Sell Your Inherited House Colorado Springs
Often, one of the hardest parts of losing a family member can be dealing with the stress of an inheritance. If you recently inherited a home that you’re hoping to turn around and sell, this can be a difficult and time-consuming process. On the positive side, according to Forbes, “long-term capital gains run upwards of 20%, depending on your tax bracket.”
It’s important to understand your local marketplace in Colorado Springs and arm yourself with the best information before you proceed and Fast Home Options is here to help with a few helpful tips when selling an inherited house:
Consider the Market
It’s important to consider whether or not it’s the right time to sell your inherited house in the first place. Be sure to look at recent reports of home sales in Colorado Springs, as well as the larger Front Range area, to decide if you are in a sellers’ market.
If it’s not a great time to sell, consider holding onto the property and renting it out for a while. This can be a great additional source of income and buy you some time until you can really turn a profit. Just remember you’ll have to be able to manage to property or hire someone to manage it for you. There’s a lot to consider, so take some time to ponder your options and ask questions.
Pricing Your House for Sale
If you decide that now is the time to sell your inherited house, you’ll need to decide how much to sell it for. One option is to hire a property appraiser to provide you with a quote on the true market value of your inherited home. You can also look at comparable prices for recent sells of similar homes and use this as a basis for your list price.
It’s also important to understand that you may not get your asking price for your inherited home. Be prepared to negotiate, depending on the market, and have a minimum price set to avoid a major loss. If you need to sell your inherited home fast, like as soon as this week, contact us and we can help.
Understand the Taxes
It’s important to understand the complicated tax codes involved in selling an inherited home. There are many factors you need to consider, from property back taxes, to capital gains taxes. It may be beneficial to hire a real estate or tax attorney to help you through the process and make sure your property isn’t tied up in probate for years to come. You can always start by contacting Fast Home Options and we can guide you in the right direction too.
Prepare Your House for Sale
Once you are ready to sell your inherited home, there are several things to consider. First, you need to assess the condition of your inherited home. Costly repairs can eat up your potential profit pretty quickly. If an inherited home is in bad condition, you may want to consider selling to a cash investor.
No matter who you decide to sell your inherited property to, you’ll have to put some work in to get it ready. Go through personal belongings and keep anything you might want. Then, consider having a yard sale or estate sale to get rid of the rest. If you plan to make minor repairs or cosmetic changes, make sure this is done before you list your inherited home.
There are many reasons to sell an inherited home in Colorado Springs and it can be a financially lucrative endeavor, of you know what you are doing.
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