24. I Inherited a House, What To Do? – Should I rent or sell in Columbus OH?

We buy houses in Columbus, Ohio. We are homebuyers in Ohio, but first, we’re so sorry for your loss. This can be a very challenging time for many reasons, and dealing with property ownership is tough at the best of times.

You’re thinking, “I inherited a house; what to do with this house? Should I rent it? Should I sell it? How should I sell it?”

Tons of options open for you, but…

… we can help.

We are Homesmith and we’re seasoned investors in Columbus and Central Ohio real estate. We’re looking to purchase several homes each month in the Columbus OH area. Every month, we get calls from those who have inherited a property and are looking to sell the house, so the info below are some tips to help you navigate the process.

I Inherited a House; What to Do Next in Columbus OH?

Here are a few important considerations to help you make the right decision:

1) Make sure the mortgage in Ohio is paid.

This may sound obvious, but if the person who left you a property also had a mortgage (unless it had no mortgage and was paid off, which is great!), you have to pay it (assuming you want to keep the property). Some banks will allow you to assume the loan, while others may force you to refinance into a new loan. If you don’t qualify for a new loan, renting may not be an option for you.

2) The investment is only as good as the manager in Columbus.

If dealing with brokers, maintenance, tenants, rent collection, and all the nuances of property management isn’t the best use of your time, hire a professional to help you or cash out now. Some people who inherit homes decide to keep the house and rent it for extra income. That’s a great strategy for sure. You just need to be prepared to manage the property and the hassles that can go along with tenants and toilets.

3) Property ownership in Columbus OH costs money.

It’s rare to see a building that’s been perfectly maintained. Most inherited houses need major improvements.

Consider hiring a professional property inspector to give you a detailed rundown on what you’ll need to do within the next five years, along with estimated costs. Surprises are very, very expensive.

Ohio Probate Attorney Summary For Selling House

Homesmith - Ohio Attorney Probate Process Summary
For a quick summary to help with the understanding of how to sell a probate property in Ohio, watch the above video featuring Hank Schaefer, Probate Attorney of Groth & Associates, Attorneys at Law based in Toledo, Ohio. Hank explains the key elements of the process. He can be reached directly with any questions at www.GrothLaw.com. Or contact Homesmith for more information on how we can help.

4) Selling a property in Ohio for top dollar costs money.

If the prospect of undertaking repairs, renovating kitchens, enhancing landscaping, and overall property cleanup seems daunting and time-consuming, you’re not alone. Fortunately, there’s a hassle-free solution available. Here at Homesmith, we specialize in purchasing Columbus, Ohio houses for cash, in their current condition—no need for costly repairs or extensive renovations.

Whether your property requires minor touch-ups or significant structural improvements, we’re committed to offering a stress-free selling experience. By eliminating the need for extensive preparation and costly upgrades, we streamline the selling process, allowing you to bypass the traditional real estate sales trajectory.

Our as-is purchasing model empowers homeowners to sell their properties swiftly and efficiently, without the burden of navigating the complexities of traditional real estate transactions. With Homesmith, you can enjoy the convenience of selling your house on your terms, freeing yourself from the time, expense, and effort typically associated with preparing a property for sale.

5) If the Ohio market will continue to grow faster than your other options, hang on to the investment.

Navigating the decision between selling your property now or opting for long-term rental income can be complex. At Homesmith, we offer expert guidance to help you assess the current value of your property against the potential benefits of renting over time. It’s essential to consider whether leveraging the equity in your property for alternative investments could yield greater returns than the real estate market.

If you have lucrative opportunities to utilize your property’s equity elsewhere, it may be advantageous to explore those avenues. However, if you find yourself without alternative investment prospects and your neighborhood is experiencing steady appreciation, holding onto your property can serve as a wise investment strategy. Real estate has the potential to generate substantial returns, particularly when aligned with market trends and strategic timing.

By carefully evaluating your options and staying informed about market dynamics, you can make informed decisions regarding the management of your property assets. Whether you choose to capitalize on current market conditions or adopt a long-term investment approach, our team is here to provide the support and expertise you need to navigate the complexities of real estate investment with confidence.

6) Uncle Sam wants a piece of the action in Columbus OH.

Before taking any decisive action regarding your inheritance, it’s imperative to engage in thorough discussions with tax and legal professionals. Delving into the intricacies of inheritance entails navigating significant property and income tax implications that can significantly influence the overall cost of owning your investment.

By seeking guidance from knowledgeable professionals in the tax and legal fields, you can gain invaluable insights into the potential ramifications of your inheritance. These discussions provide an opportunity to assess the tax implications associated with property ownership and income generation, allowing you to make informed decisions aligned with your financial goals and circumstances.

Fostering an open dialogue with tax and legal experts ensures that you’re equipped with the requisite knowledge and strategies to mitigate potential tax liabilities and maximize the benefits of your inheritance. Whether you’re contemplating property transfers, investment strategies, or estate planning measures, consulting with professionals is essential to navigating the complexities of inheritance with confidence and foresight.

7) Consider all your options in Ohio.

In certain situations, we may be able to help you structure a lease-option agreement that allows you to rent and sell your inherited property at the same time – capturing the best of both worlds. These kinds of deals can be complicated, but our Columbus OH investment experience can help you win.

8) Compare a few scenarios in Columbus.

We’ll help you determine prices for any property near Columbus OH if you sell it today without doing any work, the highest price the market will bear, and the projected value of keeping it as a rental (along with the costs).

Sell My House in Columbus OH

If you have handled the probate process and you want to sell your house in Ohio, call Homesmith. We are your local Columbus home buyers who offer cash for houses in Ohio, and we can help you. If your local Central Ohio property qualifies, we can buy your home fast.

Just call us today at (614) 401-3651 or (877) HOMESMITH or contact us now for more information on how we can make you a fair cash offer on your inherited property today!

Get Your Free Offer NOW!

We buy houses in Ohio in any condition. No agents, no fees, no repairs, no cleaning. Find Out How Much We Offer For Your House In Cash!

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