Trying to decide between selling or keeping your inherited property in Montreal? Having to spend money on a house in order to sell it can be frustrating, especially if the house isn’t yours. Find out what your options are when it comes to selling by reading our latest article!
Whether or not you were prepared to receive the inheritance, you may be faced with unexpected challenges once the house is in your name. Owning your own home can be expensive. Bills, taxes, maintenance and unforeseen breakdowns put together can be surprising. As any investor will tell you, the longer you keep a property, the more it costs. Before deciding whether to sell or keep an inherited property, ask yourself a few questions. Find out more about the market and the property in question, to help you make an informed decision. Here are a few tips to help you decide whether to keep or sell an inherited property in Montreal. We also offer some useful information on the best ways to sell.
Ask yourself the following questions
Will the property be useful to you?
Keeping a property for sentimental reasons is okay if that’s what you want to do, but it’s important that you don’t feel like you have to keep the house. Keep the property only if it is of real use to you. Keeping a property and leaving it unoccupied simply doesn’t make sense.
Are there any other owners?
If the property has more than one owner, you’ll need to sit down and talk with them to reach a consensus. Decide together whether the house should be kept or sold. If only one person wants to sell, consider buying them out to avoid conflicts. Remember that it’s only a house, and the person who gave it to you wouldn’t want his gift to cause problems among you.
If you decide to sell, how much are you prepared to invest?
If the house has not yet been emptied of its contents, this is the first thing to do. A traditionally advertised property includes certain costs. You’ll probably have to do some work on the property, in addition to having it professionally cleaned. Renovating a house you’ve never lived in can be more complex than you’d like; you may not know what you’re getting into. All it takes is a little bad luck, and you could find yourself trapped, spending thousands on a house you don’t even want to live in. Depending on the selling method you choose, marketing costs may be added to the renovation costs.
Ways to sell
Advertise
Advertising your inherited property for sale in Montreal means you have to put some effort into preparing it. Take a look at what properties in the neighborhood have sold for recently and compare them to yours. Be realistic when calculating, and don’t spend too much on upgrades and modernization. When you advertise an inherited property for sale, sometimes you feel frustrated at having to spend so much money on a house that isn’t even yours.
Sell yourself
Selling the house yourself will save you money on commissions, but you’ll still have to pay to renovate, clean and promote the property, plus a few other expenses here and there. Most of the time, selling yourself to a traditional buyer takes longer than selling with an agent, and ultimately leaves less money in the seller’s pocket.
Selling to an investor
If you sell your property to the Vendre Maison Vite team, you won’t have to take a single penny out of your wallet. And you won’t have to pay any commissions, agency fees or administrative costs. By selling your property directly, you can get your money quickly and move on to the next project without having to spend months renovating and waiting for the property to sell.
