We know first hand the difficulty of dealing with the loss of a loved one and the complications that can come with their estate. Our company, BEVA homes, is a family-owned and operated team based in DFW. We have dealt with this first hand in our own family.
If you inherited a house in DFW and are wondering what the next steps are – should you sell, rent, fix it up, etc…
There is a lot to consider – we are here to help you talk through it and give our opinion based on the location and condition of the home in DFW. There is never ANY obligation.
We are experienced investors and home buyers in DFW and we get a lot of individuals that reach out to us with this issue. Here are some pieces of advice we share…
I Inherited A House, What To Do Next?
Think through a few of these things as you make this important decision.
1) Is the mortgage paid off?
If you plan to keep the property, you need to look at what the balance of the mortgage is or if it is already paid off – being paid off is an ideal situation. With a balance there are banks that will let you take over the payments or you can refinance the loan. If you do not qualify for a refinance – then renting the property may be a great option for you!
2) A rental property is only as good as the tenants.
If you want to rent the property…you need to consider the maintenance, renters, collection of rent, and any other management that might come with rentals. There are professional companies that can manage the property for you, but it comes at a cost.
3) Surprise Expenses
It is not common to find a home that does not need some kind of updates or maintenance. Consider hiring an inspector to review areas that need to be updated and improved so you can get a strong idea of the cost to rehab the property. You do not want to have any surprise foundation or plumbing issues pop up.
4) It is expensive to get the most money for your DFW home
If you want to get top dollar for the inherited property in DFW – you will need to invest money to make repairs and updates. Think about updating the outside for photos, professional cleaners, etc. If that is something you are not interested in we buy homes as-Is in DFW for cash.
5) As the market grows, consider holding investments.
Our experience in investments can help you determine the exact value of your property. We can give you an exact breakdown of the benefits of renting/selling.
6) Death and Taxes
Always talk to your legal and tax professional before you do anything. The tax implications can be a big determining factor in your decision making process.
7) Think through all your options
There are other options – we have lots of creative financing options that we can discuss based on your exact situation.
8) Compare a few different ideas
We can help you determine what companies that buy homes in DFW will give you the best price WITH THE BEST TERMS. We will not always be the best option and we will be upfront about that. There is never any obligation when working with us.