The biggest asset that is typically passed down through an estate is a home. If you happen to inherit a home after someone passes away you could either choose to convert the property to a rental or sell it outright. While earning a stream of rental income can be attractive to some, there are many pitfalls of being a landlord that could make selling the home to Seller’s Advantage a much better option.
If you inherit a home and decide to convert it to a rental property, you will likely have to go through the process of making sure that it is in good overall condition. Depending on the condition of the property, you may have to spend thousands of dollars on repairs in order to lease it to somebody else. To avoid this significant cost, a better option would be to sell it to Seller’s Advantage. Seller’s Advantage will buy your home in “As-Is” condition, which means you will not have to incur the repair expense.
If you decide to convert the property to a rental unit, another risk that you are taking on is the risk that your tenants will be late with rental payments. If your tenant falls behind on rent, you will still be responsible to pay the operating expenses, taxes, and mortgage. This could end up being a huge cash drain each month. Furthermore, the process of eviction can take months to complete and is very stressful. If you choose to sell to Seller’s Advantage, you can avoid this risk entirely.
Whenever you own a property and lease it to another party, you are continuing to take on a certain amount of liability for the property, the tenants, and anyone that comes to the home. Since events that happen that the home after it is leased are out of your control, the liability can be a big concern. To avoid this risk, selling the home could be a much better option.
If you are thinking of selling your home, contact us to learn about your options. The consultation is free and there’s never any pressure. We’re here to help.