I Inherited a House, What To Do? – Should I Rent or Sell in Dallas?

by Amara Amy Digital Marketer

This can be a very challenging time for many causes, and dealing with property ownership is difficult at the best of times.

If you inherit a mobile home in Dallas and thinking about what to do with this home?” Should I rent it? Should I sell it? How should I sell it? We can help.

We’re mobile home buyers in Dallas, and we’re looking to buy several houses each month in the Dallas TX area.

Here are a few important considerations to help you make the right decision:

1) Make sure the mortgage is paid.

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.

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) 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 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 Mobile home for cash Dallas, as-is.

5) If the market will proceed to grow faster than your other choices, hang on to the investment.

We can help you examine the value of your home 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) Consider all your options.

In certain situations, we may be able to help you structure a lease-option of the 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 Dallas investment experience can help you win.

7) Compare a few scenarios.

We’ll help you determine prices for any property near Dallas – if you sold it today without doing any work, the highest price the market will bear, and the projected cost of maintaining it as a rental (along with the costs).

We here at America Buys Houses are different from any other buyers. After you contact us and give us the property information, we will make you a fair, all-cash offer within 48-hours, and that isn’t even the best part. We never tell you when to close. To contact us, simply fill out the form on our website, or give us a call at (972) 523-0065 for a faster response.