Not all inheritances need to be kept. Sometimes, an inherited house can be more trouble than they’re worth, sentimental value aside.
From paying taxes to utilities, repairs, renovations, and maintenance, the costs of having another house, even if it’s inherited, can add up quickly over the years. This is why more and more people these days are thinking of selling their inherited New Jersey house, to save themselves the hassle, while also pocketing some money in return.
If you’ve thought long and hard and decided to sell your New Jersey property, below are three options that you can consider.
1. Put it up for sale by yourself
If you’re not in any hurry to get the money, then you can try putting up the property by yourself as-is.
Of course, it would help to do some exterior and interior cleaning, as well as put in money for a couple of repairs. But, in general, if the house was lived in by someone before and is in relatively good condition, there’s no reason why you wouldn’t be able to sell it yourself.
Just be prepared to wait for a long time.
You see, when you’re selling a property by yourself, you don’t have access to the same network that most real estate agents do. Even though you might end up avoiding the costs of paying for a real estate agent, keep in mind that the general upkeep of the property will add up the longer it takes to sell the property.
2. Have the property listed
Having the property listed on the MLS, which stands for Market Listing Service, significantly increases its exposure because it opens it up to a wide audience of prospective buyers and real estate agents.
While this means that you’ll have to pay a real estate agent for their services, do consider that listing also means that it will take significantly less time for your property to sell.
In the end, the difference between the real estate agent costs, as well as other fees, and the total costs of the general upkeep of the property if you decide to sell it yourself, might be minimal, at best. In fact, you might even end up spending more money trying to sell the property yourself than if you would have if you decided to have the property listed.
3. Sell it to a cash buyer or a real estate investor
Selling your houses by yourself or having it listed via a real estate agent can take a lot of time, effort, and money. On the other hand, selling the property to a “We buy houses NJ” company will take no longer than a few days, or a couple of week at most.
If you’re in a hurry and time is of the essence, a cash buyer is your best option.
Besides, even if you’re not strapped for time, keep in mind that the longer your property is on the market, the more money you’ll end up losing.
In the end, selling to a cash buyer might be the most profitable option for you.
In general, these answers also work for when you’re asking yourself, “how do I sell my house?”. This means that, even if it is your New Jersey property, and not one that you inherited, it might be in your best interest to sell it to a cash buyer instead.
Do the math and the research yourself. You might just come to the same conclusion.