There may come a time in many lives when you inherit a house in Norfolk, VA. You and your siblings now face a cloud of choices. Take a deep breath. There is no gust of wind forcing you into a decision. You and your siblings will have a lot of different emotions and memories about the home. Think about what the home means to each of you. Some may want to sell my house Norfolk VA and split the proceeds immediately. Others may think about living in the house again or renting it out. You all may want to know what the house is worth.
Sell My House Norfolk VA
Seek the advice of professionals. A real estate agent or real estate investor is a must. The agent or investor can walk through the house, see if work needs to be done to sell it and give you a feel for the neighborhood and the house’s worth.
Raise a glass to ChristianBuysHouses.com. If you decide to sell, they can offer cash and close in less than 30 days. There are no real estate commissions or closing costs. You can sell the house as-is.
Consult an attorney specializing in taxes and real estate. These professionals will answer any questions you have and will help you make selling decisions.
Clean the house. As you clean, you can divvy up the folks’ personal belongings and arrange to sell the rest in a garage sale or estate sale. If you plan to sell, the house will present a better face to the public if it is clean and empty or staged.
Here’s a twist: Decide to rent or sell my house Norfolk VA after the house is clean. The light may go on when you see structural damage. The family may decide to sell as is or rehab the dwelling to bring it up to today’s home buyer standards.
Taxes are a huge pill to swallow. Are their taxes due on the inheritance? If there are taxes due, the estate of the deceased pays the taxes. Your cost or basis in the property is the market value at the date of death. If the new or stepped up basis is $350,000 and you sell the property for $400,000, you would have a gain of $50,000. Each sibling would pay any taxes due on their share of the gain.
When You Inherit and want to Sell My House Norfolk VA
Understand in this process; nothing can tear a family apart more than money. Be wary of arguments about renting vs. selling; what price to sell the house; who gets what possessions; what is the proper sharing arrangement; what professionals to use; and how to invest any commingled money.
Preserve your capital. Old money has a saying, “Never touch the principal.” They live off the income. Capital can be hard to accumulate. Capital can disappear like the hiss of a tire losing air. Even if you save 10% of your income each year, it takes considerable determination to save and invest to accumulate a large savings account, especially in this interest rate climate. So treat it kindly. Would your parents, who passed on leaving you their wealth, feel good about the way you spend your inheritance? Consider hiring a professional investor.
I am Christian Dunlap and my company, ChristianBuysHouses.com, buys houses all across Hampton Roads, including Virginia Beach, Norfolk, Chesapeake and Portsmouth.
Give me a call today at 757-705-8812, and I will do my best to provide you with the fastest and fairest home selling solution you need.