If you’ve inherited a property and you’re planning to sell it, make sure you read this blog post for 3 tips about how to price your inherited home in Puyallup for sale…
Did you inherit a property that you’re now thinking about selling? While an inherited property can be a wonderful gift from a loved one who has passed on, it can oftentime be a costly burden. So selling it makes sense and allows you to use the gifted equity for some other purpose. But selling an inherited property may not come easy to you, especially if you haven’t sold a property in a while. So here’s how to price your inherited home in Puyallup for sale:
Tip #1: Price Competitively To Sell Quickly
Some people price their inherited property at an amount they think the market might pay for the house. However, there are many factors that go into this price and one of the biggest considerations is: how fast do you want to sell? Selling through an agent “on the market” can take months, and you’ll have to pay for the house and maintain the property the entire time. That can be costly and can eat into the higher price.
Many property owners quickly learn that they’re almost better off to price slightly lower for a faster sale… they might get less for the house but they also pay less on repairs, carrying costs, effort, and time, so it’s ultimately a trade-off that might turn out to be a total wash.
Tip #2: Avoid Pricing Based On Fond Memories Or Emotion
One of the biggest challenges that property owners of inherited property face when trying to price their property for sale is separating the happy memories from the true value of the house. The house might be worth a certain amount on the market but you may have such fond memories of growing up in the house or of happy times in the house that you accidentally use that emotion to increase the price. (This is VERY common.)
A better approach would be to work with a real estate company and find out what they can offer you, and recognize that the price might be lower than you were expecting… not because the house isn’t worth as much but because your wonderful memories have accidentally inflated the price!
Tip #3: Build In Discounts For Repairs
Tip #3: Build In Discounts for Repairs
If you’ve inherited a property from a loved one who lived there for many years, it’s quite possible that the property will require some repairs. Older homes often come with a variety of maintenance issues, from minor cosmetic updates to significant structural repairs. While you might consider undertaking these repairs yourself to increase the property’s value and ask for a higher price, there’s another strategic approach that could save you both time and effort: offering a “repair discount.”
Offering a repair discount involves setting a lower asking price that accounts for the estimated cost of necessary repairs. This strategy has several benefits. First and foremost, it spares you the hassle of managing the repair process, which can be time-consuming and stressful. Coordinating with contractors, scheduling work, and overseeing the quality of repairs can be overwhelming, especially if you’re not experienced in property management or construction.
By providing a repair discount, you transfer the responsibility of the repairs to the buyer. This can be appealing to buyers who prefer to have control over the renovation process, allowing them to choose materials and finishes that match their personal preferences and needs. It also opens up your potential buyer pool to include those who are looking for a fixer-upper project, which can often sell more quickly than a property that’s priced at a premium due to recent repairs.
Financially, offering a repair discount can be just as advantageous as completing the repairs yourself. When you consider the costs associated with repairs—such as labor, materials, and potential unforeseen expenses—you might find that the profit margin isn’t significantly higher than what you’d achieve by selling the property at a discounted rate. Additionally, pricing the property with a repair discount can lead to a quicker sale, reducing the amount of time the property sits on the market, which can save you money on holding costs like property taxes, insurance, and utilities.
In summary, building in discounts for repairs is a practical and efficient strategy for selling an inherited property. It allows you to avoid the complexities and costs associated with making repairs yourself, while still positioning the property attractively to potential buyers. This approach not only saves you time and effort but can also lead to a faster and smoother transaction, ultimately achieving a similar financial outcome.
Summary
An inherited house can be a lot of work so if you’re thinking of selling it, you’re certainly not alone. But how do you price an inherited house? These tips will guide you on how to price your inherited home in Puyallup for sale.
Why not bypass all the work and cost of selling through an agent and instead get in touch with us today about selling your inherited property to us here at Sell My House Now LLC? Just call us at (253) 799-1210 or click here and enter your information in the form.