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 Kansas City for sale…
Have you inherited a property and now you are considering selling? When a loved one passes on a property to us after they pass on it can be a wonderful gift, but it can also become a costly burden. In that case selling it makes sense and you can access that equity for some other use. So selling it makes sense and allows you to use the gifted equity for some other purpose. The problem is that selling an inherited property may not come easy. So here’s how to price your inherited home in Kansas City for sale…
Tip #1: Price it right to sell fast
A lot of people price their inherited Kansas City property at a price they think the market would pay for the house. There are a lot of different factors that go into this price and one thing a seller of an inherited Kansas City house should consider is: how fast are you wanting to sell? If you decide to list with an agent on the open market that could take months and you’ll be stuck paying for the house and have to maintain it the whole time. Sometimes that can be costly and eat up your equity.
Many owners soon learn that they would have been better off to price it lower so that they could get a quick sale. They may get less for the house but they avoid paying many of those costly carrying costs, so basically it’s a trade-off that ends up being a total wash.
Tip #2: Keep emotion out of the equation
This is by far one of the hardest things for owners of an inherited house to do. Keep emotion out of it. Your inherited Kansas City home may be full of a ton of fond memories but that doesn’t make it more valuable on the market. Many owners unfortunately don’t recognize this and they end up overpricing the house.
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
If you inherited the property from a loved one who had lived in the property for many years then you might find out that the property needs some repairs. You could choose to do this work yourself and then ask for a higher price but why do that when you could save yourself the time and effort (and what you’d have to pay for equipment, supplies, or a contractor) and instead just ask for less and give a “repair discount”. That way you avoid the hassle of the work, and you still come out the same financially.
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 Kansas City for sale.