19. I Inherited a House, What To Do? – Should I rent or sell in New Canaan CT?

We Buy Houses in New Canaan Connecticut. We are homebuyers in CT, and first, we’re so sorry for your loss. This can be a very challenging time for many reasons, and dealing with property ownership is tough at the best of times. You’re thinking, “I inherited a house, what to do with this house?” Should I rent it? Should I sell my house in New Canaan?  How should I sell it?

Tons of options open for you, but…… we can help.

We’re seasoned investors in New Canaan CT real estate, and we’re looking to buy several properties each month in the New Canaan CT area. Every month we get calls from those who have home inheritance and are looking to sell their inherited property… so the info below are some tips to help you navigate the process if you want to sell your inherited house.

I Inherited A House in New Canaan CT, What To Do Next?

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

1) Make sure the mortgage is paid in New Canaan.

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 CT 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) Connecticut property ownership costs money.

It’s rare to see a building that’s been perfectly maintained. Most inherited homes 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) Sell your house in New Canaan CT 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 New Canaan CT houses for cash, as-is.

5) If the CT market will continue to grow faster than your other options, hang on to the investment.

We can help you analyze the value of your property 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) Uncle Sam wants a piece of the action in Connecticut.

Don’t forget to discuss your inheritance with tax and legal professionals before you take action. There are major property and income tax consequences that will dramatically impact the cost of owning your investment.

7) Consider all your options in Connecticut.

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

8) Compare a few scenarios in New Canaan.

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

New Canaan CT Home Buyers

We at Sell My House In Connecticut offers cash for houses in New Canaan CT and we will purchase your home fast for cash so you don’t have to deal with agents or realtors. This means that when you sell your house in CT to us, there is virtually no cost to you. No repair cost, no holding costs, no closing costs, and no agent fees. We can close on your schedule. Give us a shot and see how much we can offer for your property in New Canaan Connecticut.

Just call us today at (203) 904-2783 or contact us now for more information on how we can make you a fair cash offer on your inherited house today!

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