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I Inherited a House, What To Do? – Should I Rent or Sell in Wisconsin?
August 20, 2019
By Derek Dombeck
Our A+ BBB Rating!
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.
Call Us! (715) 952-1067
Get A Cash Offer Today Our Company
I Inherited a House, What To Do? – Should I Rent or Sell in Wisconsin?
August 20, 2019
By Derek Dombeck
Our A+ BBB Rating!
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 Wisconsin real estate, and we’re looking to buy several houses each month in the WI 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.
Our A+ BBB Rating!
We’re seasoned investors in Wisconsin real estate, and we’re looking to buy several houses each month in the WI 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.
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 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.
Listing vs.
Selling To Us
Which route is quicker?
Puts more cash in your pocket? Has less hassle?
2) The 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.
3) Property ownership 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 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 Wisconsin houses for cash, as-is.
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 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 Wittenberg investment experience can help you win.
8) Compare a few scenarios.
We’ll help you determine prices for any property near Wittenberg – 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).
Just call us today at (715) 952-1067 or contact us now for more information on how we can make you a fair cash offer on your inherited house today!
Get Your Fair Cash Offer: Start Below!
We Buy Houses in ANY CONDITION in WI. There are No Commissions, No Fees and No Obligation whatsoever! Start below by giving us a bit of information about your property or call (715) 952-1067..
Give us a call anytime (715) 952-1067 or fill out the form today!
Client Reviews…
“We knew within a matter of an hour we wanted him to buy our house… it was just THAT easy.”
“I’d first like to start out by saying that my first impression of Derek of I Buy Houses WI, LLC was nothing less than an immediate comfort level. We knew within a matter of an hour that we wanted him to buy our house because there were so many options available to us that were more than workable for all parties concerned. He was more concerned about his client being comfortable with how the process took place and made sure that everyone was happy with how everything fell into place. We know one thing for sure if there’s anyone we know that wants to sell their house in Wisconsin… I Buy Houses WI, LLC is the way to go. It was just THAT easy.”
Gail Grenke - WI Home Seller
Leave a Reply
“Our situation was complicated, but Derek found a solution to help us that neither a Realtor nor attorney could.
“We traveled down many roads trying to find the right person or group to work with. We needed someone to help us in our situation but had very little success. Then we found Derek. Our situation was complicated, but Derek found a solution to help us that neither a Realtor nor attorney could. Through the challenges of our situation, Derek stood by his decision to help us, not because it would prove to be profitable, but because it was the right thing to do. In today’s society, this is a very difficult trait to find in a businessman. I highly recommend working with Derek and his company.”
Bob & Laura Binder - Wisconsin
Home Seller / Client
Listing vs.
Selling To Us
Which route is quicker?
Puts more cash in your pocket? Has less hassle?
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 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 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.
3) Property ownership 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 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 Wisconsin houses for cash, as-is.
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 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 Wittenberg investment experience can help you win.
8) Compare a few scenarios.
We’ll help you determine prices for any property near Wittenberg – 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).
Get Your Fair Cash Offer: Start Below!
We Buy Houses in ANY CONDITION in WI. There are No Commissions, No Fees and No Obligation whatsoever! Start below by giving us a bit of information about your property or call (715) 952-1067..
Just call us today at (715) 952-1067 or contact us now for more information on how we can make you a fair cash offer on your inherited house today!
Client Reviews…
“We knew within a matter of an hour we wanted him to buy our house… it was just THAT easy.”
“I’d first like to start out by saying that my first impression of Derek of I Buy Houses WI, LLC was nothing less than an immediate comfort level. We knew within a matter of an hour that we wanted him to buy our house because there were so many options available to us that were more than workable for all parties concerned. He was more concerned about his client being comfortable with how the process took place and made sure that everyone was happy with how everything fell into place. We know one thing for sure if there’s anyone we know that wants to sell their house in Wisconsin… I Buy Houses WI, LLC is the way to go. It was just THAT easy.”
Gail Grenke - WI Home Seller
“Our situation was complicated, but Derek found a solution to help us that neither a Realtor nor attorney could.
“We traveled down many roads trying to find the right person or group to work with. We needed someone to help us in our situation but had very little success. Then we found Derek. Our situation was complicated, but Derek found a solution to help us that neither a Realtor nor attorney could. Through the challenges of our situation, Derek stood by his decision to help us, not because it would prove to be profitable, but because it was the right thing to do. In today’s society, this is a very difficult trait to find in a businessman. I highly recommend working with Derek and his company.”
Bob & Laura Binder - Wisconsin
Home Seller / Client
Leave a Reply
Where We Buy Houses
We are a real estate solutions and investment firm that specializes in helping homeowners get rid of burdensome houses fast. We are investors and problem solvers who can buy your house fast with a fair all cash offer.
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