Inheriting a property can be a blessing but also a burden in disguise. Aside from the emotional attachment, whether it’s a family home or a property that you have inherited from a loved one, there are occasions where inherited properties need to be sold quickly.
Some scenarios where properties usually need to be sold quickly include:
Liquefy An Asset
Properties are generally great high value assets, but they are only valuable to someone if they are income generating or if they can convert to cash quickly. If a property is not generating income, it may become a financial burden as even vacant properties have holding costs like Land Tax, Council Rates and Repairs. Holding an inherited property if not part of your overall financial strategy, may become more of a burden than a blessing.
Location
We live in a world where travel and relocation are common and there are many families that now live in countries far apart from each other. Inheriting and managing a property from afar may not be convenient or could potentially have unwanted tax and financial complications along with the inconvenience of managing the property itself.
Multiple Beneficiaries
While families tend to be fair and amicable, the truth when it comes to assets and investments is there are often varying levels of opinions and expectations when several beneficiaries are involved. Everyone has their own point of view. This is why wills are important and why we also have probate process in Australia. In some cases, agreements are made to sell a property and simply divide funds accordingly. This is where contacting a home buying company can be helpful as the property can quickly be settled in cash and all parties involved can move on.
Goals and Priorities
Assess your position, goals and priorities to determine whether you want to hold the property or if you want to sell. If you do want to sell, you have options available including:
Get a Professional Appraisal
Engaging a proper valuer or appraiser costs money and will give you an estimate value of your property. Once received you can work out your next step.
Hiring an Experienced Real Estate Agent Vs Selling Privately
The right real estate agent can make a world of difference when selling your property. A well experienced agent can help take the pressure off you because they sell homes for a living and the sales process can be an arduous and time consuming one involving:
Marketing & Advertising
People need to know that you have a property for sale. Online and offline marketing channels need to be utilised to gain interest.
Presentation & Photographs
Having some great photos of your property will go a long way. It will help justify your asking price among a competitive market and will make it easier to attract buyers to visit your property.
This all-costs money and you will be charged. Keep in mind some real estate agents may offer some optimistic values to “get the work”. In addition, they will charge you a sales fee (which is a percentage of the property value you pay to the agent once they have sold your home). This process also takes 6+ months as a minimum before you get your money.
Property Staging & Repairs
Staging usually means taking out all your items and furnishings in the property and staging to suit the theme or targeted audience best suited to buy your home. This usually reveals if any repairs or further improvements are required to achieve a good sale price and whether the additional time and money is worth spending for the potential return.
Flexible Showing Times
While open inspections are often scheduled for the weekend during specific hours, buyers have limited time to view multiple properties or even to view your property with their own busy schedules. If you have gained interest based on your listing, they will likely want to have a tour and a good look of the property before commencing discussions. This may mean more open inspections or private viewings which may occur during or after business hours any day of the week
As you can see from the above, selling your home is a big task.
If you’re not up to selling your property, need to move quickly without the hassle of having to pay fees for the preparation and sale, as well as wasting time and money on fixing up the property while also dealing with trades and open inspections, then there are options.
Working with a home buying company like us at Sell My Home Today means you can cut out all the headaches with the selling process and get straight to the point of getting your property sold fast and settled in cash. This eliminates cooling off periods and other delays and gets the property sold quick. Dealing with an inheritance and a loss in the family can be stressful enough let alone if you need to resolve and settle differences of opinions. Perhaps you don’t even live in the country and need to move quickly to return home?
Sell My Home Today is a home buying company in Adelaide, and we work with properties throughout South Australia. If you have a property to sell quickly, get in touch with our helpful team at Sell My Home Today for your no obligation free quote today!