If you’ve inherited a property and you’re planning to sell it, make sure you read this blog post for 3 tips about how to price your inherited home in Rochester for sale…
Did you inherit a property that you’re now thinking about selling? While an inherited home can be a wonderful gift from a loved one who has passed on, it can also (quite frankly) be a costly burden. So selling can definitely make sense and allow you to use the gifted equity for something that works for you. However, if you haven’t sold a property in a while, selling an inherited home may not come particularly easy to you. So here’s how to price your inherited home in Rochester for sale…
Tip #1: Price Quick To Sell
Some price their property at the amount they figure the market might pay for the inherited home. But there are lots of factors that figure into a list price. One of the biggest considerations is: how fast do you want to sell? Selling through an agent “on the market” can take months. Plus you’ll still have to pay for the house and maintain the property that entire time, which can be costly and can eat into the higher price.
Many property owners quickly learn that they’re almost better off to price slightly lower for a faster sale… they might get less for the house but they also pay less on repairs, carrying costs, effort, and time. It can be a trade-off.
Tip #2: Avoid Pricing Based On Fond Memories Or Emotion
One of the biggest challenges that property owners of inherited property face when trying to price their property for sale is separating the happy memories from the true value of the house. The house might be worth a certain amount on the market but you may have such fond memories of growing up in the house or of happy times in the house that you accidentally use that emotion to increase the price. (This is VERY common.)
A better approach would be to work with a real estate expert and find out what they can offer you, and recognize that the price might be less than you were expecting… not because the house isn’t worth as much but because your wonderful memories have accidentally inflated the price!
Tip #3: Build In Discounts For Repairs
If you’ve inherited your property from a loved one who’d lived there for many years, you might discover deferred maintenance and much needed repairs. You could choose to do this work yourself and then ask for a higher price… but why do that when you could save yourself the time and effort (plus what you’d have to pay for equipment, supplies, or a contractor) and give a “repair discount” by asking for less? You skip the hassle of the work, and you still come out the same financially.
Summary
An inherited house can be a lot of work, so if you’re thinking of selling it, you’re certainly not alone! But how do you price an inherited house? I hope you found these tips a helpful guide on how to price your inherited home for sale in Rochester.