What To Do With Your Unwanted Inherited Property in New Orleans LA
In today’s time, much inherited real estate property is simply unwanted. When someone passes away, their properties are usually given to close associates. This includes immediate family, friends or business associates. The receiver of this “inheritance” then takes responsibility for house repairs, future landlord duties, property taxes, and possible HOA dues. This new responsibility does not suit everyone. If you have inherited an unwanted property, what can do you do?
You Might Need to Go through Probate
First, based on the way the property is deeded, it might need to go through the probate process. Check local and Louisiana laws regarding inherited property. If you have already completed the state probate process, local requirements may remain. Especially if the property is in a different parish.
Sometimes the probate process drags out and it can take months. But don’t fret. We do this all over the country and have systems set up to track long term projects. We don’t lose focus and will make sure you don’t have headaches over the sale. Recently one of our customers inherited a house which was caught up in the probate process. A call to Louisiana Direct Home Buyers brought our attention to his property, and selling an inherited house, for him, was no big deal anymore.
For more information, call (504) 500-5608 about selling your unwanted property in New Orleans LA.
Rent It for a Profit
An unwanted inherited single family or multi family residential home can be a good rental property (and additional income.) This benefit you, but might be some work for you. Often some repairs and upgrades are needed to make it more appealing to potential tenants. However, this can be a good investment opportunity since you spent nothing to get the property.
If you’ve inherited the home (or multi family units) and it’s currently occupied by paying tenants, that’s even better! You will avoid the hassle of rehabbing it immediately and finding paying renters.
If it’s commercial property you have now, and don’t plan to start a business, renting it out can be the best option. More and more entrepreneurs in New Orleans are looking for a new place of business in a prime location. Properly situated, these properties can produce a pretty nice return.
Of course, being a landlord isn’t everyone’s wish. If you’re a new property owner, give us a call to discuss your options.
Give the Property Away
Another option for your unwanted inherited property would be giving it to a charity or the city in which it lies. You should contact the chosen recipient for their donation process.
There might be some tax advantages for you. You could also gift the property to one of your family members, children or friends. You will need to still go through the probate locally to take full ownership to give or donate the property. If you wish to take the donation path, call us at Louisiana Direct Home Buyers. We can facilitate a transaction that is simple for you and your beneficiary.
Live in the House
Many heirs decide to move into the property they inherit. If this is the option that appeals to you, holler at us. We can give you information as to the kind of repairs needed on the house and can advise you which option brings the best value for you and your family. We can also put you in contact with area contractors that rehab houses in New Orleans.
Sell the Property
Selling your unwanted inherited property is a great option if you will not live there. Give us a call at (504) 224-9066 to discuss the possible options of selling your unwanted inherited property. Often we make is possible for you to sell the house fast. Do a little research to see what properties are similar to yours and their selling price. (Warning, you can’t just go by the Zillow numbers, and sales prices vary widely from the prices buyers actually pay).
Talk to us before calling a real estate agent. Get a good idea of what fair market value is. Remember, cash buyers offer less than the market value as they want to save more in real estate fees and commissions. And we normally pay all closing costs! Our company buys houses all over the New Orleans area.
Contact us today at (504) 500-5608 or send us a message to discuss what to do with your unwanted inherited property. We’ll be glad to talk to you and give you a cash offer for the house.
Disclaimer: Inheritance laws vary from state to state and we do not pretend to have expertise in things like intestate succession, capital gains taxes, or inheritance taxes. We suggest you consult legal and accounting professionals on these matters. You can also read up on probate articles such as this.