Real EstateThe Pitfalls You Must Avoid

sell Inherited House

Can I sell my inherited home fast? More often than not, homeowners will divide their property to all their children equally, leaving them to figure out specifics. And sometimes homeowners die without a will, leaving their heirs to discuss succession. If you’ve inherited or are likely to inherit a home, here are a few things to help you sell it quickly and easily:

1. Consider Tax Implications:

The law regarding inheritance taxes differs from one state to another. But generally, inherited properties do not qualify for exclusion from sales tax. You can avoid this by living in the property for at least two years of the last five years. And if you’re a married couple, you can claim an exemption for up to $500,000. Also, the tax is calculated on the basis of the price of the property at the time of the owner’s death, thereby saving you tax money on a property that has appreciated in value considerably.

2. Selling a Home Without Repairs:

With inherited homes, you can never estimate repair costs, especially if it was previously owned by a senior person who finds home maintenance challenging. While some problems may be visible and obvious, some may not be easy to detect. Rather than spending money fixing things, it makes so much sense to sell the house without repairs. At Metro Milwaukee Home Buyer, we have helped countless homeowners who’ve inherited a big pink elephant. We’ll buy the house quickly and as is. You can take the things that you want, and leave all the junk behind.

3. Renting an Inherited Home:

Not everyone chooses to sell their home—some prefer to rent it out. Doing this ensures a steady income and may even help preserve a loved one’s memories. But there are downsides to doing this as well. For example, you will now have to pay property taxes on the current market value and even spend money on repairs.

Do you need help selling your inherited home? Call us – we’re the best fast home buyers in Milwaukee!