If you’ve inherited a property and are preparing to sell it, check out this blog post for three recommendations on how to price your inherited home in Atlanta for sale.
Is it possible that you inherited a property that you are now considering selling? While an inherited property might be a beautiful gift from a loved one who has passed away, it can also, to put it bluntly, be a significant financial liability. Consequently, selling it makes sense and allows you to put the gifted equity to good use in another area. Selling an inherited property, on the other hand, may not come naturally to you, particularly if you haven’t sold a property in a long time. So here’s how to determine the value of your inherited home in Atlanta for the purposes of sale:
Tip # 1: Set a competitive price to sell quickly.
Some people decide to price their inherited property at a level that they believe the market will bear for the property. However, there are other elements that influence this pricing, with one of the most important being how quickly you want to sell. When you sell your home thru an agent, it can take months to get it “on the market,” and you’ll be responsible for paying for the house and maintaining the property during that time. That can be expensive, and it can eat away at the higher price.
Many property owners rapidly discover that it is nearly always better to price their home slightly lower in order to sell it more quickly. They may receive less money for the house, but they will also save money on repairs, maintenance, effort, and time, so it is ultimately a trade-off that may turn out to be a total wash in the long run.
Do not set a price based on fond memories or emotional attachments.
When it comes to pricing inherited property for sale, one of the most difficult issues that property owners confront is separating the value of the joyful memories associated with the home from the genuine value of the property. However, it is possible that you have such wonderful recollections of growing up in the house or of joyful moments spent in the house that you unintentionally utilize those feelings to inflate the value of the house on the market. (This is an extremely common occurrence.)
It is preferable to collaborate with a real estate company and learn what they can provide you, while also acknowledging that the price may be lower than you had anticipated… Not because the house isn’t worth as much as it once was, but because your beautiful memories have unintentionally increased the value of the property!
Include Repair Discounts in Your Budget.
If you have inherited a property from a family member who has lived in it for a long period of time, you may discover that the property requires some renovations. Why spend the time and effort (not to mention the money you’d have to spend on equipment, materials, or a contractor) when you could simply ask for less and offer a “repair discount” instead? If you’re going to do the work yourself, you might as well charge more for it. As a result, you skip the headache of the task while still coming out on top monetarily.
There is a lot of labor involved in inheriting a house, so if you’re thinking of selling it, you’re not alone in your thoughts. But how do you determine the value of an inherited home? These suggestions can assist you in determining the appropriate selling price for your inherited home in Atlanta.