Have you recently inherited a property? Then you’ll know that inheriting a property can be a highly emotional experience. Under these affecting circumstances, the process of trying to sell that inherited property can unfortunately develop into an unnecessary and stressful hassle. If you’re looking to sell your inherited property, taking some time to outline your options will benefit you in the long run. Here are our top five tips to consider before you make the choice to sell your inherited property.
Do your research
While many people opt to sell inherited property directly, you may find that, during this trying time, you could stand to benefit from some expert advice. Applying for probate in particular is often a lengthy and confusing process, and it can be some time before you even get to the step of selling an inherited property, as the GOV.UK website notes. Inheritors would benefit from researching the different ways in which to sell an inherited property. Even if you take advice from solicitors or estate agents, it would be beneficial in the initial stages to gain a greater understanding of what to expect later down the line.
Establish your best selling option
Once a property has been inherited, the choice of whether to keep, sell or rent out that property is both pertinent and potentially upsetting for everyone from sole inheritors to executors of estates with multiple beneficiaries. While some beneficiaries may feel a sentimental connection to the property, others may want to sell it outright, Integrated Realty Group observes. If you’re intent on selling the property, you’ll find that there are several paths you can choose between in order to sell it.
Choosing to go down the traditional route of selling through an estate agent would enable you to benefit from their expertise during such a trying time. However, do bear in mind that you have other options, and can opt to sell your inherited property directly and so cut out the estate agent fees. Indeed, choosing to sell via an estate agent could turn into a long and costly process. Do your research, and establish what options you have.
Don’t panic if your inherited property isn’t in top condition
Preparing your inherited property for sale might be the most emotional aspect of the process. This can be made even more stressful if the property has been left in poor condition. While improving the condition of the property is key to improving its chances of sale, don’t panic. You do have options: there are services like Probate Purchasers which guarantee to make you an offer regardless of your property’s condition.
Save money by doing some of the clearing yourself
The prospect of physically clearing out the contents of a property owned by a loved one is one most of us would find daunting. If you’re looking to sell your inherited property, it could be your responsibility to ensure the property is cleared of its contents. Removing some of those contents yourself, or tending to the property if it is in poor condition, can save time and money in the long run. While there are companies which offer the service of clearing the house for you, some families might benefit from dealing with the possessions of their loved one themselves, the Bereavement Advice Centre says.
Ensure an unoccupied property is secure in the meantime
While you’re waiting to clear the property, or for a sale, ensure that your inherited property is as secure as possible. Even if it is emptied of its contents, a break-in could lead to damage or vandalising of the property. Whether by improving the locks, parking a car in the driveway, or pulling the blinds down at night, taking steps to ensure the security of the property during the sale process is important, and will help to avoid any further issues later.