What happens when you inherit a house in Shreveport/Bossier? Inheriting a house can be quite the unexpected surprise. Like most things in life, it’s a mixed bag of exciting and challenging experiences. As much as you may want to keep an inherited house, sometimes putting it up for sale may make some sense. Selling an inherited house can be a more lengthy process, but worth it if your goal is to make the most out of your surprise asset. With the right information and help, you should have no problems selling or keeping your house. Let’s take a deeper dive into the process of inheriting a house in Shreveport/Bossier.
Is it worth it to go through succession?
Surprisingly, it’s not always the best route to go through the succession process. You’ve got to take a deeper dive into the value vs liability on the house.
What happens when you inherit a house with mortgages attached? Any mortgages, other debts or liens attached to the house are inherited as well. That’s why it can be risky to take on a home that has a lot of debts attached to it if the value doesn’t cover those debts.
Usually, though, it’s worth it to go through succession. All the paperwork and attorney costs are worth it when you end up with an appreciating asset.
Keeping the house long term
Being gifted an asset like a house can be life changing. It’s worth weighing all your options and considering if keeping the house will benefit you long term. One of the quickest ways to wealth is by holding onto appreciating assets. In the Shreveport/Bossier area, we don’t see a lot of natural appreciation in the housing market, so forced appreciation might be a good play. You can do that by adding value. Updating the interior, freshening up the exterior and curb appeal, or both.
A long term play could be keeping it as a rental. If it’s in a decent neighborhood, there won’t be any shortage of quality tenants. Make sure to factor in upkeep and maintenance. Be prepared to keep a reserve for repair requests by tenants. If you don’t want to show up on the doorstep monthly as the rent collector, consider a property management company as well. Checkups on the property quarterly or bi-annually to make sure furnace filters are changed, smoke detectors are in place, and yard upkeep is done is important for the overall health of the property. Moderate remodels (as-needed) to keep flooring, paint, and kitchen/bathrooms up-to-date after tenants vacate is something to keep an eye on. You always get the highest rent rates when those things are regularly refreshed.
Benefits of selling the property
Sometimes it’s too expensive to hold onto the house. All the costs associated with holding it long term add up. It’s costly to repair the property after even one set of bad tenants, and managing a rental is a lot of time and money. If you inherit a mortgage along with a house, that’s a consideration as well. You don’t just take on the value, you take on all debts associated with the property. This includes liens and any other debts that might show up on title work.
So what happens when you inherit a house in Shreveport/Bossier and you want to sell? Luckily, you’ve got options. If you need a quick sale for any reason, we’re here to help. Whether the note is too much to take on, or it needs more repairs than you might have first anticipated, we buy in any condition quickly. That means you don’t have to sink another penny into your house and instead can liquidate your asset. We’re here to make the process as smooth and hassle-free as possible.
If you need help with the succession process, we can even pay attorney fees upfront in some cases. We’re here to make selling as easy as possible. Whatever it is you need, we work with you to creative a customized selling strategy.
Now you know what happens when you inherit a house in LA. First, succession. Then deciding if you want to keep it long-term or sell. Whatever you end up deciding, it can be nice to know your options. If you are considering selling your LA inherited house anytime in the near future, then call Right Time Home Offers at (318)217-2167 for a free, no-obligation offer.