Home is one of the greatest inheritances that our parents or grandparents could give us. It is full of memories and stories waiting to be heard. Letting go of your childhood home is never easy but when the time comes, you should be prepared for it. In this article, I’ll give you some tips on what to do when selling an inherited property.
Requirements should be at hand
Before making any transaction make sure that the land or house is properly transferred under your name. My advice is to get legal advice first before making any move. Lawyers can help you with the legal process and will make sure that everything is done correctly.
Also, check the appropriate documents like for instance the most important one, the Land Title should be within your care at all times. Once everything is settled, you can then proceed with selling it.
Estimate the price of the property
Conduct some research on the present quotation of the property. Remember that when a house is in a prime location, for instance, close to business districts, commercial centers, and other key locations such as schools, hospitals, and major thoroughfares your home may appreciate more and you can sell it at a higher price.
To get the right estimate for your home, it is best to hire a Real Estate Professional because they are more knowledgeable in this kind of thing. Also, they are trained for negotiations to get you the right deal for your property.
Consult with your Real Estate Professional
Selling an inherited home can be emotionally and financially challenging. Seek guidance from professionals such as a real estate agent, lawyer, or financial advisor to help you make the best decision for your situation.
They can provide valuable insight and advice on how to handle the sale of your inherited property. These people can handle your paperwork, closing deals, and additional requirements. A professional standing beside you through the process can help you focus on the important matters.
A quick rundown of your home
It may be a difficult time to remove the personal items that hold special memories in you but, little by little you should clear some of them to prepare for the next residents. Start by clearing personal items it will help show the spaciousness and the original design of the property. List some of the things that need fixing and renovating.
There is research that home improvements can even increase the price of your property. But keep in mind to focus on the projects that make your home glow and if some of the parts of your home are still in good shape you should let it be. Home renovations can be costly, and limiting the things that need to be repaired ensures a better return on your investment in the long run.
Home staging
Staging your home can play a vital role in attracting potential buyers. A well-staged property allows buyers to envision themselves living in the space, which can significantly impact their decision-making.
Remove clutter, arrange furniture to maximize space, and ensure the home is clean and well-maintained. Small improvements, such as a fresh coat of paint or updated fixtures, can make a big difference in the property’s appeal.
Don’t forget about taxes
It doesn’t mean that you are letting go of a property where there are no more responsibilities, there still are. In the Philippines, we have something called Amilyar or Real Estate Property Tax.
If you successfully sold your home before January, the buyer will now be the one to pay the Real Estate Tax. But, if you sell the home after January, you still need to shoulder the Real Estate Property Tax. Apart from that, there is also the capital gains tax which is 6% of the gross selling price of the property. Failure to pay the Real Estate Property Tax and Capital Gains Tax may result in penalties.
Market the property effectively
Effective marketing is key to reaching potential buyers. Today’s real estate market heavily relies on online listings, so high-quality photos and detailed descriptions are essential. Consider creating virtual tours or using social media platforms to widen your reach.
Your real estate agent will have access to multiple listings and a network of contacts to help market your property effectively. They can also organize open houses and private showings to showcase your property to interested buyers.
Be open to negotiations
When someone is interested in buying your property, expect that they will negotiate for a lower price. Be open to negotiations but also remember that you have already set a fair price for your home based on market research and professional advice.
Stay true to the value of your property and don’t settle for a price that is too low. You can also counter their offer with a reasonable amount and continue the negotiation from there.
Closing the deal
Once you’ve received an offer you’re willing to accept, your real estate professional and lawyer will guide you through the closing process. This includes signing contracts, transferring titles, and handling any remaining legal and financial obligations. Ensure all agreements are documented and understand the terms and conditions before finalizing the sale.
This includes the Deed of Sale, the crucial part of the process. Make sure that you have a copy of the deed because it is proof that the property is no longer yours. There are repercussions of not receiving one and that is the property taxes that the new owner is responsible for still falling inside your mail. Make sure that everything is clear, concise, and complete documents are in order before ending the meeting.
Selling an inherited home is a multifaceted process that requires careful planning, preparation, and the support of professionals. By understanding the steps involved and addressing both the practical and emotional aspects of the sale, you can successfully navigate this experience. Remember that you are not alone on this one. You have family and friends who are willing to lend a helping hand. The house may be difficult to let go of, but just remember that the legacy of that home continues with new stories to be made.
Author Bio
Emman Bernardino is a Content Writer for HousingInteractive. He currently focuses on SEO and blog writing. Emman also studied at the University of Santo Tomas with a degree in Literature. He has a great passion for writing and continues to strive to be a better version of himself. During his free time, he enjoys driving on the open road or even watching documentaries and historical films.