Inherited a Property in Woodstock, GA? Here’s How to Sell It for Cash

Inheriting a property can be both a blessing and a challenge. It’s an emotional time, and the added responsibility of managing or selling a home can be overwhelming. If you've inherited a property in Woodstock, GA, you may be wondering about your best options. This guide will help you decide what to do next.

Two Clear Options: Keep It or Sell It for Cash

When it comes to handling an inherited property, you have two main choices: keep it or sell it. The decision hinges on your financial needs, the condition of the property, and your long-term goals. Here are ten key questions to ask yourself:

  1. Do I need the money from a sale?
  2. Is there outstanding debt, taxes, or liens on the property?
  3. How much equity is in the property?
  4. Are there tenants currently living there?
  5. Am I prepared to manage the property?
  6. Does the house need repairs, or is it move-in ready?
  7. What are the ongoing expenses?
  8. Do I need a place to live?
  9. How close is the property to where I live?
  10. Are there any major issues with the property?

Weigh Your Options Carefully

Picture of a kitchen that has been demoed and is looks like the improving of the space has begun. The floors and walls are being prepped.

Answering these questions will help you make a well-informed decision. Many people rush to make decisions during such stressful times, but it’s crucial to approach this with a clear mind. Remember, keeping a property comes with its own set of challenges, especially if you're not experienced in property management.

If you decide to keep the property, your next step is to decide whether to move in or rent it out. If selling is the right choice for you, the big question is whether to sell to a cash buyer or go through a realtor.

Keeping the Property

If you choose to keep the property, congratulations on your decision! Now, you need to decide whether to live in it or rent it out. For single-family homes, the choice is straightforward: either move in or find tenants. If the property is a multi-unit building, like a duplex or triplex, you could live in one unit and rent out the others.

Systems

  1. Roof/Exterior
  2. Electrical 
  3. Plumbing
  4. HVAC/Water Heater
  5. Foundation/Crawl Space

Also, inspect how the property handles rain and storms. Neglecting these areas can lead to costly repairs later. Whether you’re living in the property or renting it out, staying on top of maintenance is essential.

Square collage featuring four images: a corroded old air conditioning unit, a roof with many missing shingles, leaking plumbing with water stains in a basement, and mold growing on basement walls, demonstrating that Boone Buys Houses purchases homes in any condition in Woodstock, GA.

In the scenario where you move into the house, you will have to account for any repairs or replacements in your budget. On the other side of things, you will have to account for repairs and replacements in your annual business plan when renting the property. It is good that you can absorb the cost as a business expense, but you must control all expenses. Successful rental property owners only have a positive cash flow of $100 per month. Renting a house is a long-term play so your plan needs to be solid.

Moving Into the Property

If you plan to move into the property, here’s what you need to do:

  1. Make necessary repairs or updates.
  2. Move in and enjoy your new home.

Renting Out the Property

If you’re leaning toward renting the property, follow these steps:

    1. Prepare the property: This might include making any repairs, landscaping, painting, ensuring all appliances are working, and making sure the property is safe.
    2. Consult a lawyer: Have a solid lease agreement drafted.
    3. Set up your business: Form a legal entity and open a business banking account.
    4. Market the property: Attract quality tenants.
    5. Screen applicants: Conduct background checks and approve your tenant.
    6. Manage the property: Decide whether to self-manage or hire a property management company.
Image of a freshly painted house in Woodstock, GA, representing a property purchased for cash by Boone Buys Houses. The homeowner was unable to complete the renovations due to financial constraints and needing to sell fast. This picture illustrates how Boone Buys Houses steps in to provide a fast and easy solution for selling unfinished homes in Woodstock..

Selling the Property for Cash

Selling an inherited property for cash in Woodstock, GA, is a smart move for many homeowners. It’s quick, hassle-free, and allows you to move on without the burden of property management. Here’s how you can do it:

If you want top dollar, working with a realtor might be your best bet. However, be prepared for the additional time and costs involved in making the property market-ready. This includes repairs, updates, and navigating buyer financing and inspections. The closing process could take 30 to 60 days or longer.

On the other hand, if you’re looking for speed and convenience, selling to a cash buyer is ideal. Cash buyers typically purchase properties as-is, meaning no cleaning or repairs or updates are necessary. Plus, you can close in as little as two weeks.

If you're in Woodstock, GA, and are considering selling your inherited property for cash, a local home-buying company can provide you with a quick, fair offer, helping you avoid the complexities of the traditional selling process.

Joe

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