If you’ve inherited a property and want to sell it, read this article! You’ll discover how to establish the selling price of your inherited home in Montreal.
Have you inherited a property and are now thinking of selling it? An inherited property can be a wonderful gift from a loved one who is no longer with us, but it can also be an expensive burden. As a result, selling it is sometimes the best idea, allowing you to use the money in your own way. However, selling an inherited property is not always easy, especially for those who have not sold any other property recently. That’s why we’ve written this article to guide you through the process of selling an inherited property in Montreal.
Tip #1: Set the right price to sell quickly
Some people advertise their inherited property for sale at the price they think it’s worth on the market. However, there are many factors to consider, and one of the questions we need to ask ourselves is: “How fast do we want to sell?”. Selling a house “on the market” through a real estate agent can take several months. You’ll have to pay to maintain the property during this time. This can be costly and cut into the profits of a high-priced sale.
Many owners quickly learn that it’s better to sell for a little less in order to sell faster. They receive a little less in exchange for their home, but they also have less to spend on renovating and maintaining it, not to mention the time and energy they don’t have to put into it! Ultimately, all this effort may not be worth the extra few thousand dollars.
Tip #2: Avoid setting a price based on fond memories or emotions
One of the most difficult challenges for owners of inherited homes when trying to establish a selling price is separating the happy memories from the true value of the house. It could be that the house has a certain value on the market, but that you have so many fond memories of your childhood spent in this house that you let your emotions cause the asking price to rise. (This happens VERY often.)
Here’s a more appropriate approach: Work with a real estate agent and find out what they can offer you, and accept that the selling price may be lower than you thought… Not because the house isn’t worth much, but simply because your cherished memories have caused an inflation of your expectations!
Tip #3: Offer discounts on renovations
If you’ve inherited a property from a loved one who lived there for many years, you may discover a few areas that need to be renovated or reupholstered. You could decide to do the job yourself, then ask for a higher price, but why bother when you can avoid putting in more time and energy than necessary (on top of what you’d have to pay in machinery and materials or to a contractor) and simply ask for a little less or offer a ” discount on renovations “. That way, you won’t have to do all the work, and you won’t lose out financially.
Conclusion
Selling an inherited home can be a lot of work. If that’s what you think you’re doing, however, you’re not alone. But how do you price a property for sale? We hope these tips have been helpful, and that you now know how to price the sale of an inherited home in Montreal.
