If you’ve inherited an Edmonton, Alberta property and you’re planning to sell it, heed these 3 tips when pricing your inherited home for a fast and hassle-free sale.
Did you inherit a property that you’re now thinking about selling? While an inherited property can be a wonderful gift from a loved one who has passed on, it can also (quite frankly) be a costly burden. So selling it makes sense and allows you to use the gifted equity for some other purpose. But selling an inherited property may not come easy to you, especially if you haven’t sold a property in a while. So here’s how to price your inherited home in Edmonton for sale…
Price It For A Quick Sale
Some people price their inherited property at an amount they think the market might pay for the house. However, there are many factors that go into this price and one of the biggest considerations is: how fast do you want to sell? Selling through an agent “on the market” can take months, and you’ll have to pay for the house and maintain the property the entire time. That can be costly and can eat into the higher price.
Many property owners quickly learn that they’re almost better off to price slightly lower for a faster sale… they might get less for the house but they also pay less on repairs, carrying costs, effort, and time, so it’s ultimately a trade-off that might turn out to be a total wash.
Avoid Pricing On Fond Memories Or Emotion
One of the biggest challenges that property owners of inherited property face when trying to price their property for sale is separating the happy memories from the true value of the house. The house might be worth a certain amount on the market but you may have such fond memories of growing up in the house that you unintentionally allow that emotion to inflate the price in your mind. (This is VERY common.)
A better approach would be to work with a real estate company and find out what they can offer you, and recognize that the price might be lower than you were expecting… not because the house isn’t worth as much but because your wonderful memories have unwittingly inflated the price in your mind! As the seller, you must realize a potential buyer has no such attachments.
Build In Discounts For Repairs and Renovations
If you inherited the property from a loved one who had lived in the property for many years then you might find out that the property needs some repairs. This is called deferred maintenance. You could choose to do this work yourself and then ask for a higher price but why do that when you could save yourself the time and effort (and what you’d have to pay for equipment, supplies, or a contractor) and instead just ask for less and give a “repair discount”. That way you avoid the hassle of the work, and you still come out the same financially.
An inherited house can be a lot of work so if you’re thinking of selling it, you’re certainly not alone. But how do you price an inherited house? That is an excellent question we’d love to help you with!
If you’d like to know more about selling the Edmonton, Alberta property you just inherited, let us know. Many steps will need to take place before new names will be put on title. One major hurdle is that the house will have to be given a Grant of Probate before you can sell it. CALL US TODAY and we can discuss it with you further. We can even connect you with one of our trusted partners to guide you through this complicated process.
Here are several links for you here to read informative articles about ensuring the last will and testament of the deceased is carried out. What are the needed steps after the passing of a loved one but before the Grant of Probate has been granted.