You’ve just inherited a house in Birmingham, AL. While many people would say that it’s a good thing to own a second property, if you weren’t expecting to hold a second home any time soon, it can be quite overwhelming.
What to do with an inherited house? How do you keep it up? These are all questions that you might be asking yourself.
It becomes especially tricky if you live far away (let’s say, for example, you live in LA – that’s a long drive to manage your property).
If you inherited property and wonder what to do with it, here are five ideas for you.
1. What To Do With an Inherited House? The Obvious Answer Is to Sell It!
The quickest and easiest thing that you can do with an inherited house is to sell it. You can take the money and use that to finance your current life (or perhaps buy some fun things).
Unfortunately, most people run into issues when they try to sell their inherited property. There are two issues, in particular, that always seem to arise:
- The first issue is the home’s physical location. If you currently live somewhere other than Birmingham, selling your home with a real estate agent is going to be tricky. They will need access to the property, and you may need to be present at various steps in the process. Traveling to and from Birmingham won’t always be the easiest.
- The second and arguably more important issue is that these homes frequently need repairs. When you inherit a house, it’s entirely possible that the previous owners didn’t keep it as up-to-date as might be required to put it on the market. Outdated paint schemes, damaged roofs (the storms in Birmingham can get quite excessive), cracked foundations, and other repairs are all quite common to find on inherited homes. If the previous owners were elderly, there’s a chance that they did not perform any necessary repairs.
All of a sudden that inherited home feels like a giant money pit!
Cash buyers help alleviate this problem by providing a fair, all-cash offer for homes in any condition – even ones that require repairs. Instead of spending a fortune on repairs, you can sell your home to a cash buyer, and they will take it over from there. No repairs needed! You won’t even have to clean out the place!
Additionally, since cash buyers only need to visit the home once before making an offer, you’ll save significantly on travel costs. Just make one trip out, and you can hand your inherited house over to someone else!
2. Rent It Out
Another option for what to do with an inherited house is to rent it out. If the home is in relatively good condition, this is a distinct possibility. However, if you have a home that requires significant repair, renting it out may not be possible.
The average rent for an apartment in Birmingham hovers around the $1,000 mark. Homes can command more in rent, although you will need to pay property taxes and have special insurance to cover yourself in the event of problems.
Still, if you don’t need the money or the home, renting is a way to make extra cash per month.
3. Turn It Into an Airbnb
The good news is that, for the most part, Birmingham does not restrict Airbnbs. Putting your home on Airbnb is another way to rent your home out.
Airbnbs have a few advantages:
- Airbnbs tend to make a little bit more than traditional renting. However, the downside with that is that they come with significantly more work. You’ll need to let the guests inside, clean in between, and do many more tasks associated with giving your guests a high-quality stay. Or, you’ll need to pay for a management company to do all that for you.
Still, if your inherited home isn’t in too bad condition and you want to take on the extra hassle, turning it into an Airbnb is a great way to make some extra money.
4. What to Do With an Inherited House? Make It a Vacation Home
If you have relatives or friends in Birmingham and like to visit there often, another option would be to make it a vacation home. You could fix the property up a little bit and have it as a second-place where you can stay, relax, and unwind.
One of the nice things about having a vacation home is that you can turn it into a little retreat. You can paint the rooms and buy furniture in a way that you might not do with your main home.
5. Flip It
Many people decide to fix up an inherited home on their own and then try to sell it. Some people will even take this a step further and sell it themselves (for sale by the owner).
While flipping it might sound tempting, it’s hard to do unless you have extensive experience. There’s a lot of work that goes into fixing up homes, finding the right contractors, and choosing suitable materials. Additionally, you need to know which repairs will make you the highest bang for your buck (kitchen and bathroom repairs rank highest on that list).
If, however, you feel confident in your ability to fix the home up, it’s certainly an option. And, if you’re looking to learn or flip it as a “hobby,” then it’s undoubtedly a great way to get started doing that!
What to Do With an Inherited House? For Most People, Sell It!
Most people will probably want to sell their inherited home. While you can rent it out, turn it into a vacation home, or do something similar with it, the situation that makes the most sense is often to sell.
With Cash Home Offer USA, you can sell your inherited home in a matter of days. Once you contact us, we can write an all-cash offer for your home. You can close in as little as a week (or you can close later if you choose to do so).
All in all, you can be out of your inherited home in as little as seven days!