The reality of losing a loved one is that the event brings countless pressing matters to plan out, from funeral arrangements to sorting out personal belongings. So, if you’ve inherited a house, it might be just another item on the very long list of things to figure out. Should you live in, rent out, or sell the property?
Below, the Yellow Card Properties team makes a few suggestions about what to do with an inherited house in Jacksonville, FL, so that you feel more prepared when the time comes.
Start With Transferring the Mortgage
If you receive a house without a mortgage attached to it, don’t worry about this step. However, if the recently deceased hasn’t repaid the full mortgage, you will take over the loan.
Some banks require a new loan, but if you don’t qualify or have other means of repaying the mortgage, the lender may foreclose. In that case, keeping or renting the home would not be an option. Making the necessary arrangements before this point is a crucial step.
Properly Repair Your New Estate
Despite a plan to sell, you will need to hire an inspector to determine if the house you inherit is liveable, especially if it has been vacant for some time. They’ll give you a rundown of the following:
- Fire and water damage (with mold and mildew growth)
- Leaks, missing shingles, and other rooftop damages
- Foundation cracks or exterior issues
- Faulty or dangerous wiring
- Bad plumbing
Getting on top of the maintenance ensures the property is safe and that these inherited houses move quickly on the market.
Managing and Maintaining the Property
It also pays to conduct regular maintenance, like semi-annual HVAC tuneups and biannual plumbing inspections. If you’re leasing it out, stay on top of rent collection and tenant demands. Alternatively, if you don’t have the time to deal with it all, hire a property manager.
Knowing When to Sell
Knowing what to do with an inherited house in Jacksonville includes financial considerations. Will hiring a property manager put a strain on your already tight budget? Maybe you’d prefer selling an inherited house to pay off other debts.
Whatever you decide, there’s the option to turn to qualified Jacksonville, Florida, specialists like Yellow Card Properties that purchase properties in all conditions and sometimes provide an all-cash offer. There’s often an option to rent and sell simultaneously with a lease-option agreement.
Still, if your property is in a growing market with a rising neighborhood value, you may want to hold onto it as a good investment.
Consult Legal and Tax Professionals
Once you decide what to do, keep your preferred legal and tax professionals in the loop. They’ll explain what actions to take to avoid income and property tax complications so that you can minimize the closing costs.
Sell Your House Without a Realtor Today!
Trying to figure out what to do with an inherited house in Jacksonville, FL, can be simple with Yellow Card Properties to help you navigate the different scenarios. Take the pressure off and give us a call at (352) 525-2514 today!
