If you’ve inherited a property and you’re planning to sell it, make sure you read this blog post for 3 tips about how to price your inherited home in Fort Myers for sale…
Have you inherited a property that you’re considering selling? While an inherited property can be a meaningful gift from a loved one, it can also pose financial challenges. Selling it becomes a practical choice, enabling you to utilize the gifted equity for other purposes. However, selling an inherited property may present challenges, especially if you haven’t dealt with real estate transactions recently. Here’s a guide on how to price your inherited home in Fort Myers for sale.
Tip #1: Price Quick To Sell
Some individuals set the price of their inherited property based on what they believe the market could bear for the house. Nevertheless, numerous factors influence this valuation, with one of the primary considerations being: how swiftly do you wish to sell? Opting for a traditional sale through a real estate agent can be time-consuming, potentially taking several months, during which you’ll be responsible for ongoing property expenses. This prolonged process can incur significant costs and diminish the potential gains from a higher sale price.
Numerous property owners come to the realization that pricing slightly lower can lead to a faster sale. While this may result in receiving a lower amount for the house, it often translates to reduced expenses on repairs, carrying costs, effort, and time. In the end, it becomes a trade-off that could balance out to be a more favorable overall outcome.
Tip #2: Avoid Pricing Based On Fond Memories Or Emotion
One of the biggest challenges that property owners of inherited property face when trying to price their property for sale is separating the happy memories from the true value of the house. The house might be worth a certain amount on the market but you may have such fond memories of growing up in the house or of happy times in the house that you accidentally use that emotion to increase the price. (This is VERY common.)
A better approach would be to work with a real estate company and find out what they can offer you, and recognize that the price might be lower than you were expecting… not because the house isn’t worth as much but because your wonderful memories have accidentally inflated the price!
Tip #3: Build In Discounts For Repairs
Inheriting a property from a loved one can be a bittersweet experience. While you gain ownership of a valuable asset, you may also discover that the property requires repairs after your loved one resided there for an extended period. These repairs can range from minor cosmetic fixes to major structural issues.
Deciding how to handle these repairs can be a challenge. One option is to undertake the repairs yourself or hire a contractor. This can be a time-consuming and expensive process, but it can also significantly increase the value of the property. However, if the repairs are extensive or you don’t have the time or resources to manage them, selling the property “as-is” can be a more attractive option. By offering a “repair discount,” you can account for the cost of repairs that the buyer will need to make. This way, you can sell the property quickly and avoid the hassle of renovations, while still achieving a similar financial outcome.
Summary
Inheriting a house can entail a considerable amount of effort, so if you’re considering selling, you’re in good company. However, determining the appropriate price for an inherited property can be a challenge. These tips will assist you in establishing the right pricing strategy for your inherited home in Fort Myers when putting it up for sale.