Receiving an inheritance isn’t always a welcome surprise, especially when it’s real estate you don’t want in New Orleans. If you live in a state that has an inheritance tax on real estate, you may not want to deal with a tax bill or the hassle of selling the property.
There’s also the possibility that you don’t know what to do with it; you may be caught between choosing to sell or rent extra property in New Orleans.
Keep reading below to find out the options that are available to you.
Determine the Property’s Value
Before deciding what to do with extra property in New Orleans, you’ll need to determine its market value. An appraisal may have been performed as part of the estate valuation of the person who left you the property.
However, the appraisal may not accurately reflect the New Orleans property’s market value. Having a real estate professional appraise the property may help you decide whether or not to sell it and how to sell it. Alternatively, finding a reputable cash home buyer in New Orleans LA can give you peace of mind knowing you’re getting the right price for your property.
Renounce It
In the case of inherited properties, you can reject a New Orleans property by renouncing or disclaiming it if you don’t want to cope with the trouble of renting or selling it.
With a renunciation or disclaimer, the property falls to the next person in line, as specified by the original property owner’s will or state law, and you would no longer be entitled to receive it.
Usually, you have a limited window of opportunity to renounce inherited property, and you must file your renunciation with the county register of deeds office. Suffice to say, this option is something you’ll need the help or a legal professional with.
Rent It Out
You may be able to generate a passive income stream by renting out the property you inherit if it is in good condition. However, if you intend to handle the New Orleans home yourself, the rental income might not be all that passive.
Alternatively, you can hire a management company to look after the rental property if you don’t have time to interact with tenants or if the property is located in another state. As a general estimate, you should prepare to give a management business roughly 10% of your rental income.
Your property may also be able to generate more revenue if you convert it into a short-term holiday rental and offer it on sites like AirBnB or HomeAway.
Sell It
Last but not least, you may simply choose to sell your house fast in New Orleans. After all, who doesn’t want some extra money in their bank account? There are several options to choose from: you can sell your property to a realtor, an investor, or as-is at an auction.
That said, remember that these options have their own pitfalls. First, the commission for the real estate agent is normally 6% of the sale price of the property. If you choose to go with an investor, working with an experienced one will go a long way in smoothing out any kinks that come with selling your property.
Finally, selling your New Orleans property at an auction does not necessarily guarantee that you’ll get a fair price for it.
Ready to Sell Your Home?
Your last option is to sell to a professional home buyer. The main benefit to this is that selling the house to a cash home buyer ensures that you receive a fair price for your property. This is because selling directly to purchasers enables you to save all costs and avoid paying the agent’s commission.
Ultimately, selling a house to a cash home buyer is less complicated than selling to a real estate agent. After conducting a thorough inspection, these buyers will be able to give you a fair price for your home as-is.
If you need to cash home buyer in New Orleans LA, our team at Albatross Home Buyers can walk you through the steps you need to take to sell your home. To learn more about our buying process, call us at +1-504-517-3956.