Your Options If You Inherited a House in California
The loss of a loved one is never easy. It can be emotionally overwhelming and stressful. Unfortunately, you may find yourself having to get their affairs in order while you are still in the midst of coping with their death. One of the most complex things to deal with is an inherited property.
At Team 805 Real Estate, we know how difficult it can be after the loss of your family member or other loved one. Our goal is to make the process of selling an inherited home as easy as possible. We offer a number of services that can assist you in making a smooth, seamless transition.
If you have inherited a property in Ventura County or the surrounding area, contact our office at (805) 341-0398.
What Are My Options If I Inherited a Home?
With an inherited property, you can decide to sell, rent, or move into the home. There are potential tax implications depending on what you choose to do with the real estate, and you need to make sure that you are complying with state and local requirements.
Sell the House
One of the most common decisions that people make once they have inherited a property from a loved one is to sell the home.
It is essential to consider things like the condition of the house and any other family members that may have a right to the property. Additionally, the property may be subject to probate, which must follow a specific set of rules under California law.
Rent the House
If you do not want to sell the property, renting may be an option for you and your family. Rental properties can produce a large amount of income in Southern California, but the upkeep and management of the home may be difficult without the help of a professional agency.
You should also consult with a tax professional regarding the implications of supplemental income. You will also be responsible for the property taxes, HOA fees, and any other ongoing expenses related to the home.
Move Into the Home
Finally, you may decide that the best option is to move into the home. You would want to look at whether you can afford the mortgage payment if the house was not owned free and clear at the time of your loved one’s death.
Furthermore, even if the property is paid off, other costs need to be considered, such as property tax, HOA fees, and necessary repairs.
What If I Want to Sell the Property?
If you have decided to sell the inherited property, you will want to get prepared by consulting with an experienced real estate agent.
If you want to sell an inherited property, you will want to consider:
- Capital gains taxes
- What is owed on the property (mortgage or other liens)
- Needed repairs
- Other heirs
If the home is in need of repairs, you may want to consider renovations prior to selling in order to get the largest amount of money for the sale of the home. Unfortunately, upgrades can be extremely expensive and time-consuming.
Team 805 Premodeling™ Services
At Team 805 Real Estate, we know the demands of selling a home that needs work. We offer an innovative solution for homeowners that have inherited a property in need of repairs or renovations.
Our Premodeling™ services allow you to remodel the property with no upfront costs. Our experts work with you to determine a budget and what improvements will result in the most significant return on your investment. We hire the contractors, manage the project, and oversee every aspect of the remodel. All costs are paid through escrow after the home is sold.
Inherited a Home? Contact Team 805 Today.
Have you inherited a home in Ventura County? We can help! Contact Team 805 Real Estate to get a recommended listing price and how to move forward with the sale of the property. Call today at (805) 341-0398 to get started.