When you inherited real estate in Greensboro, North Carolina, that doesn’t necessarily mean congratulations are in order. Instead, it’s the beginning of a long road of decisions and details to deal with at an emotionally difficult time. However, as time goes on, your retention costs will start to increase, and you will need to take quick action to manage the property, or the result can be costly in many ways.
Minor repairs that aren’t checked can quickly turn into major damage. Additionally, you may face fines if HOA are involved, violating zoning codes by allowing your landscaping to grow, and becoming apparent when a home is abandoned for an extended period, enticing criminal elements. Putting your head in the sand is a decision that can lead to costly consequences, including increased stress. So read on as we explore these five tips for people who have inherited real estate in Greensboro, North Carolina.
Property Transfer
Our number one tip for people who have inherited Greensboro real estate, NC is to give it to a family member. However, you should be aware of the tax implications of this option, which may be more expensive than leaving it as an inheritance. Therefore, you should consult an experienced real estate tax advisor whose recommendations you should take into consideration before transferring property.
Take Up Residence
Our next tip for people who have inherited real estate in Greensboro is to consider taking up residence. While well-meaning loved ones or close friends may have left you a piece of real estate as a token of their affection, life is not often like fairy tales. Their property may not be the type of home you’ve always dreamed of owning, or you may already live in the home of your dreams. Or perhaps it’s located in another state or across the country. Or perhaps you’ve inherited a home in a state of physical or financial distress, draining your wallet instead of magically producing the windfall of cash everyone imagines an inheritance of real estate brings.
Rental Property
Another tip for people who have inherited real estate in Greensboro, NC rent it out as income-producing property; However, this option can have hidden expenses. However, you must understand the time commitment of managing a rental property. You’ll need the funds to withstand vacancy periods, handle repairs to tenants promptly, and handle employee turnover, which typically includes replacements and upgrades to meet current tenant requirements and generate the highest return on the property. You’ll also need to deal with tenants, from the screening process to collecting back rent. You’ll also need to market to get tenants in place and possibly deal with evictions, which can be pretty intimidating, and missteps can be costly. Finally, you need well-honed people skills and must follow all laws governing landlords with any HOA, local ordinances, or state or federal laws, including in your advertising.
Vacation Home
An excellent tip for people who have inherited real estate in Greensboro is to turn it into your second home if you can afford to. It’s nice to have somewhere to get away that is yours; however, the responsibilities come with the benefits of a vacation home. Depending on the amount left on the mortgage, you may have house payments in addition to the insurance, taxes, and monthly utilities that continue to add up while you’re also paying for your primary residence. When you add it all up, you may be better off renting a luxury property for your vacations, leaving the headaches and expenses to the landlord.
Sell Directly
The best advice for people who have inherited real estate in Greensboro, NC is to make the quick and easy option, direct sale and move forward with cash without paying high commissions and leaving the business and the worry and financial risks associated with the property behind. Working with professional AIP House Buyers will connect you to our network of the most reputable service providers in the industry to help guide you on your property, including professional tax advisors. In addition, a local investor turned professional home buyer at AIP House Buyers can guide you through the selling options step by step without any obligation. At AIP House Buyers, we provide you with the information to make an educated decision about what will earn you the most profit and what is best for you when considering both your current personal and financial circumstances. When you receive an offer from a direct buyer at AIP House Buyers, we want you to agree it is fair; that is why our process is entirely transparent. Our contracts are simple, there are no hidden fees, and we even provide you with a guaranteed closing date.
We are not Mark Spain Real Estate, Offerpad, Opendoor or any of those large house buying companies. We are a local company and will provide you a guaranteed offer on you house.
We want you, our neighbors, to feel good about the deal you make with AIP House Buyers long after closing. Call AIP House Buyers at (336) 707-5223.