Owning an unwanted house in Omaha can be expensive, frustrating, and burdensome. There isn’t much worse than not liking where you live and feeling as if there is nothing you can do about it! Whether you’re living in the home or renting it out, in our latest post, we offer 5 ways to handle your unwanted house in Omaha!
Nobody wants to feel stuck owning a house they don’t want. Every expense feels like a burden, but you don’t want to just hand it over to a buyer either. Below, we offer several great ways to handle your unwanted property in Omaha!
Renovate It
Take a look at how much it will cost to renovate and how that will affect the home’s overall value. Maybe you’ve been putting off repairs for years and feel overwhelmed. But maybe, all the property needs is a good facelift to restore it to its old glory. A quick renovation to the house can have a huge impact on the value of the home, turning it into something you may actually want to hold onto or sell for a higher price.
Find the Right Renter
Maybe you are burdened and looking to sell because you are tired of bad tenants, chasing down your rent, or making endless repairs. Having the wrong tenants in place can completely negate the benefits of owning a rental property. Tenant turnover can quickly kill your profits if you’re struggling to find consistent renters.
Before you give up on your Omaha property, ask yourself if things would be different if you had the right renter in there. Maybe it isn’t the right house for you or maybe the tenants currently living in your property have soured you on the whole situation, causing you to want to throw your hands up in the air and walk away. Don’t walk away until you think about ways to get the right people in there. Talk with people you know, friends, or others from community groups you’re involved with to ask if they know of folks who are looking for a nice rental. Also, keep in mind a great property manager can often help you to screen tenants, ensuring you get the right people in the house, and hopefully making your investment profitable once again.
Sell It Fast, As-Is
Yes, selling your home As-Is may not provide you with the highest retail value, but the quicker you can sell it, the more cash you can hold onto. While your property may need updating and may not be very pretty, there are always do-it-yourself homeowners or professional real estate investors who choose to purchase properties just as they are so they can add value themselves. Selling quickly to an investor or a DIY private buyer can save you from the costs and hassles of having to clean, upgrade, and/or repair the house. A fast and private sale can also save you lots of money when you consider your holding costs – your insurance, property taxes, monthly utility bills, routine maintenance, repairs, and landscaping or snow shoveling costs. So this method of selling may be appealing and something to consider.
Give It Away
In some situations, simply giving the house away can be the best thing you can do with it. You’ll receive some great tax benefits and will be able to benefit someone else in the process. You can choose to give it as a donation to a charity or you can give it to a friend or family member. If you have no interest in holding onto it and you don’t believe you can get much for it, giving it away may be the best thing you can do in your current situation.
Wait
How much is the property really costing you? If the answer is nothing, consider holding onto it for a while to see what happens to the property value. If holding onto it for a few months longer has the potential to net you a few thousand more, it may be worth waiting. Take a look at market trends and appreciation rates. What does future development look like in the area? By holding it, you will be able to sell at a time when you will see the greatest profit… maybe once the area has been built up a bit and the neighborhood is in higher demand.
Find a Direct Buyer
A direct buyer will usually be able to purchase your house quickly and As-Is. This approach can save you time and money on repairs and holding costs. You can work with private investors or professional homebuyers such as Anna Buys Houses. If you’re looking for a fast and fair way to sell your house in Omaha, we will offer you a no-obligation offer right away! Our process is simple and can give you insight into the current market value of your house. If you have an unwanted house in Omaha that you’d like to sell, get in touch with us today to find out what we can do for you!