What To Do With Your Unwanted Inherited Property In Washington DC, PG County, Montgomery County

Getting an inheritance when a loved one dies doesn’t always feel like a windfall — especially when it’s real estate that you don’t want. If you live in a state with an inheritance tax on property, you might not want to deal with a tax bill, or you’re dreading the hassle of selling the property. There’s also the possibility that just have no idea what to do with it. The reason why you don’t want to keep property that someone has left you doesn’t really matter. The important thing to know is you have options. 

Inherited A House | Exit Strategy Investments
A very popular item that is inherited and frequently unwanted is real estate property. What now?

You Might Need To Do A Probate

First of all, the property will most likely have to go through a probate process depending on how it is currently deeded. Check into the local and state laws regarding the inherited property. If you have already completed probate, you may have to do an additional probate in the county or state the property is located, especially if it differs from where you live in order to have full legal rights to the property. For more information regarding these laws, contact Super Savvy Home Buyers LLC at 1-800-777-4773 to discuss potential probate for your unwanted inherited property in Washington DC, PG County, Montgomery County, Washington DC and Maryland. 

You Could Rent It For A Profit

If you inherit a single-family or multi-family residential home, and you don’t want to live there, consider renting out the property. This could be a nice addition to your bottom line. You might have to make a few repairs or upgrades to make it marketable, but over a short amount of time, it will be a really good investment since you didn’t have to make a large purchase to have this extra income stream. You might have inherited this home or multi-family property with renters in place; even better! This will save you the trouble of fixing it up and finding tenants. 

If you inherit commercial property and you don’t own a business or don’t plan on starting a business, you could also rent this property out! There are plenty of business owners in Washington DC, PG County, Montgomery County looking for a new place to run their business, especially if the property is in a prime location with plenty of traffic. These properties tend to have a pretty nice return.

Of course, being a landlord isn’t everyone’s cup of tea. There is a lot of responsibility that falls on the landlord’s shoulders; broken major appliances, roof repairs, cracking driveways, potential structural issues, annual taxes, homeowner or property owner’s association fees, finding new tenants… the list goes on. 

You Could Sell The Property

If you do not want to live in or occupy the property in any way, then selling would be another option of what to do with your unwanted inherited property. Please call us at 1-800-777-4773 to discuss the market value of the property and the possible options of selling your unwanted inherited property. Do a little research to see what similar properties to yours are selling for before calling any real estate buyer or real estate agent. Get a good idea of what fair market value is, that way you’re not shocked when you hear the price. Keep in mind, cash buyers with quick closings will probably offer you a bit less than average market value because they save you a lot of real estate fees and commissions in the long run, and will often pay for the closing costs.

Donate the Property

You could donate property you don’t want to a charitable organization to get a tax deduction. If you itemize on your federal tax return, you can claim a deduction for the fair market value of the property, the price at which it would sell. You’ll need to get an appraisal by a professional appraiser and file Form 8283 if you claim a deduction for a donated property of more than $5,000, according to the IRS.

Give Super Savvy Home Buyers LLC a call at 1-800-777-4773 or send us a message to discuss what to do with your unwanted inherited property.

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