Sell an Inherited House in Kansas City
Inheriting a house from a loved one can often times be a blessing and an amazing gift or it can be a curse and a burden that you aren’t prepared to deal with. When you inherit a home you have a few different options. You can sell an inherited house, you can keep the house and turn it into a rental property, or you can move into the home.
What is the house worth?
One of the first things you’ll want to know is what the home is worth. In some areas you can use online home valuation tools to get a rough idea what the home may be worth, in other areas you may be able to speak with a local Realtor to get a free home valuation. When using an online valuation tool keep in mind that doesn’t always mean that you’ll get that amount if you choose to sell. These are estimates that don’t consider the condition of the home or the condition of the comparables.
Do you know how much is left on the mortgage?
You’ll need to find this out as well. If the home does have a mortgage you will need to contact the lender in order to find the outstanding balance. You will want this information so that you will know your net proceeds if you sell the home.
Are you the only one inheriting the home?
If you are considering selling the property and you’re not the only one that inherited the property then all involved will have to agree what to do with the house.
Capital Gains Tax When You Sell An Inherited House in Kansas City.
Unfortunately when you decide to sell an inherited house in Kansas City, you may be subject to tax on any gains you realize from the sale of the property. Being in the Kansas City area will make this a bit more complicated since laws vary from state to state and what you’ll be required to pay may be different in Kansas and Missouri.
When you sell your personal home you are not usually subject to paying taxes. Most residences will qualify for the home sale tax exclusion. If you decide to sell an inherited house in Kansas City that’s not the case. One thing you may want to consider is speaking with a CPA prior to selling so that you’re aware of what tax responsibilities you may have when selling.
Get the Property ready to be sold
Before you sell the house one of the first things that you’ll want to do is go through and remove any personal items you’d like to keep. More than likely as you go through your loved ones possessions old memories will start to come back. You won’t be able to keep every memento that brings up those happy times, but likely you’ll want to keep a few of the most precious items. It’s important that you have the time to go through the home prior to selling it.
Once you’ve removed what you want to keep, you may want to hold and estate sale or a yard sale to get rid of the rest of the possessions. If this is too big of a job you may want to consider hiring a company to take care of this for you
Do you need to sell the home quickly or do you have time to list it with an agent.
One of the final decisions you’ll need to make is how you want to sell the home. If you want to sell an inherited house in Kansas City you may want to consider a couple of different options. If you are not in a rush to get rid of the property, it’s in good shape, and the real estate market is strong you may want to consider speaking with a Realtor . A qualified agent can walk you through this process and help you determine a price to list the home.
If you happen to be in a rush, the house is in need of a lot of deferred maintenance, or you just don’t want to go through the hassle of selling the traditional way, you may want to consider selling to a we buy houses company These companies will pay cash to help you get rid of the home as quickly as possible.
Regardless of the method you choose to use if you sell an inherited house in Kansas City, we can help. As a licensed agent and investor I will work with you to help you make the right decision for you and your family. For an obligation free consultation, give me a call or send me an email, I’m here to help.