Tons of options open for you, but we can help. We’re seasoned investors in Wakefield real estate, and we’re looking to buy several homes each month in the Wakefield MA area. Every month, we get calls from those who have inherited a property and are looking to sell it, so the info below are some tips to help you navigate the process.
I Inherited A House In Wakefield, What To Do Next?
Here are a few important considerations to help you make the right decision:
1) Make Sure The Mortgage Is Paid In Wakefield MA
This may sound obvious, but if the person who left you a property also had a mortgage (unless it had no mortgage and was paid off, which is great!), you have to pay it (assuming you want to keep the property). Some banks will allow you to assume the loan, while others may force you to refinance into a new loan. If you don’t qualify for a new loan, renting may not be an option for you.
2) The Investment Is Only As Good As The Manager In MA
If dealing with brokers, maintenance, tenants, rent collection, and all the nuances of property management isn’t the best use of your time, hire a professional to help you or cash out now. Some people who inherit homes decide to keep the house and rent it for extra income. That’s a great strategy, for sure. You just need to be prepared to manage the property and the hassles that can go along with tenants and toilets.
3) Wakefield MA Property Ownership Costs Money
It’s rare to see a building that’s been perfectly maintained. Most inherited houses need major improvements.
Consider hiring a professional property inspector to give you a detailed rundown on what you’ll need to do within the next five years, along with estimated costs. Surprises are very, very expensive.
4) Selling A Wakefield Property For Top Dollar Costs Money
If you don’t want to deal with making repairs, updating kitchens, improving landscaping, and overall cleanup, don’t worry. We buy Wakefield houses for cash, as-is.
5) If The Market In MA Will Continue To Grow Faster Than Your Other Options, Hang Onto The Investment
We can help you analyze the value of your property today versus the long-term benefits of renting. If you can use the equity in your property in another way that outpaces the performance of the real estate market, you should. If you don’t have anything better to do with the money and the neighborhood is rising in value, hang on – real estate can be a great investment if you know how to correctly read the market.
6) Uncle Sam Wants A Piece Of The Action In Massachusetts
Don’t forget to discuss your inheritance with tax and legal professionals before you take action. There are major property and income tax consequences that will dramatically impact the cost of owning your investment.
7) Consider All Your Options In Wakefield
In certain situations, we may be able to help you structure a lease-option agreement that allows you to rent and sell at the same time, capturing the best of both worlds. These kinds of deals can be complicated, but our Wakefield investment experience can help you win.
8) Compare A Few Scenarios In Massachusetts
We’ll help you determine prices for any property near Wakefield – if you sold it today without doing any work, the highest price the market will bear, and the projected value of keeping it as a rental (along with the costs).
Wakefield MA Home Buyers
New England Home Buyers is a team of reliable and professional homebuyers in MA. If you need expert advice on what to do with an inherited property that you don’t want or wish to sell your house in Massachusetts, feel free to get in touch with us! We offer cash for houses in Wakefield and other parts of MA as well as excellent services to anyone who needs guidance in dealing with real estate-related matters.