do With an Inherited House that Needs Repairs
1. Lease the House
If you don’t want to sell your inherited home right away, but you know you don’t want to live in it, you can always lease it until you’re ready.
Of course, you’re going to have to perform some repairs if you want to lease it to tenants willing to pay rent to live there. But the cost of those repairs will be lower than if you were looking to sell for a profit.
That’s because you can get away with making minor repairs to a property and leasing it. But you can’t get away with making minor repairs and hope to make a huge profit selling a house that actually needs major repairs.
That said, the rental income could help offset some of these costs as you slowly begin fixing the things that need fixing in preparation for selling it later.
Working on repairs little by little while you lease your house helps increase the home’s value so you can sell it in the future for what you want it to be worth.
Unfortunately, many people don’t want to deal with the hassles that come with being a landlord. Landlords are responsible for tenant screening, lease agreements, maintenance requests, collecting rent, and much more. Not to mention, self-managing a home you’re not even attached to, that also needs repairs, is not a lot of fun. Even if you plan to sell it later.
2. Flip It for a Profit
Another option is to flip your inherited home and sell it for much more than if you left it in shambles.
Again, this will require that you invest some of your own hard-earned cash into a home that you’re not fond of. And while flipping a house does have the potential to generate a lot of money, you’re going to need to sell it fast.
You’re also going to have to avoid the following house flipping mistakes:
- Not Budgeting: before you flip and sell an inherited house, you need to know how much you can afford to spend on the rehab. You’ll also need to have a general idea of how much you’ll be able to sell the house for. The goal here is to come out ahead while making the minimal amount of repairs.
- Skipping the Inspection: don’t try to flip and sell an inherited house without first getting an inspection. Cosmetic repairs are one thing. But if the house you’ve inherited has a ton of hidden issues, you could find yourself in a lot of trouble. You’ll never be able to sell your house if you don’t get those serious repairs fixed. And a professional inspection is the only way to find those things.
- Overpaying for Repairs: the repairs your inherited home needs must be performed by professionals. But this doesn’t mean you should pay the first contractor that you get an estimate from. So, do your research to find reliable and affordable contractors.
In the end, flipping and selling an inherited home is the middleman between the previous option (leasing the property) and the next option, which is selling the house as is for cash.
3. Sell an Inherited Home As Is
The last option you have when you’ve inherited a house that needs major repairs that you don’t want is to sell the house as is for cash. This means you won’t have to make any repairs to the house.
When you sell your house the traditional way using a real estate agent, the sale price will reflect the condition of the house. In other words, your house will be evaluated based on the amount of damage it has. Buyers want homes that are in supreme condition. Or, they want a home in need of repairs for a killer deal.
If you have an inherited home in need of repairs, you’ll find yourself on the losing end of either scenario.
However, if you have an inherited home and agree to sell it as is for a cash only offer, you’ll sell it fast and for the most money possible.
Selling your house as is comes with many benefits:
- You’ll receive a fair all cash offer
- The problem of selling an inherited home will be resolved quickly
- You won’t have to deal with real estate agents, showing, buyers, negotiations, or lots of paperwork
- There are no hidden fees
- You won’t have to clean or repair the house – at all
When you contact Homestead Road to find out how to sell an inherited home as is, you’ll quickly find why it’s the best solution to your problem. No matter the circumstances behind the inheritance, or the condition of the home, Homestead Road can help you.
Are you ready to sell your inherited home as is for an all cash offer? Get in touch with Homestead Road today and see what we can do for you.
We understand that figuring out what to do with an inherited home in need of repairs – that you don’t want – can be challenging. We also know that sometimes finding the quickest, least painful solution is often the best way out of a sticky situation. Because of this, we are dedicated to giving people facing difficult decisions a hassle-free way to sell their inherited homes.
So, request a no-obligation cash offer from Homestead Road for your inherited Minnesota house, so you can rest easy that this complex matter is behind you.