Can’t decide whether you should keep or sell your inherited property in Ontario? It can be frustrating when you have to spend money in order to sell it, especially if the house isn’t even yours. We help you explore your selling options in our latest post!
Once the inherited house is in your name, you might be faced with some unexpected challenges. Owning a house can be expensive. Maintenance, property taxes, bills and unexpected repairs can come as a shock. Sometimes the longer you own a property, the more it costs you. Before you decide whether you should sell or keep your inherited property, ask yourself a few questions. Below, we will offer some tips to help you determine if you should keep or sell your inherited property in Ontario. Will will also offer some insight into the best ways to sell.
Ask Yourself These Questions
How much can you spend upfront, if you decide to sell
First and foremost you should clear out the property. You will likely need to have the house professionally cleaned and make some repairs so it can be sold move in ready. It’s tricky making repairs to a house you don’t own. You may find yourself down a rabbit hole, spending thousands of dollars on a house you want to sell anyway. Depending on how you decide to sell, you could face not only repair costs but costs for marketing too.
Do you have a use for the property?
Holding onto it for sentimental reasons is fine if that’s what you want to do, but don’t feel as if you are obligated to keep the house. Only keep the property if you feel you will actually use it or are willing to be a landlord to rent it out. There is no point in holding onto a property that will just end up sitting there.
Are there other owners?
If there are other owners of the property, you will all need to sit down and come to a consensus. Work together to decide if the home should be kept or sold. If there is an odd man out, consider buying them out as not to cause further disagreement. Remember, it is just a house, and the person who passed it down to you would never want to see their gift become an argument.
Ways To Sell
Sell On Your Own
Selling the house using a For Sale By Owner listing will save you on the commission, but you will still need to pay for marketing, repairs, selling and cleaning costs which could really add up! In most cases, selling on your own to a regular buyer will take longer and ultimately put less in your pocket.
Listing your inherited property in Ontario will require you to get the property ready for the MLS. Take a look at what other homes are selling for, and how your property stacks up. Be realistic with your prices, and don’t spend too much over-improving. When you list an inherited home, you may feel frustrated to suddenly have to spend money selling a house that isn’t yours.
Sell To An Investor
When you sell your inherited property to SLG Home Buyer, you will not need to spend a dime out of pocket. Nor will you have to pay expensive agent fees, commissions or administrative costs. You can sell the property in as-is condition without making any repairs. By selling the property directly, you will be able to quickly receive your profits and move on from the house without spending months making repairs and waiting for the property to sell.