Selling Your Inherited Property in Indianapolis For The Right Price
Selling An Inherited Home can be difficult for a ton of reasons – obviously. So if you’ve inherited a property and you’re planning to sell it, make sure you read this blog post for 3 super helpful tips about how to price your inherited home in Indianapolis for sale…
Did you inherit an Indianapolis 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 also (quite frankly) be a super costly burden.
So selling it makes a lot of sense and allows you to use the gifted equity for some other purpose that may work much better for you and your family. But selling an inherited home in Indianapolis may not come easy to you, especially if you haven’t sold a house in a while. So here’s how to price your inherited home in Indianapolis for sale…
Tip #1: Price Your Inherited Home To Sell
Some people price their inherited property at an amount they think the market might pay for the house. However, there are a ton of 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 learn pretty quickly that they’re better off to price slightly lower for a faster sale… they might get less for the house but they also pay less on expensive repairs, carrying costs, effort, and time, so it’s ultimately a trade-off that might turn out to be a total wash in the long run.
Tip #2: Avoid Pricing Your Property Based On Emotion
We genuinely understand that this is one of the biggest challenges that property owners of inherited property face when trying to price their property for sale. Separating the happy memories from the true value of the house can be tough.
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 with family 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 local Indianapolis Home Buying Company and find out what they can offer you for your inherited house. Just 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 house from a loved one who had lived in the property for many years then you might find out that the property needs some costly repairs. You could ultimately 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”.
This 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 Indianapolis for sale.