You now own an inherited property in DC…. you’re trying to decide whether to keep it or sell it, but you’re being torn in both directions. Some people (and the internet) are telling you to keep it, while others are saying sell! In this article, we’ll go over some questions you should ask yourself to help you reach a decision, as well as some ways to sell if you decide to go that route.
Owning a house in DC can be expensive, and whether or not you knew about the inheritance, you’ll be the one taking over the expenses as well as the unexpected challenges when the property moves to your name. The bills, the taxes, the maintenance, any repairs, these all become your responsibility. And the worst part…if you don’t have the means to pay for the upkeep, the property can actually go to foreclosure.
As any investor will tell you, the longer you own it, the more it is costing you. That’s why it’s important to ask yourself the questions below prior to deciding whether to sell or keep your inherited DC property. You’ll also want to take some time to learn about the market and the property in question which will help with your decision.
Ask Yourself These Questions
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 have a sincere use for it. There is no sense in holding onto a property that will just end up sitting there, especially in DC because the property taxes can be quite expensive.
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.
If you decide you want to sell, how much can you spend upfront?
If the home has not yet been cleared out, that should happen first and foremost. A traditional property listing will come with some upfront costs. 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 find yourself down a rabbit hole, spending thousands and thousands on a house you want to sell. Depending on how you decide to sell, you could face not only repair costs but marketing costs, realtor commissions, and other fees.
Ways To Sell
Listing your inherited property in DC will require you to get the property ready for the MLS and viewings. You’ll also want to take a look at what other homes are selling for in the neighborhood. This will give you a general idea of what your house is worth. Be realistic with your prices and don’t spend too much over-improving.
[NOTE: Keep in mind DC can be very tricky due to development. We highly recommend connecting with a real estate professional to help you quote your house before updating.]
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. If you decide to go this route, we do recommend you do your due diligence and price your property competitively. There are plenty of people searching sites for FSBO listings, but will only act if the price makes sense.
Sell To An Investor
Investors like, Consistent Homebuyers, can buy your house directly from you. When you sell us your inherited property in DC, you won’t need to spend a dime out of pocket. Reason being is because we buy houses in DC in any condition. Also, you won’t pay ANY commissions, agent fees, or administrative costs. By selling the property directly to us, you will be able to quickly receive your profits and move on from the house, you won’t be spending months (and dollars) making repairs, and you won’t be waiting for the property to sell.