What To Do If You Inherited A House In Spartanburg

Posted on: July 1st, 2020 by , No Comments

If you have inherited a house and don’t know what to do, you are not alone. Trying to decide between keeping the home, selling, renting the home, etc. can be a difficult decision to make and a challenging process to navigate. 

So You Inherited A House

The first thing you will want to check is whether the property has an open remaining balance on the home. The previous home owner may not have finished paying their mortgage at the time of their passing and, should you choose to keep the home, you will also inherit the mortgage that comes with it.

Keeping the Home

If you choose to keep a home with a mortgage that has not been paid off you will want to verify with the bank if you can assume the existing loan or if you will need to refinance a new loan. Once all is squared away with the bank, you may want to hire a property inspector for a professional evaluation of the state of the home. Often times, beneficiaries find their inherited house has quite a few repairs and maintenance issues that need updating. The sooner you are aware of these the better as unexpected damage control can be very costly. 

Renting the Home Out

Renting is a great option to consider if you’re looking to make some extra cash. Renting come will require managing tenants, rent collection, and any other maintenance issues that can pop up. If this seems daunting, you could consider hiring a professional. 

Home Investing and Selling 

Depending on the market, it may be wise to hold on to your investment. Sometimes the property’s equity can be used in other ways when the neighborhood is rising in value to earn you more in the long run. The experienced investors at Paragon Investment Properties can help you better vet your current day property value; compare your profit options between selling, renting, and investing; and even provide some assistance for lease agreements that allow you to rent and sell at the same time. 

Should you decide to go the investment-route, be sure to consult with tax and legal professionals about the property and income tax expectations for your investment. 

Perhaps home ownership and/or becoming a landlord just isn’t right for you. Paragon Investment Properties purchases houses every month and can buy houses, as is, for cash. To find out more you can reach Paragon Investment Properties at (864) 814-3894.