If I Inherit a House, Is It Better to Rent or Sell in Omaha?

This can be a very challenging time for many reasons, and dealing with property ownership is tough even during the best of times.

You’re thinking, “I inherited a house, what should I do with this place?” Rent? Sell? If selling makes sense, how should I do that?

There are several options for you, and we can possibly help.

We’re seasoned investors in Omaha real estate, and we’re looking to buy several houses each month in the Omaha Nebraska area. We get occasional calls from those who have inherited a house and are looking to sell … so the info below provides a few tips to help you navigate the process.

I Inherited a House. What Next?

Here are a few key considerations to help you make a good decision:

1) Be certain the monthly mortgage is continuing to be 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 continue to pay it (assuming you want to keep the property). Some banks will allow you to assume the loan, while others may require you to refinance into a new loan. If you don’t qualify for a new loan, renting the property may not be an option for you.

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

If dealing with brokers, maintenance, tenants, and rent collection seems overwhelming or isn’t the best use of your time, consider hiring a professional property management agency to help. If you don’t want to do this, selling the property may be best.  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 costs money.

It’s rare to see a building that’s been perfectly maintained. Many inherited houses need major repairs and/or 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 can be expensive.

4) Selling a property for top dollar costs money.

If you don’t want to deal with making repairs, updating kitchens, improving landscaping and overall cleanup, don’t worry. We buy Omaha houses for cash, as-is.

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

We can help you analyze the value of your property today versus the long-term benefits of renting. If you can use the equity in your property in another way that outpaces the performance of the real estate market, you should. If you don’t have anything better to do with the money and the neighborhood is rising in value, hang on – real estate can be a great investment if you know how to correctly read the market.

6) Uncle Sam wants a piece of the action.

Don’t forget to discuss your inheritance with tax and legal professionals before you take action. There are major property and income tax consequences that will dramatically impact the cost of owning your investment.

7) Consider all your options.

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

8) Compare a few scenarios.

We’ll help you determine prices for any property near Omaha – if you sold 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).

Get More Info On Options To Sell Your Home...

Selling a property in today's market can be confusing. Connect with us or submit your info below and we'll help guide you through your options.

Anna's goal is to serve everyone with kindness and respect. She'll help you get organized and take action.

We buy houses in ANY CONDITION in Nebraska. No commissions, no fees. For a free, no-obligation quote, give us a bit of information about your property or call 402-313-8700...
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