How to Decide Whether to Sell or Keep Your Inherited House in Lancaster

Are you trying to decide whether to sell or keep your inherited property in Lancaster? It can be hard to spend money on a house in order to fix it up and sell. It’s even more difficult when that house wasn’t yours to begin with. Below we discuss what your options are if you’ve inherited a house in Pennsylvania.

Inheritance in general is often a very mixed bag. Losing the relative or loved one is often very traumatic, and the aftermath of handling the estate can be complex and stressful. If you are the person that’s inherited the property associated with the estate, either by yourself or with others, you can be faced with some unexpected challenges as the new owner(s). Owning a house can be expensive! There are bills, taxes, utilities, and repairs that will need to be handled and can definitely add up quickly, especially if you don’t have excess funds at your disposal. As investors, we can tell you all too well that the longer you own it the more it’s going to cost you. Unfortunately we deal with that all time. However, before you make the decision of what to do with the inherited property it’s important to ask yourself a few questions.

Are there other owners?

If you’re not the only owner of the property, you will need to sit down with the other owners and come to a decision on how to proceed. Work together to decide if the home should be kept or sold. If there is someone who is not in agreement either way, you can sometimes work out a deal to buy each other out. Remember, it’s important to keep things amicable as it can turn into a much bigger problem if arguments crop up and can’t be dealt with.

Do you have a use for the property?

Holding onto it for sentimental reasons can be tempting, but it’s important to be realistic about what it’s going to take to continue ownership. It’s also important to be realistic about what the end game is with the house.  You can’t just have a property that sits there without anyone living in it for an extended period of time. Will it be a second home for you? Will it be a rental property?  Regardless of what you’d like to do with it, it’s important to create a plan up front.

If you decide you want to sell, how much can you spend upfront?

If the home has not yet been cleared out, that will typically need to be done prior to selling it. However, keep in mind that if you sell to an investor like We Buy Lancaster Houses that we can help with that clean out and even buy the house with all the contents if that’s more beneficial to you.

That said, if you chose to list the house you’ll likely need to make some repairs to the house and have it professionally cleaned. It’s tricky making repairs to a house you’ve never owned. You may not know what you’re getting into. You don’t want to end up spending thousands on a house you want to sell anyway. In addition, you will also need to pay for marketing costs and commissions if you chose to list which can be also add up quickly.

Ways To Sell

Sell On Your Own

Selling the house using an FSBO listing will save you on the commission, but you will still need to pay for cleaning repairs, marketing, and other selling costs. In most cases, selling on your own to a regular buyer will take longer and ultimately put less in your pocket.

Listing with an Agent

Listing your inherited property in Lancaster 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 We Buy Lancaster Houses, you will not need to spend a dime out of pocket. Nor will you have to pay expensive commissions, agent fees, or administrative costs. 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. We can help you through the process to make it as simple and straightforward as possible.

To learn more about whether to sell or keep your inherited property in Lancaster, reach out to us! We are happy to answer any questions you have. (717) 606-2490

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