We buy houses in Lansing, Michigan and although you inherited a property, we’re so sorry for your loss of a loved one. We know that this can be a very challenging time for many reasons, and dealing with property ownership is tough at the best of times.
You’re thinking, “I inherited a house, what to do with it?” Should I rent it? Should I sell it? How should I sell it?” Tons of options open for you, but…
… we can help.
We’re seasoned investors or homebuyers in Lansing MI real estate, and we’re looking to buy several houses each month in the Lansing MI area. Every month we get calls from those who have inherited property and are looking to sell the property… so the info below are some tips to help you navigate the process.
I Inherited A House, What To Do Next?
Here are a few important considerations to help you make the right decision:
1) Make sure the Lansing house mortgage is paid.
This may sound obvious, but if the person who left you a property also had a mortgage (unless it had no mortgage and was paid off, which is great!), you have to pay it (assuming you want to keep the property). Some banks will allow you to assume the loan, while others may force you to refinance into a new loan. If you don’t qualify for a new loan, renting may not be an option for you.
2) The MI property investment is only as good as the manager.
If dealing with brokers, maintenance, tenants, rent collection and all the nuances of property management isn’t the best use of your time, hire a professional to help you or cash out now. Some people who inherit homes decide to keep the house and rent it for extra income. That’s a great strategy for sure. You just need to be prepared to manage the property and the hassles that can go along with tenants and toilets.
3) Michigan homeownership costs money.
It’s rare to see a building that’s been perfectly maintained. Most inherited houses need major improvements.
Consider hiring a professional property inspector to give you a detailed rundown on what you’ll need to do within the next five years, along with estimated costs. Surprises are very, very expensive.
4) Selling a Lansing MI property for top dollar costs money.
If you don’t want to deal with making repairs, updating kitchens, improving landscaping and overall cleanup, don’t worry. We buy properties in cash, as-is. Sell your house in Lansing MI to us and you will spend zero cost.
5) If the Lansing market will continue to grow faster than your other options, hang on to the investment.
We can help you analyze the value of your property today versus the long-term benefits of renting. If you can use the equity in your property in another way that outpaces the performance of the real estate market, you should. If you don’t have anything better to do with the money and the neighborhood is rising in value, hang on – real estate can be a great investment if you know how to correctly read the market.
6) Uncle Sam wants a piece of the action in your inherited MI home.
Don’t forget to discuss your inheritance with tax and legal professionals before you take action. There are major property and income tax consequences that will dramatically impact the cost of owning your investment.
7) Consider all your options in your inherited Michigan house.
In certain situations, we may be able to help you structure a lease-option agreement that allows you to rent and sell at the same time – capturing the best of both worlds. These kinds of deals can be complicated, but our Lansing MI investment experience can help you win.
8) Compare your inherited Lansing home to a few scenarios.
We’ll help you determine prices for any property near Lansing MI – if you sold it today without doing any work, the highest price the market will bear, and the projected value of keeping it as a rental (along with the costs).
Cash For Houses In Lansing MI
Sometimes you may not have time to look around at what others are selling for. And sometimes you may not want to wait around or spend the money to fix up your property for your ideal customer. And sometimes you may not want to spend the time waiting while your real estate agent markets and sells your property.
You can bypass all these steps quickly and easily by selling your home to a local real estate investment company for cash. At Home Buyers of Michigan, that’s exactly what we specialize in buying homes fast. Sell your house in Michigan to us now.